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  #1  
Old 03-12-2002, 11:21 PM
packy packy is offline
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Join Date: Feb 2002
Location: New York
Posts: 12
Sole Prop. / Corp. / LLC

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.
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  #2  
Old 03-13-2002, 05:27 AM
williamslawn williamslawn is offline
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Join Date: Mar 2001
Location: SC
Posts: 202
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.
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Old 03-13-2002, 08:43 AM
packy packy is offline
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Join Date: Feb 2002
Location: New York
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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.
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  #4  
Old 03-13-2002, 10:47 AM
PAPS PAPS is offline
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Join Date: Jan 2002
Location: Oakland, NJ
Posts: 404
S- Corp also...

Would not have done it any other way..... too many advantages this way....
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Oakland, NJ
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  #5  
Old 03-13-2002, 12:26 PM
BReese BReese is offline
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Join Date: Jan 2002
Location: 48420
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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
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  #6  
Old 03-14-2002, 12:09 PM
TOSLC TOSLC is offline
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Join Date: Oct 2000
Location: Southern Indiana
Posts: 176
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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