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    justforme's Avatar
    justforme Posts: 1, Reputation: 1
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    #1

    Nov 24, 2007, 03:10 PM
    Which form of incorporation?
    I am considering incorporating a business. I have two concerns. I want to include my son but he is in college and needs to show very little income in order qualify for student loans so he won't take a salary now and doesn't want any income from it while in school.
    Also, I owe some personal back taxes and am concerned the IRS could seize any money I had in a corporate bank account. Is there some protection from the IRS if it is a corporate bank account?
    So with those two factors which is best LLC, C corp or S Corp?
    Thanks
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Nov 24, 2007, 03:34 PM
    Hello just:

    The form the business takes has nothing to do with your sons tax status. Plus, it doesn't matter what form you take, if you owe the IRS, they'll seize your stock.

    excon
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