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

 

View all (683) 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!

LEARN MORE

Join ASBA

ASBA

ASBA is the most powerful resource for your business in Arizona. We ensure the tools we offer are valuable and support the growth, education and connections necessary for today’s top business minds.

LEARN MORE

Need a Mentor?

ASBA

Get inspired and aligned with expert Advisors who will assist you in transforming your company and help you navigate all the options of running an exceptional business. Contact membership and learn more today!

LEARN MORE

RSVP

Coffee Connect with ASBA

REGISTER

Date: Held monthly
Time: Click for times based on location

RSVP

ASBA Speed Networking

REGISTER

Date: Held monthly
Time: Click for times based on location

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

Investment Partner Program

CopperPoint

ASBA’s investment partner program delivers your brand throughout Arizona. Share insights, connect with small business and highlight your company’s involvement with the association. Contact Jodi Towns to get started.

LEARN MORE

Speakers Forum

Speakers Form

We are looking for dynamic speakers to present inspiring content at our events. If you or someone you know is experienced capturing a crowd and delivering insightful topics we invite you to apply today.

APPLY TODAY

Association Management Software Powered by YourMembership  ::  Legal