Acronyms are my new BFF!
Posted on January 19 2015
LLC, SP, LLP, C Corp, S Corp....yada yada yada
So the last couple of weeks have been so much fun researching these bad boys! I mean who wouldn't love to dig into the Pros/Cons of tax incentives, debt liabilities, profit sharing, etc....
I have really come to one conclusion however, this is no task for google. To put it in perspective it reminds me of watching the news...recall all those health reports on what's good for you, then it’s suddenly discovered it’s like the worst possible thing you could have ever done?!?! It’s all too confusing. There are so many pros and cons to each of these acronyms that I could literally make an infinite flow chart...and I really just don't have time for that:)
So, on to the experts...after further review from our lawyer & accountant we have opted for the LLC (Limited Liability Corporation.) I won't bore you with all the dets but basically the LLC maintains all liabilities as opposed to me personally! YAY
After hours of research, pro & con flow charts, conference calls, & paperwork I was set for the State Department. Of course it had to be 10 degrees that day with no local parking but I made it to the 8th floor, where upon my arrival I discovered it was much like the DMV. Yippie… never a dull moment! After being privy to a guessing contest by my seat mate as to whether she had received a fruit basket or fried chicken for her birthday I was finally called upon to submit my paperwork. Less than an hour later Punch LLC. was born. An experience I will never forget…for many reasons;) ha