View Full Version : Sole Prop. / Corp. / LLC
03-13-2002, 12:21 AM
How many LCO's operate under the different forms of business (Soleprop., corp or a limited liabilty corp. ect...) I'm assuming most of us operate as sole propetiors. as I do research I am finding that there are many advantages to being a LLC or corp. advantages being both in the the form of personal liability, taxes ect. the up front costs are higher but the end results are better. I have not had the chance to speak to a CPA or lawyer regarding this. Just wondering if anyone has any input Goog or Bad about this issue.
03-13-2002, 06:27 AM
On the advice of my new accountant I am in the process of forming a S-Cooperation. She has shown me several tax advantages of being incooperated. The cost is not too bad, $450. She showed me where I could have saved almost $5000.00 in taxes last year.
03-13-2002, 09:43 AM
S corp. was another option. I'm not sure how many lco's are aware of the advantages in doing business this way. thanks for the reply.
Would not have done it any other way..... too many advantages this way....
03-13-2002, 01:26 PM
I set up as an LLC, but one of the primary reasons I did so was because it is easy to go from an LLC to an S corp. Seemed that most of the advantages that an Corp offered over the LLC had to do with wages and as I am the only employee currently, I elected to go with the easier record keeping of an LLC
03-14-2002, 01:09 PM
I agree it's best to start out aas an LLC then move to a S Corp as you get bigger. A C Corp doesn't really have any advantages to us. The primary advantages to a LLC is price and liability. The primary advantage to a C Corp is the tax structure.
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