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Author: paulcrocker Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: Re: Incorporate to increase cash available to in Date: 9/23/2005 4:43 PM
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"Who knows how my professional life will change 10 years from now but that is my basic long term goal."

It is admirable to plan ahead, but it simply may not be worth finding out all of the tax details right now, since the law could change back and forth a lot between now and 2015. At this point, slow learning is more than enough. You also have 10 years to get to see how other firms do things. Some will be wrong, others right, but either way you will get to see a lot of options.

Also, when you do get around to having your own firm, you will need to consult a lawyer to find out about liability law. Given the prevalence of lawsuits in the construction industry, professional liability will probably be a greater driver in your company's financial structure than tax advantages will be. Don't think that something little like not being at fault will keep you out of court or even always keep you from having a judgement leveed against you.

Finally, 10 years is a long time ahead of time to prejudge business partners. There were a few guys I graduated with who I thought I could go into business with. Now that I am 8 years out, I am very happy with where I am, and so are many of them - except the one who got out and went to law school instead. Also, having seen things from the viewpoint of a professional's desk, some of the folks I have met along the way would probably make better partners than the guys I started out with in school. Given that I have been working with some of them for large parts of the last 8 years, as opposed to being in college for 4 years, I probably know them better, too. Still, it is great to have good friends in your profession, and it could well work out like you hope, just don't forget to keep your options and mind open along the way.
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