LLC vs Inc vs nothing 2

[RJN10]

thread784-92621

Does anyone have experience establishing a mechanical design engineering consulting firm in Georgia? Specifically, LLC vs Inc vs nothing.

Thanks.

 

[IRstuff]

I wouldn't think they have much to talk about, assuming their engineers always do their due diligence and weren't trying to break the bank; the basic ground rule is always the least design that meets all requirements.

TTFN (ta ta for now)
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[glass99]

I wouldn't think they have much to talk about, assuming their engineers always do their due diligence and weren't trying to break the bank; the basic ground rule is always the least design that meets all requirements.

If there is one thing I know about developers, it's that their motivations can be inscrutable. Vendetta's, marketing, avoiding liability, tax breaks, and looking cool to their friends are but a few of many factors that will go into steel vs concrete decision. We the humble structural engineers merely provide technically correct information. And so they discuss it among themselves in spite of their lack of qualifications. They probably also discuss legal matters. It's we licensed professionals that get hung up on staying in our lane.

 

[Sparweb]

I owned a company many years ago that made a lot of money on a project during a year where both my wife and I also had high salaries. I kept the earnings in the company's bank account for years, and didn't take it out until the year that my wife changed jobs, filling a gap in her salary. She was paid in dividends because I made her a shareholder. The tax savings paid for most of the fees I paid to an accountant for the company's tax filings in several previous years.

That, and for all the good liability reasons above: Incorporate.

http://www.sparweb.ca

 

[glass99]

@Sparweb - I assume you had a C corp and not an S corp. If you had an S corp, you have to basically pay the taxes in the year the profit was made.