How is an S-Corp different than other LLCs? In this brief talk with attorney Gene Friedman, find out why operating agreements, proper loan documentation, and shareholder salaries are so important, and how managing these well will ensure benefits to an S-Corp’s shareholders such as tax incentives and liability protections.
Listen to the conversation on the audio player below, or download Gene’s talk to listen off-line (right-click on the link and select “save as” to save to your device):
Gene’s previous legal talk covered the topic of Real Estate Leases and discussed issues that may make a lease unenforceable. That talk can be found here. Russian-language speakers can find articles on business law in Russian by visiting Gene’s Russian Page on this site.
Mr. Friedman’s practice focuses on counseling businesses of all shapes and sizes in various aspects of business law, commercial contracts, corporate and real estate transactions. He can be reached at The Gertsburg Law Firm by calling 440-571-7778 or sending a message to [email protected].
* 0:13 Classifying an LLC as an S-Corp
* 1:38 What an S-Corp needs to know – Operating Agreements
* 4:53 Documenting Shareholder Loans
* 8:06 Reasonable Shareholder Salaries
An audit of your policies can help you avoid the pain of lawsuits. The Gertsburg Law Firm now offers CoverMySix, a one-stop legal audit for your business, led by award-winning litigators and in-house counsel. CM6 minimizes your exposure to lawsuits, investigations, disgruntled employees and customers, and all the damage that comes with them. Learn more about how to protect your business from lawsuits at covermysix.com.
Additional 10-Minute Legal Talks with the attorneys of Gertsburg Law Firm can be found here, or visit our News and Resources Center for other audio interviews and videos with free legal tips for your business or estate.
The Gertsburg Law Firm produces these 10-Minute Legal Talks to give insight into legal issues for non-lawyers and to share our experience with the community. The contents of this interview are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.