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Old 03-15-2013, 04:53 PM
CleanCuts101 CleanCuts101 is offline
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Sole proprietor or Corp??

So im deciding on which would be better for me my company is usually just me only once in a while will I definetely need help for clean ups and bigger jobs I am getting general liability insurance but im not quite sure what would be the best route because I don't have employees majority of the time I know the topic has probably been beat but any help is appreciated!
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Old 03-15-2013, 05:00 PM
larryinalabama larryinalabama is offline
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Sole propreitor.
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Old 03-15-2013, 05:07 PM
ReddensLawnCare ReddensLawnCare is offline
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C corp. pay yourself instead of owners draw so you can have taxes come out when you pay yourself. Also, anything other than sole prop makes you and the business nearly two different entities protecting you and your assets( not company's) if someone were to sue for damages greater than your ins.
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Old 03-15-2013, 05:18 PM
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Patriot Services Patriot Services is online now
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It depends.
What you have.
What you make.
What you need to do.
A CPA can explain the benefits of each best, based on your answers to each of the above.
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Old 03-15-2013, 07:46 PM
kawakx125 kawakx125 is offline
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I went LLC, cost me 50 bucks to file articles online through my state and now my personal assets are covered
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Old 03-15-2013, 07:53 PM
CleanCuts101 CleanCuts101 is offline
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Thats the reason I haven't done a llc..in illinois the total for a llc is like 800 bucks
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Old 03-15-2013, 08:29 PM
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Kelly's Landscaping Kelly's Landscaping is offline
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Quote:
Originally Posted by ReddensLawnCare View Post
C corp. pay yourself instead of owners draw so you can have taxes come out when you pay yourself. Also, anything other than sole prop makes you and the business nearly two different entities protecting you and your assets( not company's) if someone were to sue for damages greater than your ins.
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This works just fine with an S corp the C corps have way to much regulations including double taxation.
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Old 03-15-2013, 08:34 PM
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JB1 JB1 is offline
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Depends on what personal assets you have to lose.
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Old 03-15-2013, 09:11 PM
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sildoc sildoc is offline
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Location: Eagle Point, Oregon
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Have been a Sole Prop for 12 years and my accountant this year said I needed to do a S corp. We are sitting down after tax time and looking at the pros and cons of this other than having to pay myself a wage as oppose to taking draws. Was looking at LLC a while back but didn't give me the tax breaks needed.
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Old 03-15-2013, 09:53 PM
herler herler is offline
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Quote:
Originally Posted by CleanCuts101 View Post
Thats the reason I haven't done a llc..in illinois the total for a llc is like 800 bucks
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Cheap it isn't but I hear it's more like $500 diy
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