• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Owner

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

Lucy000

Junior Member
Florida.

Hello, I'm planning to open a small business for trading as a S corporation.

Could you please tell me what are the possible liabilities I could be facing if the business is not doing well. What should I plan ahead to prevent something happen to my family wealth. Now, I have some rental properties under my name other than my residential.What is the name of your state (only U.S. law)?
 


Antigone*

Senior Member
Florida.

Hello, I'm planning to open a small business for trading as a S corporation.

Could you please tell me what are the possible liabilities I could be facing if the business is not doing well. What should I plan ahead to prevent something happen to my family wealth. Now, I have some rental properties under my name other than my residential.What is the name of your state (only U.S. law)?
Talk to your CPA.
 

tranquility

Senior Member
The three main ways to reduce risk are:

1. Choice of entity
2. Insurance
3. Business practices.

With thinking of an S-corp, if you handle things correctly you will have some protections. You have two more legs of the stool the deal with.
 

Lucy000

Junior Member
Some Protections?

When you mention some protections such as....?
And Some Don't such as....?
I'm more worried about what are not protected.
Thanks.
 

Antigone*

Senior Member
When you mention some protections such as....?
And Some Don't such as....?
I'm more worried about what are not protected.
Thanks.
Without knowing the particulars it would be impossible to say, that is why tranq gave you the generic answer he did, and why I pointed you in the direction of your CPA.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top