Tweet
How many daycare's out there are running as an S-Corporation? I am opening a new DC and I am looking at this filing type.Thanks for your input.
-
-
S Corp?
There are a number of pros and cons about S Corps. See my article on this: http://www.tomcopelandblog.com/2011/...rporation.html
In general, I don't recommend doing this unless you have a lot of assets and don't mind doing extra paperwork. -
thanks for the quick reply. I'm still working it out with my account. Main asset of course is the home. we are considering best way of protecting personal assets from any litigation, limiting exposure, insurance, etc... Then of course is the way profits and costs are covered. Now I deduct cost/expenses of the home on various schedules attached to my 1040. I still have my personal salary and my wife will be the primary care giver, so any profits will be on her side. Now we file jointly, and we must determine if it is the best way to continue depending on the total joint income or make different arrangements.
thanks much...Comment
-
S corp?
Even if you incorporate you won't protect all of your home. Let's say your time-space % is 40%. That means that 40% of your home is a business asset that can be taken in a lawsuit. So, incorporating would only protect 60% of the assets of your home and its contents.Comment
-
thanks for clarifying it. It gives me additional info to discuss with my accountant and review what the benefits are filing as a corp. I visited your blog. Very good.
Best
Big LouComment
Comment