RE: Chris's restaurant

The benefit of a 'S' corporation is you are not double taxed on the
corporation funds. Very few items are taxable as an "S" corporation, you
claim it as a shareholder and only pay those taxes. And yes, you can be one
shareholder with 100%. 

LLC corps is an off spring of S corps for the most part, geared for a
smaller corporation. You can also use the pass thru tax filing, but you are
limited on what you can write off in losses. It does allow one member also.
It also protects you from some liabilities, but I believe there are a few
exceptions. Not all corporations qualify to be a LLC, but I believe you
would be OK based on the type of business you are opening.

Donna

> -----Original Message-----
> From: owner-gardenchat@hort.net [o*@hort.net] On
> Behalf Of Josh Haskell
> Sent: Thursday, July 14, 2005 7:04 PM
> To: gardenchat@hort.net
> Subject: Re: [CHAT] Chris's restaurant
> 
>     Chris,
> 
>             Corporations (whether S or C), LLCs, and Limited Partnerships
> are all limited liability entities; BUT, any lender, whether SBA or
> otherwise, will demand a personal guaranty which means all your personal
> assets, including your home, are at risk.  In today's commercial world
> restaurants lead the list of failed ventures and few lenders are even
> willing to look at them.  Follow David's advice and do it slowly with your
> own capital, or forget it.
> 
>                                                        Josh
> 
> 
> 
> 
> ----- Original Message -----
> From: "A A HODGES" <hodgesaa@earthlink.net>
> To: <gardenchat@hort.net>
> Sent: Thursday, July 14, 2005 6:26 PM
> Subject: Re: [CHAT] Chris's restaurant
> 
> 
> > No, you can go in as sole proprietor or form a corporation. Corporations
> > (LLC's) keep you from having personal liability should the business fail
> > or
> > someone gets injured. Typically, there is more than one person but I
> don't
> > think you HAVE to have more than one person.
> >
> > Who out there knows?
> >
> > Andrea H
> > Beaufort, SC
> >
> >
> >> [Original Message]
> >> From: Christopher P. Lindsey <lindsey@mallorn.com>
> >> To: <gardenchat@hort.net>
> >> Date: 7/13/2005 10:51:03 PM
> >> Subject: Re: [CHAT] Chris's restaurant
> >>
> >> > Small business loan. BUT, you have to have a really good business
> plan
> > to
> >> > get one. I had to do one for my advanced nursery mgmt class. And,
> there
> >> > were several chapters in there about having coffee shops in
> nurseries,
> >> > always located at the rear of the nursery so the customer had to walk
> >> > through to get to it. Suggested selling ice cream and popscicles as
> >> > well
> >> > for those hot days. Sounded like a good idea to me.
> >>
> >> Hi Andrea,
> >>
> >>    How does a small business loan work?  Do I have to put my house up
> >>    as collateral or anything?  If the business fails, do I lose
> > everything?
> >>
> >> Chris (who may know useless trivia, but knows nothing about this!)
> >>
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