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@rightway2truth I’m going to beat a dead horse and if I lived near you, I’d drive to your house and literally BEG YOU to cut this guy loose now. He’s going to create SO MUCH PAIN for you no matter the arrangement, dude. If he wants a “lifestyle” and you’re planing growth, he’s going to hold...

@rightway2truth So you take 100% of the risk and, “if it pays off”, your buddy gets 1/2 the company. He waits in the sidelines and provides guidance while you actually make it happen and he gets 50% for your efforts. That is a shit deal. Counter at 10%. If he wants to jump in feet first with...

@jack1998 The S election can be useful at a certain revenue level, but you’re nowhere close yet. If you revoke an S election, you can’t make a new S election for 5 years under that or any “successor” entity.

@rightway2truth I have experienced this kind of situation. Your FAR better off going it alone. He WILL cause you serious pain down the line. Guaranteed:

@nancyfromsc I chose path of least resistance and ease of use… one place to go and no finger pointing.

@nancyfromsc On the payroll side, I paid my CPA to do all of it. Then they had what they needed at tax time as well. Was a little more expensive but anytime I got anything from the state or IRS, I just sent it on to them.

@jack1998 Best of luck!!

@jack1998 You get a CPA to tell you how to do things right for your specific situation. That is the ONLY answer that makes any sense for you. Given your current anticipated scale, the S election was probably not a great plan and adds complexity. Most importantly, have you been paying yourself...

@rightway2truth Cut your buddy and hire a better developer and keep all of the upside for yourself.