What business should I choose?

What type of entity should I choose for my small business in MA?

• I am helping my father get a service business going. I am having trouble deciding on what type of business to start. I have likely ruled out proprietorship and partnership, due to the unlimited liability associated. I now seem to be looking at an S Corp, LLC, etc. I am told an S Corp will have more difficult filing requirements, and different requirements on how we can distribute income. Some flexibility in that department would be nice. I will probably have the business in my name, but would like a majority of the income to go to my father. Can anyone help me decide what my options may be, the pros and cons, and tax implications involved? THANKS!

• Answer:

  The variables are too great to be able to make any recommendation other than the logical one. Contact an accountant and sit down with them to analyze your fathers risk tolerance, current financial situation and future financial needs.