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01/11/2007 10:08:36 PM · #1 |
| I'm looking to start a Photography Studio and don't know which is a better wat to go S-Corp or LLC, I'm in New York. I've read some site about it but thought soemone might HELP ! Thanks |
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01/11/2007 10:53:17 PM · #2 |
after discussing with my accountant where i am and where i want to go, we decided that an s-corp made the most sense for me. YOUR accountant might tell you otherwise; it all depends on your situation.
however, it does make sense to have a decent idea as to the differences between the two before you start talking to your accountant. i googled your thread title, and this was one of the first articles i found.
at the very least, you'll want to discuss this with YOUR personal tax advisor. (and, if you don't have one, GET ONE. nobody should go into business without having professionals they can turn to...)
good luck! |
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01/19/2007 09:24:55 AM · #3 |
| Why would anybody want to make an S-Corp out of a photo biz? An LLP or LLC would be plenty and even that is somewhat over the top. I understand teh liability concerns but in photography I am not sure they are valid concerns unless your personal financial situation is sketchy to begin with. |
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01/19/2007 10:32:36 AM · #4 |
Originally posted by crazedfost78:
Why would anybody want to make an S-Corp out of a photo biz? An LLP or LLC would be plenty and even that is somewhat over the top. I understand teh liability concerns but in photography I am not sure they are valid concerns unless your personal financial situation is sketchy to begin with. |
to match your tone, you just don't know what you're talking about. i've been self-employed for 20 years this summer, and have owned/operated everything but a C-Corp during this time. i've had professional advice the entire time, and have relied on them to guide me as to what business structure would best meet my business goals and needs.
if all you want to do is take photos and make enough money to pay for equipment while not quitting your day-job, keep it all on schedule c. on the other hand, if you want to grow to the point of having employees, having to be bonded, having to carry workers comp (yes, some commercial contracts require that you have proof of workers comp just in order to bid on them), you are going to have to have some type of corporate entity, be it an LLC or a corporation.
some of the factors guiding the choice include 1) how involved the business is going to be, 2) what direction it is going to go in, and 3) whether or not there is the possibility and/or need for outside funding. another factor is whether or not you intend to build the business into something that can be sold. the tighter the business, the more apparent the implementation of best practices, the higher the value of the business.
so, you can call it over the top and you say that a photography business only needs it if the owner has a sketchy financial situation, but you really are missing the point. it's not always a simple decision, and it's not a decision that anyone should make without sitting down and discussing it with a professional business advisor, be they a CPA or a lawyer. to do so otherwise is rather foolish. but, even more foolish would be to listen to someone who says it's unnecessary.
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01/19/2007 10:45:41 AM · #5 |
It depends on the state you live in as well. Sometimes the state laws and taxes can make one preferable to the other.
The best advice is to speak with people who know, like an accountant or small business adviser.
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01/19/2007 07:50:37 PM · #6 |
Originally posted by skiprow:
Originally posted by crazedfost78:
Why would anybody want to make an S-Corp out of a photo biz? An LLP or LLC would be plenty and even that is somewhat over the top. I understand teh liability concerns but in photography I am not sure they are valid concerns unless your personal financial situation is sketchy to begin with. |
to match your tone, you just don't know what you're talking about. i've been self-employed for 20 years this summer, and have owned/operated everything but a C-Corp during this time. i've had professional advice the entire time, and have relied on them to guide me as to what business structure would best meet my business goals and needs.
if all you want to do is take photos and make enough money to pay for equipment while not quitting your day-job, keep it all on schedule c. on the other hand, if you want to grow to the point of having employees, having to be bonded, having to carry workers comp (yes, some commercial contracts require that you have proof of workers comp just in order to bid on them), you are going to have to have some type of corporate entity, be it an LLC or a corporation.
some of the factors guiding the choice include 1) how involved the business is going to be, 2) what direction it is going to go in, and 3) whether or not there is the possibility and/or need for outside funding. another factor is whether or not you intend to build the business into something that can be sold. the tighter the business, the more apparent the implementation of best practices, the higher the value of the business.
so, you can call it over the top and you say that a photography business only needs it if the owner has a sketchy financial situation, but you really are missing the point. it's not always a simple decision, and it's not a decision that anyone should make without sitting down and discussing it with a professional business advisor, be they a CPA or a lawyer. to do so otherwise is rather foolish. but, even more foolish would be to listen to someone who says it's unnecessary. |
Don't get butthurt Trump. You failed to clarify in the begining that you even planned on having employees and what not. Of course that changes things dramatically and if you're so &%cking business keen, why are you asking us in the first place? Seems to me you answered your own question..lol Hate it when people do that ") |
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01/19/2007 08:27:45 PM · #7 |
Originally posted by crazedfost78:
Don't get butthurt Trump. You failed to clarify in the begining that you even planned on having employees and what not. Of course that changes things dramatically and if you're so &%cking business keen, why are you asking us in the first place? Seems to me you answered your own question..lol Hate it when people do that ") |
First, if you'd read the thread, the response was not from the OP
Second, if yoiu knew Skip, he knows a thing or two about business
Third, your post is not very civil, and comes precariously close to a personal attack. Please review the DPC Forum Rules. |
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01/19/2007 08:34:57 PM · #8 |
Can we add a ban of the term "butthurt" to the forum rules?
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01/19/2007 08:38:41 PM · #9 |
Originally posted by wavelength:
Can we add a ban of the term "butthurt" to the forum rules? |
LOL! I was going to say something, but I didn't want anyone to think I was all butthurt about it. |
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01/19/2007 08:44:36 PM · #10 |
Originally posted by Art Roflmao:
Originally posted by wavelength:
Can we add a ban of the term "butthurt" to the forum rules? |
LOL! I was going to say something, but I didn't want anyone to think I was all butthurt about it. |
I tried to come up with something pithy, and failed. My kung-fu is weak. :(
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