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C or S?
Q:
Subject: C versus S Corp
What a great article. I am in the decision making stages of determining which is better for the purchase of an existing business (car wash in FL). The problem I am having is the attorney suggest S and the CPA is suggesting C. I am stuck in the middle. Any advise?Second option??Regards,
A:
I obviously don't know anything about your personal situation and thus have no idea which entity is better for you.
Assuming both of these individuals are competent, it seems that you should heed the advice of the one who most thoroughly understands your current and future tax and financial situation, which in most cases would be the CPA; but you may have different working relationships with your CPA and attorney.
Choosing between a C or S corp really is only a taxation matter. Legal liability issues, another very big reason to use a corporate structure, and what most non-tax attorneys are mainly concerned with, are identical for both types of corp.
Good luck.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 9/24/2005 10:42:00 AM Send this post:
