Print Page   |   Your Cart   |   Sign In
Group HomeGroup Home Blog Home Group Blogs
Search all posts for:   


View all (682) posts »

Advantages of Setting Up a Small Business as an S-Corp, With Rob Wood, Tax Attorney, San Francisco, California

Posted By Gabriel Salcido, Arizona Small Business Association, Tuesday, April 8, 2014
Updated: Thursday, July 31, 2014

The old model of how a company is formed has changed over the years with tax law and the evolution of different types of business entities, says Rob Wood, a tax attorney with Wood, LLP in San Francisco, however some fundamental things have stayed the same.

Businesses need to look at how their business is run, how the income will be taxed and what happens on sale, whether it's anticipated or unanticipated.  Wood says to set it up right from the beginning to avoid getting hurt on taxes.

A C-corp and an S-corp are tax terms that refer to articles of a corporation.  They are very simple and are mostly for liability protection, says Wood,  An S-corp, which stands for Sub Chapter S of the Internal Revenue Code, is a one page form, signed in a certain way and the shareholders have to give consent.  The IRS form is a 2553 form.  Wood says the business is taxed as a flow-through, so the corporation doesn't pay tax, except for a few here and there, and is treated like a partnership.  That's the reason it's attractive, says Wood, because it's a corporation that is an entity with liability protection that's taxed like a partnership.  Wood says most small businesses can qualify and should take advantage of S-corps.

For more information on the article written in Forbes magazine about this, click here.  Robert Wood is a tax attorney with Wood, LLP in San Francisco, California and spoke with The Arizona Business Network, sponsored by ASBA. The Arizona Business Network is a featured network of the Sequence Media Group.

This post has not been tagged.

Share |
Permalink | Comments (0)

Affordable Dental Plans for ASBA Members

Delta Dental of Arizona

2 employees? No problem! We’ve got a dental plan to meet your needs & budget. Click to learn more!


Switch. Save. Donate. All with NPS, your Local Payment Processor


Specialized Pricing for ASBA Members
No PCI, No Annual Fees, No Start-up Fees or Contracts
24 Hour Next Day Funding & Deposits
Full EMV Integration to Current Setup
PCI Compliant
NPS gives back 20% to ASBA 


Need Space for your Upcoming Training?


Whether it's a small classroom or for 50+ ASBA has a space for you! Click to learn more on how you can rent our Business Education Center (BEC).



Experience ASBA


Date: Held monthly
Time: Click for times based on location
Location: Phoenix or Tucson


ASBA Speed Networking


Date: Held monthly
Time: Click for times based on location
Location: Phoenix or Tucson

Have Questions on Health Insurance?

Health Insurance

Do you have questions on plans for Individual, sole proprietor, or group? We can get the answers needed to make sure you find the right plan for you and your employees.

LEARN MORE work for you


CopperPoint delivers peace of mind to Arizona employers and their employees. We are the state's premier provider of workers compensation insurance, serving Arizona businesses, small and large, since 1925.


Speakers Forum

Speakers Form

ASBA is on the cutting-edge of what is happening right now in the business community. We are looking for dynamic speakers to present inspiring and relevant content at future events. If you or someone you know is experienced capturing a crowd and delivering insightful information on sales, marketing, HR, finances, or other topics we invite you to share your knowledge and apply today. We are your partner in business.


Association Management Software Powered by YourMembership  ::  Legal