S-Corp Tax Advice
I am looking for any advice or info you more experienced folks have out there
I live in CA-have a Nevada S-corp. I am trying to set it up the correct way so I can take full advantage of the tax saving strategies.
Is there a good website or book that you all could recommend?
Thanks,
dave
thank you blue...yes when i set the corp up i was told the same you told me...scorp to flip and llc to hold
It sounds like you have not actually incorporated yet, you are just exploring the idea. If so, why not get a few deals under your belt to see if this business is to your taste first. Why go to the expense of setting up and maintaining a business entity if you might not even stay in the game?
What is the value of everything you own, in other words, what is your net worth. If your net worth is less than a couple hundred K, then why would you need a business entity when you can probably buy liability insurance a lot more cheaply.
If you are planning to do business in CA, then a NV corp will still have to register in CA as a foreign corporation and pay the CA registration fee anyway. If you still plan to go this route, ask your advisors why you are going to NV in the first place if you will still have a registration fee in CA. Make sure the answer also addresses why you need to pay a registered agent in NV when you reside in CA and do business in CA, whereas registering in CA in the first place avoids all those extra NV incorporation registered agent fees.