UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: ortman 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 14977  
Subject: Recommended Book Lists? Date: 8/6/2003 4:59 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hi,

There is a chance that I will be self employed next year. As such, I wanted to start looking into the various legal structures now in order to be prepared if and when the time comes. I've started to browse through Amazon.com for some good books, but haven't found anything that looks overly helpful yet.

The books with high consmer ratings tend to have subtitles that turn me off, such as "Inc. Yourself: How to Profit by Setting Up Your Own Corporation". Oh, all I have to do to make money is incorporate myself? Sweet!

I would likely be doing some form of IT consulting. I would be the only employee. The monies generated by my work would likley be a good deal higher than the prevailing salary the same position would pay to an employee.

The prevailing salary for the position would actually be enough to live on, so any extra income the business generates would (again, hopefully) be saved as efficiently as possible for retirement (so, ability to setup retirement funds is a plus).

Liablitly is a concern, though not a huge one. Obviously, minimizing taxes to the fullest extent possible under the law is desired, as we are DINKS (Dual income no kids) with a decent income, and our tax bill isn't very friendly.

I know the basics: standard business, LLC, C-Corp, S-Corp, etc. I understand basic tax implications with each, as well as the legal work necessary to maintain them. Whatever I don't know I can figure out, provided I know enough to be asking the right questions.

So, what I really need is a book (or a good site, even) that will help me to better understand my options. It would cover the pros and cons of each method, some benefits that I might not even be thinking of (possible tax deductions, insurance, etc), and generally help lead me in the right direction.

I'm sure if and when the time comes I'll consult with professionals, but at this point I simply want to get a good portion of the homework done on my own.

So, has anybody read any good books?

Thanks,
-Ortman
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement