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PLS-Tx
10-20-2010, 09:55 PM
What are your thoughts?

We have talked to two CPA's, we are looking for a new one ours left the area. Anyway, one of them said LLC and the other Inc.

mr.q
10-21-2010, 06:04 AM
Wasn't there just like 10 different answers to this question on this thread?

Fvstringpicker
10-25-2010, 06:54 PM
A LLC is not a tax paying or tax reporting entity. If you form a LLC or LLP from a sole proprietorship or a partnership, you will still file a schedule C or form 1065. If you form a 1120 corporation, it is a tax paying entity. (exception is 1120S) So if you're desire is to "tweak" taxes, report business income on a fiscal year, etc., you probably need to go with the corporate form. If you simply want to protect your personal assets from business losses, do the LLC.

PLS-Tx
10-25-2010, 10:57 PM
Wasn't there just like 10 different answers to this question on this thread?

Not sure what you are saying there???

mr.q
10-26-2010, 07:21 AM
My bad I was getting confused with the thread in the commercial mowing section, it was the same question.

WenzelOSLLC
10-26-2010, 09:43 AM
Simply put.....

LLC you still file your 1040 and all business income (or loss) is treated as your own by the IRS. Its very informal and as long as you aren't spending biz money for personal stuff, you're pretty protected from lawsuits.

Inc. you file a completely different tax form for the business. Also laws require you to have share holder meetings annually, which if you're by yourself or one other person you will be able to just fill out a piece of paper saying you had the meeting and nothing was discussed. You can save a little (or alot )money on taxes depending what your tax laws are in texas. Can get complicated but its the better choice if you plan on getting BIG BIG BIG. :drinkup: