Which US Corporate structure would you choose?

[Neidamyer]

I live in the US and need some advice about how to proceed in protecting my money.

I have had an on again/off again argument with the IRS. Last week, without a word of warning or any hearing of any sort, they seized my savings account, and took the last $3,400 I had. (They still haven't contacted me)

I have always tried to be a saver. I am a Real Estate Appraiser in the offline world. As you can imagine, my income has taken a nose dive in the past 2 years. If it wasn't for that savings helping pay my bills, I'd be homeless today.

To stop any further seizure of my funds, I want to form a corporation. My goal is to protect my new online earning from taking a further fucking.

LLC makes me nervous because everything funnels back through your personal income tax.

I want to have the corporation set up to handle all income from my online activities, and for the corporation to own everything. (nothing in my name). The corporation would pay me a salary...etc...

What would you recommend? Tax, and Corporate Law are not my areas of expertise.

Any suggestions?

Thanks!

 

[johu]

Frankly, if you got into a dispute with the IRS as a business, they'd seize the money from your corporate account. There comes a point where you need a tax lawyer and/or accountant, and now sounds like the time.

 

[Neidamyer]

Actually, it was my personal taxes that are in question, but you have probably given me some good advice about seeking the services of an accountant or lawyer.

Thanks, Johu

 

[keynes]

LLC - hire a good accountant, they're more helpful and will save on future legal fees...

 

[bestcorp]

I myself have an LLC for this very purpose and it is wonderful. Just make sure you get a good accountant. LLCs are tricky because they do link back to personal taxes... but there are exemptions and that's the true benefit of the LLC. It can be taxed as a regular corporation as well.