I am starting a new business in Washington. I am wondering what type of company formation (LLC vs S corp vs. C corp) should I go for ?
My goals are to have limited liability and avoid double taxation as I also earn salary on a w2.
All suggestions and info on pros/cons are welcome and I am happy to answer any questions you may have.
Starting out as an investor, an LLC is best. Be sure to use an attorney who understands real estate and the tax benefits you are entitled to once you're a full time investor. It's best to also discuss with a real estate CPA. Don't just get an online LLC as it's the Articles of Incorporation, how your LLC is structured, that will entitle you to all the benefits.
Thank you, All!
Its a retail business and I will be the sole owner. However, I wish to keep the business separate both from my personal assets as well as for taxation purposes. I also wish to keep business and personal tax impact to a minimum. I am thinking maybe I take a salary from business as most of the profits will be used to expand the business (or add more locations).
Since this is 'like a franchisee' business , I don't own any property or equipment for the business. I have a leased placed where I see my retail product.
All your inputs are welcome
@Ana Garcia , Also, I also have a separate w2 from my day job