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I am a certified massage therapist who has worked in a variety of settings for the past 10 years. I've had my own office for the past 2 years. I am considering turning my business into an s-corporation or LLC. I am asking for pros and cons of doing this and any advice would be appreciated. Thanks!
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Replies to This Discussion
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Permalink Reply by Monica Reno, LMT, NCTMB on
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Dawn, an S corp and an LLC are very different beasts. In general the primary reason a sole proprietor forms a corporation like an LLC or INC is to protect private property (home etc.) from an asset list, if the business was sued or some other such disaster. There are some tax advantages for a corporation, but ratherly does an individual make the kind of revenue that can capitalize on those credits etc.. Do you have a home in your name?
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Permalink Reply by Dawn R. Tule,LCMT on
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Hi Monica! I don't have a home in my name. I am moving into a home that my partner is purchasing. I was considering working from home & forming a corporation with him so he could receive some sort of write offs for the house. I'm also thinking into the future of opening a larger massage business or a school. This is only a dream @ the moment.
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Permalink Reply by Donna Martin on
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Dawn, take time and go visit the Small Business Administration. They will help and give you a lot of information to help start down the right path. I am in a similar situation as you in that I do not own house where my office is located, it is my Mother's house and she had the perfect set up for an office.
We will be going to a lawyer soon to set up what will probably be an LLC. This can be very complex and I advise that you get legal advice to help you make the correct decision for your situation.
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Thanks for the advice! I will be headed to the small business administration for more info.
Donna Martin said:Dawn, take time and go visit the Small Business Administration. They will help and give you a lot of information to help start down the right path. I am in a similar situation as you in that I do not own house where my office is located, it is my Mother's house and she had the perfect set up for an office.
We will be going to a lawyer soon to set up what will probably be an LLC. This can be very complex and I advise that you get legal advice to help you make the correct decision for your situation.
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