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Author Topic: Avoid Tier 3/4, and 5 Law Schools- End of a Golden Era!  (Read 14063 times)

FalconJimmy

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Re: Avoid Tier 3/4, and 5 Law Schools- End of a Golden Era!
« Reply #20 on: March 14, 2011, 10:43:07 AM »
<<, when you run your own business you are able to form a llc and pay yourself a very small salary which will allow you to pay the minimum amount on student loans. Eventually the debt will be forgiven and all will be good. >>

Hmmm... just to pick a nit, here, but if you form an LLC, than any income of the LLC is considered your personal income.  It's not like a Chapter C corp, where the corporation, itself, can retain earnings.

If your LLC makes $100,000, then you, personally, have $100,000 in earnings, or if you have partners in the LLC, you split up the income and everybody pays their share of taxes.

It's what's called "fall through" taxation.  Meaning all the income falls through to the income of the individual partners.