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Old 01-10-2002, 02:50 PM
brentsawyer's Avatar
brentsawyer brentsawyer is offline
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Join Date: Nov 2001
Location: Lexington, KY 6
Posts: 663
Hey Andy. Not sure how far you have come in your quest as establishing yourself as LLC but here are a few of the things that I have learned in a short time.

1) obviously liability, your limited to business assets as long as corporate veil can't be pierced. To do this keep everything seperate as far as personal and business interests.

2) Tax. Same as sub s meaning that company profits fall directly to do w/out double taxation.

3) Opposed to being sole prop, more items are 100% deductible. I'm not a CPA, so check with him or her on these issues.

4) The sale of stock is much easier as opposed to sub s or other business forms. This is a good one if you plan to sell business someday down the road.

These are a few of the ones that I can remember off the top of my head and aside from everyone that I talked with at the SBDC office telling me to be LLC because of the benefits, I went that route.
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