Advice on business type requested
The business is two-fold. One piece is consulting and training with local hospitals on improving pediatric and family-centered care. The second is a Family Enrichment Center, offering children's art & cooking class (ages 4-8yrs), developmental playgroups (birth-5 yrs) and parenting classes. Our greatest concerns are protecting our personal assets, liability, and taxes.
Re: Advice on business type requested
If there is more than one owner of the business, you can have an LLC or Sub-S corporation or C Corporation.
LLC and Corporations have limited liability, which protects your personal assets from claims other than malpractice or personal torts. Malpractice relates to violations of professional standards and may not be applicable to either of your businesses.
An LLC and a Sub-S corporation are taxed in a similar fashion to a partnership. A C-corp is taxed as a separate entity. Without more information is difficult to properly advise as to tax issues, but I would probably be inclined to use an LLC as it provides the most options in dealing with ownership and tax issues.
Please feel free to contact me to discuss your options in more detail.
Re: Advice on business type requested
If there is more than one owner of the business, you can have an LLC or Sub-S corporation or C Corporation.
LLC and Corporations have limited liability, which protects your personal assets from claims other than malpractice or personal torts. Malpractice relates to violations of professional standards and may not be applicable to either of your businesses.
An LLC and a Sub-S corporation are taxed in a similar fashion to a partnership. A C-corp is taxed as a separate entity. Without more information is difficult to properly advise as to tax issues, but I would probably be inclined to use an LLC as it provides the most options in dealing with ownership and tax issues.
Please feel free to contact me to discuss your options in more detail.
Re: Advice on business type requested
If there is more than one owner of the business, you can have an LLC or Sub-S corporation or C Corporation.
LLC and Corporations have limited liability, which protects your personal assets from claims other than malpractice or personal torts. Malpractice relates to violations of professional standards and may not be applicable to either of your businesses.
An LLC and a Sub-S corporation are taxed in a similar fashion to a partnership. A C-corp is taxed as a separate entity. Without more information is difficult to properly advise as to tax issues, but I would probably be inclined to use an LLC as it provides the most options in dealing with ownership and tax issues.
Please feel free to contact me to discuss your options in more detail.
Re: Advice on business type requested
If there is more than one owner of the business, you can have an LLC or Sub-S corporation or C Corporation.
LLC and Corporations have limited liability, which protects your personal assets from claims other than malpractice or personal torts. Malpractice relates to violations of professional standards and may not be applicable to either of your businesses.
An LLC and a Sub-S corporation are taxed in a similar fashion to a partnership. A C-corp is taxed as a separate entity. Without more information is difficult to properly advise as to tax issues, but I would probably be inclined to use an LLC as it provides the most options in dealing with ownership and tax issues.
Please feel free to contact me to discuss your options in more detail.
