Legal Structure Biz - tanTALK

susanlatte · 12-22-2003, 06:36 PM

I am trying to deceide on my legal structure for my biz. I have been self employed before but ran a corporation. I am familar with all various kinds of legal structures and know alot of the ins and outs.

What are some of the different tanning salon owners doing for this?? LLC, Sole prop. Corp?

What has worked for you in this specific industry and why or why not??

Thanks alot!

jungle kitty · 12-22-2003, 07:52 PM

I have a corporation. So far, so good. I like the limitation of liability, should it ever be needed...

total eclipse · 12-22-2003, 08:47 PM

Corp should be the way to go

mouthybrat · 12-22-2003, 11:30 PM

Unless you go with an Scorp, you will be double taxed...You will be paying personal income tax and the corporation will be paying income tax...

With any corporation, there is also the factor of personal liability...If the business fails, you may still be held personally liable for all outstanding debts...

If you go with an Limited Liability Company, the buiness will be liable for the debts incured, and if it fails, there is no personal liability...

As I am not an attorney, please do not quote me with these answers, it is simply how I interpret business law. You should really speak with an attorney to have a full understanding of how each type works and discuss with that attorney which route would be best for you!

Good luck!

sunkissedtan · 12-23-2003, 10:17 AM

I just noticed this thread, I made a post similar to this one. Sorry for the "double take"

susanlatte · 12-23-2003, 03:42 PM

Sunkissedtan...no biggie!

Thanks to all the great info here!

mouthybrat · 12-23-2003, 05:08 PM

No problem, I answered on both topics! Good luck!

soapking · 12-23-2003, 05:32 PM

LLC..the best protection for small biz...do not pay lawyer. You can do this on-line, for less than $200.00..recognized in every state..do a 'google search' for 'incorporation'..unlimted choices.

JIMJEN · 12-23-2003, 06:12 PM

get an atty for piece of mind

soapking · 12-24-2003, 07:29 PM

Golden rule of business: "don't ever pay someone to do what you can do on your own"..you do not need a lawyer to file corporation papers..example..a lawyer wanted to charge me $1500..I did the exact same thing on-line for $178.00..

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12-22-2003, 06:36 PM	#1 (permalink)
susanlatte Waiting Confirmation Join Date: Sep 1 2003 Posts: 137 Rep Power: 0	I am trying to deceide on my legal structure for my biz. I have been self employed before but ran a corporation. I am familar with all various kinds of legal structures and know alot of the ins and outs. What are some of the different tanning salon owners doing for this?? LLC, Sole prop. Corp? What has worked for you in this specific industry and why or why not?? Thanks alot!

12-22-2003, 07:52 PM	#2 (permalink)
jungle kitty Join Date: Jan 8 2003 Location: DFW Posts: 339 Rep Power: 22	I have a corporation. So far, so good. I like the limitation of liability, should it ever be needed...

12-22-2003, 08:47 PM	#3 (permalink)
total eclipse Join Date: Nov 2 2003 Posts: 35 Rep Power: 0	Corp should be the way to go

12-22-2003, 11:30 PM	#4 (permalink)
mouthybrat Join Date: Nov 9 2003 Posts: 589 Rep Power: 21	Unless you go with an Scorp, you will be double taxed...You will be paying personal income tax and the corporation will be paying income tax... With any corporation, there is also the factor of personal liability...If the business fails, you may still be held personally liable for all outstanding debts... If you go with an Limited Liability Company, the buiness will be liable for the debts incured, and if it fails, there is no personal liability... As I am not an attorney, please do not quote me with these answers, it is simply how I interpret business law. You should really speak with an attorney to have a full understanding of how each type works and discuss with that attorney which route would be best for you! Good luck!

12-23-2003, 10:17 AM	#5 (permalink)
sunkissedtan I'm Banned Join Date: Jul 9 2003 Location: Funky Town Posts: 354 Rep Power: 0	I just noticed this thread, I made a post similar to this one. Sorry for the "double take"

12-23-2003, 03:42 PM	#6 (permalink)
susanlatte Waiting Confirmation Join Date: Sep 1 2003 Posts: 137 Rep Power: 0	Sunkissedtan...no biggie! Thanks to all the great info here!

12-23-2003, 05:08 PM	#7 (permalink)
mouthybrat Join Date: Nov 9 2003 Posts: 589 Rep Power: 21	No problem, I answered on both topics! Good luck!

12-23-2003, 05:32 PM	#8 (permalink)
soapking Waiting Confirmation Join Date: Mar 7 2003 Posts: 489 Rep Power: 0	LLC..the best protection for small biz...do not pay lawyer. You can do this on-line, for less than $200.00..recognized in every state..do a 'google search' for 'incorporation'..unlimted choices.

12-23-2003, 06:12 PM	#9 (permalink)
JIMJEN I love Derf!! Join Date: Dec 6 2003 Posts: 405 Rep Power: 21	get an atty for piece of mind

12-24-2003, 07:29 PM	#10 (permalink)
soapking Waiting Confirmation Join Date: Mar 7 2003 Posts: 489 Rep Power: 0	Golden rule of business: "don't ever pay someone to do what you can do on your own"..you do not need a lawyer to file corporation papers..example..a lawyer wanted to charge me $1500..I did the exact same thing on-line for $178.00..

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