Old, but good post. I'm actually considering basing my business on DR planning for computer systems... i.e. making sure your business can survive computer failures, and that you have off-site computer systems should your primary site be unavailable.
Super late reply, but just some feedback on the book (I bought it on Amazon). I am seriously considering an S-Corp, so that is the focus of my feedback.
I know it's hard to avoid in a short book, but I thought the information on S-Corps was a little lean compared to LLCs. Specifically, you state what liabilities LLCs don't shield you from, and I assume it's the same for S-Corps, but that isn't written in the book (that I saw).
If you actually look at this, I have a question for you regaurding the above:
If I have a single shareholder s-corp (or two shareholders with my wife), am I still liable for any errors I might make personally? As you state, this is the case in an LLC. I'm in computer consulting, so it's possible I could forget something that could cause a customer to lose money due to an error in my work (downtime) or in the worst case lose data (which would in turn lose them money).
Either way, I bet I should have a good E&O insurance policy! I don't want the whole company to come down over one missed thing, but it would be good to know if the corporation will shield me or not.
I agree with JMann as well. I've been researching this, as I'm starting a solo consulting business. I too am struggling with the LLC vs. S-Corp decision.
I think the S-Corp structure is best for us, but the downside is the extra paperwork and meetings that must take place with an S-Corp.
To really make it matter, you must bring in more than a "reasonable" salary. I'm not sure I will, at least for the first few years.
Can anyone comment on how difficult it is to maintain an S-Corp? I haven't been able to see much online in regards to everything that must be done every year (i.e. a list of items).