Personal Development for Smart People Forums - View Single Post - The Dark Side of Financial Abundance (Blog)

srockrae · 01-15-2007, 06:22 PM

Good posts.

Another positive or negative depending on the situation is that many people see you as an obvious source of financing their projects or bailing them out of a mess.

Also, I would be careful with a C Corporation election. You are double taxed when you take money out of the Company and when you sell it you have to pay taxes on deferred earnings (i.e. Earnings and Profits). This structure is not typical for small businesses and like Steve said I would definitely seek professional advice.

01-15-2007, 06:22 PM	#8 (permalink)
srockrae Junior Member Join Date: Jan 2007 Posts: 1	Another Dark Side Good posts. Another positive or negative depending on the situation is that many people see you as an obvious source of financing their projects or bailing them out of a mess. Also, I would be careful with a C Corporation election. You are double taxed when you take money out of the Company and when you sell it you have to pay taxes on deferred earnings (i.e. Earnings and Profits). This structure is not typical for small businesses and like Steve said I would definitely seek professional advice.