What type of corporation is the best?

[omahacubfan]

The business I'm considering purchasing is an S corp which obviously has it's benefits but I'm not 100% familiar with corps.

Is there a better option than an S corp and how difficult is it to change the classifications of corporations?

Obviously this is a secondary challenge to securing the $300-500k I will need to secure the controlling stake in this company from it's current owner.

Thanks everyone

[BizGuy]

There are several different ways that you can structure your business and there are certain tax advantages as well as some disadvantages to every business structure. If you are not familiar with this field the best thing to do would be to speak to an accountant regarding which type of business structure is right for you. Once you determine how you want to structure your business, you can seek out an attorney that practices corporate law and can explain to you the legal repercussions of different business structures.

For more info on the various company set up options, read here on YE:

Choosing a Business Entity

If you are ready to get started you can start your company formation here:

Legal – Young Entrepreneur – Small Business & Entrepreneur Community

Hope that helps.

Cheers,

Adam

[omahacubfan]

Thanks BizGuy!

I will look into all of these things and hopefully will be discussing my newly acquired company on the Legal board of this website in the near future.

[Carlos™]

Thanks for this thread, and for the information provided!

I was searching and searching for the same question with an answer! I hath found my answer!