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Business Law Blog

S-Corp or LLC Better for My Business Part II?

S-Corp or LLC Better for My Business Part II? One of the most important distinctions between an S-corp and an LLC involves ownership. In general, an S-corporation may have only shareholders who are: (1) individuals who are U.S. citizens; (2) resident aliens; (3) certain types of trusts; and (4) other S-corporations

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Should I form a Nevada Corporation for my California Business?

There can be valid reasons for a California business to incorporate under the laws of another state. However, saving money is not one of them.

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The IRS and the Civil Fraud Penalty

Any civil fraud case will be very fact-specific. The key question is whether the IRS can prove, by clear and convincing evidence, that the taxpayer intended to evade a tax that the taxpayer knew he or she owed. Given the stakes involved, this merits close examination. If the IRS assesses or threatens to assess the civil fraud penalty against you, you would be well advised to consult with a tax attorney to discuss your rights and potential defenses.

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You Have a New California Corporation, What Now? Part II

You have a new California Corporation, What Now? Part I dealt with an overview on your California Corporation, withdrawing corporate funds, taxes & accounting and books and records. I’ll continue to address the advantages that your Corporation will enjoy as a S Corporation.

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