Just add water: architecture startups!


2 Legit, 2 Quit
October 16, 2012, 4:41 pm
Filed under: Startup

You’ve got a name and a project, now you’re 2Legit, 2 Quit.

In the process of setting up an office, I’ve been dealing with the legalities of a bizness. The options under consideration are:

SOLE PROPRIETOR: you own nothing and you’re flexible. you’re thinking if they sue me they’re not really going to get anything anyhow. So sue me.

LIMITED LIABILITY COMPANY: you’re considered a pass-through entity

Disregard Entity: basically a sole proprietor from a tax perspective, but with the LLC title

S Corporation:entity level income and loss passes through to the members

C Corporation:taxation of the entity’s income prior to any dividends or distributions to the members and then taxation of the dividends or distributions once received as income by the members

After reading a bunch online, I still feel like the best thing to do is consult a tax accountant or lawyer to understand the implications of each…Not just understanding its parameters now but in the future (short term: what’s involved come April when Uncle Sam comes knocking? What forms are necessary for filing?   longer term: if you’re interested in collaborations and a looser associations what is its impact?  Dismantling a corporation should you elect to return to the working for someone else?) What are the considerations or issues that you’ve weighed on?

Here’s a good read: 
http://books.google.ca/books/about/Law_for_Architects.html?id=G7V6i3RGa_YC&redir_esc=y

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Ogsdenburg, NY: bling’d out high school gym
October 14, 2012, 3:11 am
Filed under: Side show