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I realize I can own a C corporation and pays taxes, my goal

Customer Question
is not to touch the...
I realize I can own a C corporation and pays taxes, my goal is not to touch the money but pay taxes and build up the C corporation, can I borrow from the corporation as small loans and can I invest part of the untouch C corporation into a Self Direct IRA?

You can own shares in a C corporation and the C corporation pays taxes, but you could not take any income from that corporation and not report it to SSI which would have an impact on your benefits.
Submitted: 7 years ago.Category: Business Law
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11/4/2010
Business Lawyer: Law Educator, Esq., Attorney replied 7 years ago
Law Educator, Esq.
Category: Business Law
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You can keep the money in the corporation, but the second you direct any of that money for your personal benefit, self directed IRA etc, then it becomes income. Now, the company can set up a trust (irrevocable trust) for you into which the company deposits money and as long as the money stays in that trust it is not considered income for purposes of SSI/SSD, but I do not know how much money you are dealing with and whether or not you may be going through all of this for no reason because if you are not talking about reasonably sizable income here, it is really not worth it for you to go through all of this.

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Law Educator, Esq.
Category: Business Law
Satisfied Customers: 121,066
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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