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ETpro's avatar

What would be the best corporate structure for my small business?

Asked by ETpro (34247 points ) January 28th, 2012

I own a small business in Massachusetts doing Web development. We’re a Yahoo! Small Business Partner and most of our business is building, upgrading or updating Yahoo! Stores. Right now, the business is a sole proprietorship. But as I get older, I’m thinking through my bucket list. I’d like the business to be easy to pass on to my survivors. They can then sell it or continue to operate it as they see fit.

I also had to take on considerable debt to get through the Great Recession and pay to keep a roof over our heads, the phones on, an Internet Connection and all the costs to keep the business open and able to generate future revenues. I’m whittling that debt down, but not fast enough for the banks. I need to shelter the company’s assets so one creditor doesn’t attach my bank account and leave me with no way to earn money to pay the rest. Not a pretty picture, but it is what it is.

What would be the best business structure to meet these goals? Can I do most of the work to form an LLC or S-Corp myself, or must I retain an attorney to do that?

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3 Answers

DaphneT's avatar

If you can understand these laws, about LLCs in Massachusetts, then you may be able to do the paperwork yourself. You and your heirs will be better served if you establish a working relationship with an attorney. If you have a tax accountant, they would be a good place to start with your questions, and may be able to recommend an attorney or two for you to consult with. Good Luck to you.

srmorgan's avatar

DaphneT is spot on. Speak to an attorney and an accountant.

As much as I love questions and answers on Fluther this is the wrong place to get advice on how to structure a business.

SRM

ETpro's avatar

@DaphneT I’ve always done my own taxes, but that was simple enough as a sole proprietor and given the nature of this business. The advice you adn @srmorgan give about having an attorney and accountant involved does make good sense. Thanks.

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