I don't know whether to form an S Corporation or a limited liability corporation.
I'm starting a landscape maintenance business as a sole proprietor. I want to incorporate and to keep my business in the family. Would it be better for me to form an S Corporation or a limited liability corporation? I want my family to be shareholders, but I don't want to affect their taxes.
It's entirely possible that once your family has an ownership interest in your business--regardless of the form--there will be an impact on their taxes.
Speak to a business accountant who understands these areas to determine the extent of the impact, if any, and which form will minimize the negative and "accentuate the positive."
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.