LLC or CORP?

[Slcareco]

LLC or CORP and please explain to me the pros and cons thanks!!

[Slcareco]

anyone?? Whats best choice for a landscape build, install, maintain business?? thanks

[twanked~ls]

i would assume llc. thats what most people i see on here registered as

[Jerry Lee]

i think it really depends on what ways u want to pay your taxes. because each one offers a different route on how your insured and what your paying taxes on. if i remember correctly.

[NEW CITY LAWN CARE LLC]

I'm in no way giving legal advice, only my opinion here, If I'm not mistaken you can be a single member LLC and spend the proceeds from the business without claiming that money as personal income since you already paid your taxes for your business. In a corporation, you would be required to pay business taxes, and then you would have to put yourself on the corporation payroll and pay yourself, and then claim that money as income, and claim income taxes, as well as business taxes. This is what I've heard and is no way 100% factual, I would do your own due diligence and seek the opinion of an attorney.

Hope that helps?

[Slcareco]

Thanks guys!

[yeayea14]

I'm in no way giving legal advice, only my opinion here, If I'm not mistaken you can be a single member LLC and spend the proceeds from the business without claiming that money as personal income since you already paid your taxes for your business. In a corporation, you would be required to pay business taxes, and then you would have to put yourself on the corporation payroll and pay yourself, and then claim that money as income, and claim income taxes, as well as business taxes. This is what I've heard and is no way 100% factual, I would do your own due diligence and seek the opinion of an attorney.

Hope that helps?

The part about an LLC is not true You still have to pay taxes on what you withdrawal for yourself which means if you take money from the business and use it for something personal that is not for the business then you have to pay taxes on that money

[NEW CITY LAWN CARE LLC]

The part about an LLC is not true You still have to pay taxes on what you withdrawal for yourself which means if you take money from the business and use it for something personal that is not for the business then you have to pay taxes on that money

Yeah, that is partially true, unless you file business & home taxes together, than it would all just be combined together.

[yeayea14]

Yeah, that is partially true, unless you file business & home taxes together, than it would all just be combined together.

No its actually not true at all you are taxed on what you withdrawal from the company as a salary and that means if you take two hundred out to pay your car payment that has nothing to do with the business than you have to pay taxes on that two hundred.

[Slcareco]

No its actually not true at all you are taxed on what you withdrawal from the company as a salary and that means if you take two hundred out to pay your car payment that has nothing to do with the business than you have to pay taxes on that two hundred.

Thats insane!! And you can blame george washington for all this bulshit.... and what must you do to pay the tax on the withdraw? that another tax form? So basically you get taxed on your net income then taxed again to take it out and put in a savings account?

[NEW CITY LAWN CARE LLC]

Maybe I'm mistaken, but I remember talking with my tax lady last year about changing my structure to an LLC because according to what I remember her saying I can spend the proceeds of the business under a Single Member LLC and not have to pay seperate Income taxes, because I already Paid business taxes on those funds.

I'm going to call her next week and confirm my assumptions.

[Slcareco]

Maybe I'm mistaken, but I remember talking with my tax lady last year about changing my structure to an LLC because according to what I remember her saying I can spend the proceeds of the business under a Single Member LLC and not have to pay seperate Income taxes, because I already Paid business taxes on those funds.

I'm going to call her next week and confirm my assumptions.

Come back with the confirmation thanks! Ask her if you can the diff/benefits of either an llc or corp... thanks!

[NEW CITY LAWN CARE LLC]

Come back with the confirmation thanks! Ask her if you can the diff/benefits of either an llc or corp... thanks!

Well I know in a Corp. you have to put yourself on the Payroll as a paying position, for example President or CEO, but an LLC you can be a member taking draws or spending business proceeds, but I will ask the tax lady to make certain. I don't think this works in a partnership LLC, but would work in a single member LLC, you would be taxed the same way as a Sole Prop..

[yeayea14]

Thats insane!! And you can blame george washington for all this bulshit.... and what must you do to pay the tax on the withdraw? that another tax form? So basically you get taxed on your net income then taxed again to take it out and put in a savings account?

Yes sir that is how it works i know it sucks beleive me i know my company is an llc