S. Corp v. LLC

[bilchak]

Guys...

Talked to my attorney, he says go with LLC. Talked
an accountant, he said go with S. Corp.

Going to contact another accountant.

I know a couple of you said go with the S. Corp
on this forum. Personally, I was leaning
toward the LLC.

Any first hand experience would be appreciated. Which
way should I go?

I want to keep it simple, and keep taxes
to a minimum.

Thanks,
John

[OBRYANMAINT]

llc is prety simple maybe the first step in incorporating the s corp is maybe the next step not much difference but my opinion if your fulltime and may have some full or part time employees s corp will be best if your by your self and will always be that way llc may be the best ....get that second opinion and go off that

doug

[KirbysLawn]

I just incorp to a Sub-S. Read a lot and did it through http://www.mycorporation.com, they have a lot of good info also.

Ray

[rdh]

is this something that you have to do? i dont understand.
maybe i should read more about it.is it just to protect your business name ? do i need to do this?

[bilchak]

rdh,

It's optional, but I'm just getting into the biz and have some personal assets which I want to protect. Incorporating or forming a LLC is the best way to do that. Insurance will not always cover these things, not matter
how much you have.

I know I want to go one way or the the other.....I'm just concerned about the taxes.

John

[bilchak]

Forgot to mention. I really don't see the need to use a service such as mycorporation.com or 123-corporation, etc.

You can get all the forms from the Secretary of State in
your state. I even got my forms printed online.

One service I looked at wanted to charge me about 250 dollars for what I could for for 95 myself. The
forms are extremely simple to fill out and all
you do is mail them in.

John

[mlo]

You can do both I am a L.L.C. taxed as a S Corp, ask your accountant

[bilchak]

Yes, this is true. I just got my emial back from the other accountant and that is beauty of the LLC.

You are protected from lawsuits, and you can file as
a C Corp, S Corp, Sole pro., parternship, etc.

It cost me 95 dollars to do this. I think it
really makes sense. It will give me peace of
mind.

John