August 24, 2016
Q: Does an S Corporation protect your personal assets? It has become obvious I need help with this. Any ideas you have would be very much appreciated. A: Generally, yes, a corporation will protect the business owner’s personal assets. The “S” in “S Corp” is merely a way of designating the way in which the corporation will be taxed. However, there are circumstances where people can come after the business owner personally, despite operating as an S Corp. They include: Payment of payroll taxes Payment of sales taxes Failing to maintain certain corporate formalities–for example, not having a separate bank account for the business, not preparing annual minutes for the corporation, not issuing stock certificates, inadequate capitalization or siphoning the assets from the corporation in a way that leaves it unable to pay its debts. There are other entities (like an LLC) that can protect your assets, too–again, provided you follow the formalities. But asset protection is not the only reason to choose an entity. Speak with your attorney and your accountant to figure out…
Continue ReadingBusinessWeek gives you 12 stories of business partnerships that have had a major impact on American business and life. The article also underscores the importance of having partnerships agreement by quioting Steve Hindy, co-founder of…
Read MoreListen to the Episode Below: Most business owners are too busy running their business to prepare to sell it. “I’m not ready now–I’ll get to it later,” you may be saying. But if you’re not…
Read MoreAt some point in their business planning, most entrepreneurs wonder: “How can I protect myself if things go awry?” Even if they have few personal assets, they may want to avoid the possibility of seeing…
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