JUNE 28TH, 2010
By JIM KRENDL - KRENDL SACHNOFF & WAY, SPECIALIZES IN DEALERSHIP ACQUISITIONS
Last month I pointed out that there are significant disadvantages to forming what is called a C Corporation. That’s what most of us think of as a regular corporation, a corporation that files tax returns for its own income and losses and pays taxes at a corporate rate, not an individual rate. Read more >>
JUNE 1ST, 2010
By JIM KRENDL - KRENDL SACHNOFF & WAY, SPECIALIZES IN DEALERSHIP ACQUISITIONS
Like many lawyers I often suggest that clients with a small business, such as a motorsports dealership, incorporate. However, if you incorporate and do not make a special election to be taxed as an S Corporation (where the shareholders pay the taxes on corporate profits) your corporation will be a separate taxpayer known as a C Corporation. A commentator on tax law once compared forming a C Corporation to a mouse jumping into a barrel: easy to get into and hard to get out of. Read more >>