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  #11  
Old 04-07-2012, 03:36 PM
XYZLawnPros XYZLawnPros is offline
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Join Date: Sep 2009
Location: Tundraland
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One of these days you guys may look into setting up Trusts to
take the benefits form your companies. Look at all fairly decent
sized corporations and dig into their finances. You will get my
drift when you connect the dots.
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  #12  
Old 04-08-2012, 09:54 AM
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maelawncare maelawncare is offline
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Quote:
Originally Posted by CLARK LAWN View Post
You guys really need to look further into what an LLC is. Yes it does separate you from your business, however, you still can personally be sued if you cause damage to someones property or person. It will help protect you of an employee causes the damage but if you are solo they can and will go after you personally still.
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Ditto. Exact reason why I have never went to a LLC. Doesnt matter anymore, maybe in the 90s and before. But now you can and will be sued along with your company. Lawyers dont give a crap anymore. They will go after your grandma if you ever wrote her a check as well.
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  #13  
Old 04-08-2012, 12:54 PM
specialtylc specialtylc is offline
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LLC and INC. are basically the same, only real difference is an LLC doesnt need all the officers. But there are tax advantages to being a LLC. The corporation doesnt pay any taxes. As an LLC you can become just an employee, and only pay half as much SS taxes on your income. Basically you dont have to pay as much self employment tax. And if you think LLC dont have the same liability protections as a regular Incorporation. Take a look at the names of some of the large businesses out there. Such as Chrysler Motors LLC.
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  #14  
Old 04-08-2012, 10:10 PM
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wbw wbw is online now
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Location: houston tx
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Quote:
Originally Posted by specialtylc View Post
As an LLC you can become just an employee, and only pay half as much SS taxes on your income. Basically you dont have to pay as much self employment tax.
The only problem with this is that you also pay the other half.
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  #15  
Old 04-09-2012, 04:51 AM
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grandview (2006) grandview (2006) is online now
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Quote:
Originally Posted by wbw View Post
The only problem with this is that you also pay the other half.
about right. around 15% or so total.
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  #16  
Old 04-09-2012, 06:11 AM
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cgaengineer cgaengineer is offline
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Location: Winder, GA
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Quote:
Originally Posted by CLARK LAWN View Post
You guys really need to look further into what an LLC is. Yes it does separate you from your business, however, you still can personally be sued if you cause damage to someones property or person. It will help protect you of an employee causes the damage but if you are solo they can and will go after you personally still.
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This is true...it's limited liability not liability eliminated. LLC would protect your personal assets from bankruptcy but not lawsuits from accidents. If this was the case there would be no need to carry liability insurance.

I really hate when I see people say this about an LLC....it's not like there is a force field around you and your business!
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  #17  
Old 04-11-2012, 01:21 AM
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dc240nt dc240nt is offline
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Location: NW MN
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In a nut shell, if your business is in debt, you better be an LLC
As far as getting sued from anyone except your creditors, an LLC wont help you. Thats what good insurance is for.
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  #18  
Old 04-11-2012, 05:50 AM
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cgaengineer cgaengineer is offline
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Quote:
Originally Posted by dc240nt View Post
In a nut shell, if your business is in debt, you better be an LLC
As far as getting sued from anyone except your creditors, an LLC wont help you. Thats what good insurance is for.
And if you accrued the debt through personal guarantee all bets are off...
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  #19  
Old 04-12-2012, 11:56 PM
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DA Quality Lawn & YS DA Quality Lawn & YS is offline
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As a solo, an LLC gives you no tax advantages over a sole prop.
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  #20  
Old 04-13-2012, 11:15 AM
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dc240nt dc240nt is offline
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Quote:
Originally Posted by cgaengineer View Post
And if you accrued the debt through personal guarantee all bets are off...
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Agreed. Hopefully, if anyone is borrowing, its being done thru business assets. Keeping it all within the business is a little less stressful then having the fear of losing your house because it didn't rain all summer.

Incidentally, I took my Daughter to a bank yesterday and noticed a nice Hiniker Snow Plow sitting in their parking ramp. I'm going to check into it and see if its a repo. I like Hiniker Plows!
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