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Why not just a sole proprietorship? I am closing my corporation after 32 years for a lot of reasons. Mostly to save money and simplify my life. Unless you have liability concerns, why incorporate -- and the corporate vail can be broken.
Quote from: oxman on March 26, 2014, 00:47Why not just a sole proprietorship? I am closing my corporation after 32 years for a lot of reasons. Mostly to save money and simplify my life. Unless you have liability concerns, why incorporate -- and the corporate vail can be broken.Absolutely. Returning to a sole proprietor was the best thing I ever did for my stress level and work load. And the tax savings for a corporation weren't significant at my income level.As far as 401k, I opened an IRA that provided tax deferment benefits. Isn't the main benefit of a 401k over an IRA that your employer pays part of it? If you are the employer it's all the same money. Maybe a tax expert can correct me if I am misunderstanding.
In case you wonder, yes, it places all potential liability on only the assets of the LLC.
Quote from: raclro on March 29, 2014, 23:33In case you wonder, yes, it places all potential liability on only the assets of the LLC.Forming an LLC does not shield you from liability for your personal negligence that causes harm to someone.