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" ... Here’s why: say you operate your business as an S corporation. You formed the S corporation a few years ago with a nominal investment, and while you’ve been fortunate to earn steady income over the years, you’ve made a point to always withdraw the income from the corporation, either as salary or distributions. In early 2020, COVID-19 shuttered your doors, leaving you desperate to retain staff and make your rent. The PPP offered a lifeline, and you grabbed it, borrowing $300,000. Over the next few months, you spent the funds in full on eligible expenses, and you intend to apply for full forgiveness early in 2021. Income, however, was scarce; as a result, nearly all of your expenses ended up being paid with PPP funds, and at the end of the year, your business had a loss of $200,000, after deducting a full year salary of $75,000 that you paid yourself. ... "
" ... In a modern manufacturing corporation, there is a need for processes. You simply can’t run a factory without processes. Many leaders I know are engineers, and most have a solid business education that is grounded in the theories of scientific management. In engineering, processes are set — it takes one calorie of energy to raise the temperature of a cubic centimeter of water by one degree Celsius. The culture or mindset of the water does not impact this. ... "
" ... Jane should start an LLC or corporation and elect to have it taxed as an S corporation. This will allow her to save on self-employment tax. The downside is it will affect her Social Security check, as this move effectively decreases the amount of wages (highest 35 years) used to calculate the payout at retirement. Business owners who are worried about this factor can consider taking those savings and putting them in an individual retirement account (IRA). ... "
" ... Then there was Masala, Inc an S corporation that did billing and collections for Interventional Center. Dr. Padda had another clinic- Padda Institute Center for Aesthetic and Laser Medicine. ... "
" ... Where an LLC or corporation only has one owner, it is already by that fact alone teetering on the precipice of being deemed an alter ego of its sole owner. Very little more is required to send it tumbling into the joint debtor abyss; maybe just one more minor fact will push it over the edge. Stated otherwise, single-member entities are an alter ego disaster waiting to happen. Yeah, the laws may allow you to have them, but it doesn't mean that they are anything like a good idea if creditor-debtor issues may be a concern. ... "