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Business Entity

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Poudarman

Thread Starter
Freshman Member
Joined
Jul 6, 2006
Professional Status
IT Professional-Appraisal Related
State
New Hampshire
Good morming people!

My wife and I have an appraisal business (she is the appraiser and I am the bookkeeper, tech support, and errand runner) and we've been reporting her as a schedule C on our tax return for the last 10 years. Recently, I started investigating other forms of entity (LLC, S Corp, or C Corp) mostly for potential tax savings. I really couldn't find any significant advantages to converting to any one of these alternatives, so I was wondering... Could I ask you folks to chime in on what type of entity you have chosen for your appraisal company and why?

I think this would help us to evaluate our position and would be much appreciated.

P.S. We have like 2 million of E&O and do not have any employees. From what I have learned, a limited liability type of business would be a good idea to protect us from employee mistakes and accidents. But aside from that, we would still be a targeted as principle shareholders. My tax idea didn't fly either because any dividends that are paid out on the federal return will be taxed at the state level.

I appreciate your thoughts!
Thanks!
 

Poudarman

Thread Starter
Freshman Member
Joined
Jul 6, 2006
Professional Status
IT Professional-Appraisal Related
State
New Hampshire
Maybe I should try this again with a Poll?
 
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