Remembering TCPaul, 2016-2019

Forming a PC in NYS

is this necessary? I will be doing sparse contract work and legalbeagle03/25/19
no, it's not necessary. The only real advantage of a PC/P dingbat03/25/19
Are there financial reasons? E.g. if NY permits a lawyer to wutwutwut03/26/19
Those benefits would only come into play if the OP was makin wcdtax03/26/19
Thanks. I was just thinking even if OP was bringing in $40k wutwutwut03/26/19
definitely not making 40k lol. thanks all. legalbeagle04/03/19
legalbeagle (Mar 25, 2019 - 7:28 pm)

is this necessary? I will be doing sparse contract work and not really taking on many (if any) of my own cases, and working from home. Is it necessary to form a PC/PLLC to practice law in NYS?

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dingbat (Mar 25, 2019 - 8:04 pm)

no, it's not necessary.

The only real advantage of a PC/PLLC is to limit non-professional liability. The main risk is slip&fall type stuff - if you're working from home and not seeing clients, you don't really have any risks

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wutwutwut (Mar 26, 2019 - 2:56 pm)

Are there financial reasons? E.g. if NY permits a lawyer to form an LLC and she can elect S-corp taxing, can she get some monetary benefit?

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wcdtax (Mar 26, 2019 - 6:00 pm)

Those benefits would only come into play if the OP was making more money. To get the real benefits of an S-Corp as a person providing services you need to be making more money than law on the side.

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wutwutwut (Mar 26, 2019 - 6:54 pm)

Thanks. I was just thinking even if OP was bringing in $40k and could claim 20 as salary and 20 as distributions, she'd save the 15.3% on the distributed 20K.

But I don't know how much OP may be making. Heck, even at 20K total, doing it as 10/10 might still make sense? Save 1500 in SS/MC.

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legalbeagle (Apr 3, 2019 - 12:25 pm)

definitely not making 40k lol. thanks all.

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