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family corporation

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M

menza30

Guest
A client of mine husband and wife both surgions who own there own practice said that a lawyer from nevada recomended to them they set up what is called a "family corporation" the hedge the high taxes they pay. They own 3 business' and have homes in several states. They want to know if I ever heard of a Family Cororation??

Can any one help me find information on this if it exist's?
 
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L

loku

Guest
A family corporation is not a special type of corporation, it is merely a corporation owned by family members, who also usually work for the corporation. There are some tax advantages to this under certain circumstances and some disadvantages.

Two surgeons, who own their own practice and have homes in several states, should hire a competent tax planner. They will save thousands of dollars that way. Trying to save a fee on tax planning is much like trying to remove your own appendix to save the fee—it is costly and it does not work.
 

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