QUESTION ON How to Set Salary of Partners in S Corporation? Hi, At present, I'm staying in VA. Recently I've started new firm (S Corp) and working as a contractor in DC thru' my firm. I'm the only one working for the company. My wife is partner in the company, but she is permanent employee of some other firm. Estimated revenue of my company is around 120K/yr. What … [Read more...] about How to Set Salary of Partners in S Corporation
QUESTION ON Starting a A Business While Keeping A Friendship I sat with a friend of mine and brought up the idea of making accessories and selling them. We both began throwing out ideas and I threw out the name we chose. That same day we bought some inventory but since then I have been the only one buying and doing any of the work for the business. All she does is wear the … [Read more...] about How to Start a Business with Friends
QUESTION ON Election of LLC as an S Corporation or C Corporation? How do you find out if your LLC is either "S" status or "C"? Also, I would like to remove one of the members from my LLC. Do you provide this service and at what cost? Thank you. - Kathy Foussadier, Destiny Galleria ANSWER Dear Kathy: A limited liability company with two or more … [Read more...] about Election of LLC as an S Corporation or C Corporation?
QUESTION ON How to Convert a Corporation to Sole Proprietorship Hi! I had recently purchased a small business which was structured as a Corporation by the previous owner. I have determined that it would be more beneficial for myself and the business if I change the structure to a Sole Proprietorship but I have no idea what I'll have to do to get that done or where I'll have … [Read more...] about Converting from a Corporation to Sole Proprietorship