How likely do you think unforeseen negative aspects of changing a large part of how our economic society operates are if the code was so simple a monkey could do it?

How do you avoid this?

There are two aspects to business entities, the legal side and tax side.

Condos have a couple negative aspects. 1st, the condo fees, which will never go down, eat into your monthly cash-flow.

Joel Owens - They definitely missed the point, but do so in all aspects of their business.

They are just trying to twist wording in hopes to avoid claiming income.

I avoid pretax contributions like the plague.

my partner and i have been talking to a cpa and he told us to start up an s-corp to avoid self employment tax which is at about 15% in minnesota. according to him we would 1) incorporate our business 2) file with secretary of state 3) get fed and state id #s 4) file sub s status 5) open bank account 6) buy quickbooks. is this what we should be doing instead of having an llc with my partner?

Rich Weese - What happens if you feel that we are close to a housing bubble burst again and you own property that has appreciated substantially, how would you avoid taxes then?

I'm only trying to avoid unnecessary extra hassle.