What type of corporations

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vilasman

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generally works best for an electrical company? I am figuring that I will have to research this online, but I figured I would see what kind of wisdom I could get here first.
My company will have 2 members, myself and one other. And it won't be my wife. I don't think. If she does manage to get in it will be three. Actually the third person will be the master that I work for now. I asked this am if he would work for me and he said sure why not.
I would totally own the company if he died. No other full time employees.
Any wisdom?
 
This is not a legal DIY forum. :D :wink: So don't blame Mike if you get a suggestion, follow it, and go out of business. :rolleyes:

Seriously, if anyone has any ideas to offer, please keep away from anything that could be construed as legal advice.
 
vilasman said:
Actually the third person will be the master that I work for now. I asked this am if he would work for me and he said sure why not.
I would totally own the company if he died. No other full time employees.
Any wisdom?
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Yes, get your "masters", ASAP.

IMO, LLC's work great because you don't have the paperwork of a S Corp. If you elect to be taxed as a Corp., then elect the S Corp tax treatment, you get all the benifits of a S Corp w/out the paperwork.

You need to have a good insurance policy.

Real legal advice should be sought out.

Good luck.
 
I'm with Hardworking. Get legal advice. None of us here can be as qualified as your attorney. Mine advised me to go S-Corp. I forget why, but it was a better decision in his mind than an LLC. And his co. is an LLc, FWIW.

And definitely get your master's. I would not want have to depend on anyone else in my business. I'd like to be able to, but not have to, if I'm saying this right.
 
vilasman said:
generally works best for an electrical company? I am figuring that I will have to research this online, but I figured I would see what kind of wisdom I could get here first.
My company will have 2 members, myself and one other. And it won't be my wife. I don't think. If she does manage to get in it will be three. Actually the third person will be the master that I work for now. I asked this am if he would work for me and he said sure why not.
I would totally own the company if he died. No other full time employees.
Any wisdom?
Click to expand...
Check out a sub S corp. Nice and easy for small business of course they all have their ups and downs.
 
You guys can be funny. I was always planning on seeking advice from a qualified legal professional. My ah, um, wife knows plenty of them.
I guess all guys have days when they are absolutely thrilled with their wives, and then theres the other days. But if it was easy half of them wouldnt bust up.

An electrical business as a non profit. Hmmmm. My wife has a non profit and she was telling me that being non profit does not mean that you cant make money. I forget exactly what she says it means but I think it was, that the primary goal of the company cannot be to make money.

But I dont think I would try that.
 
You may want to consider a sole proprietorship, just to get up and running. For me it was the easiest and cheapest way to go. If your business grows then consider an s-corp, LLC, etc. During startup every penny counts and an extra $1000 might be better spent towards insurance, tools, ladders, office supplies, etc.

This is in no way legal advice. Just my 2 cents.
GOOD LUCK:D
 
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