Register free!
Search
 
     

The Green Industry's Resource Center


Click for Weather
Reply
 
Thread Tools Display Modes
  #1  
Old 08-08-2003, 08:57 AM
tiedeman's Avatar
tiedeman tiedeman is offline
LawnSite Fanatic
 
Join Date: Jan 2003
Location: earth
Posts: 8,753
going to swithc over to LLC

At the end of the tax year and tbe beginning of next year I am going to switch over to LLC. Talked to my accoutant and lawyer yesterday and decided to do the switch. I have waited too long to do this.

I want to hear from those that have done this and whether or not they liked the security of the LLC?
Reply With Quote
  #2  
Old 08-08-2003, 05:09 PM
Fantasy Lawns's Avatar
Fantasy Lawns Fantasy Lawns is offline
LawnSite Bronze Member
 
Join Date: Jan 2001
Location: Space Coast
Posts: 1,915
Here's a great link
http://www.mycorporation.com/CorpForm.htm

My company is structured as an "S Corp" .... both gain the "pass thru" tax advantage .... but I have always kept in my head that I'm going to sell on day n as an S Corp that's easy as an LLC it is not

When I bought out my business partner last year it was very easy ... I bought his shares of stock ... filed some paper work with the Bank N State .... every year my filing few is $150 ... n I got set up for less than that

Either way you go ... it's a Must Do!
__________________
Steve

" Think I'll Come Back Here ....... From
Time to Time ...... Every Now n' Then

Fantasy Lawns. Com
Reply With Quote
  #3  
Old 08-08-2003, 08:21 PM
Team Gopher's Avatar
Team Gopher Team Gopher is offline
LawnSite Platinum Member
 
Join Date: Jul 2003
Location: -
Posts: 4,046
Hi Tiedeman,

Review these threads to learn more about the switch to L.L.C.

How many of you guys(and gals) are or were sole proprieters and changed to LLC ?

LLC or DBA?

Tax rate for LLC
Reply With Quote
  #4  
Old 08-09-2003, 06:49 AM
rodfather's Avatar
rodfather rodfather is offline
LawnSite Fanatic
 
Join Date: Aug 2001
Location: Clinton, NJ
Posts: 9,632
Best thing I did 2 years ago.
Reply With Quote
  #5  
Old 08-09-2003, 01:46 PM
mtdman's Avatar
mtdman mtdman is offline
LawnSite Gold Member
 
Join Date: Jul 2002
Location: A2, Michigan
Posts: 3,124
After my partner split this winter, I turned to an LLC. It protects my name in Michigan, it provides a layer of protection between you and the business, it gives your business an aire of legitimacy (especially when mortgage people are looking at your income), and the money passes through to you or the other members. My lawyer set it up for me for about $350, and did it quickly. If you are just doing sole propreitorship now, I'd definitely recommend it.

Reply With Quote
  #6  
Old 08-09-2003, 03:03 PM
DUSTYCEDAR's Avatar
DUSTYCEDAR DUSTYCEDAR is offline
LawnSite Fanatic
 
Join Date: Jul 2003
Location: PA
Posts: 5,173
it is a good way to protect assets that are not part of the business
Reply With Quote
  #7  
Old 08-09-2003, 03:22 PM
Gene $immons's Avatar
Gene $immons Gene $immons is offline
LawnSite Bronze Member
 
Join Date: Nov 2002
Location: Oklahoma City
Posts: 1,032
My accountant switched us to LLC a few years ago. I don't really understand all of the specifics between LLC Vs. INC But my accountant said that it is a very good idea to be set up this way.
Reply With Quote
  #8  
Old 08-11-2003, 12:46 AM
AztlanLC's Avatar
AztlanLC AztlanLC is offline
LawnSite Senior Member
 
Join Date: Jul 2001
Location: Highland, NY
Posts: 983
Depending on the size of your business and profit most likely a S corp offer more benefits than an llc for about the same price, talk to your accountant about this or research more about S corp.
Reply With Quote
  #9  
Old 08-13-2003, 10:18 PM
LawnJoe LawnJoe is offline
LawnSite Member
 
Join Date: Jun 2003
Location: Northeast
Posts: 18
If You live in PA you can do all of this here:www.paopen4business.state.pa.us/paofb/site/default.asp
Reply With Quote
  #10  
Old 08-18-2003, 02:42 PM
hunter's Avatar
hunter hunter is offline
LawnSite Senior Member
 
Join Date: May 2003
Location: Texas
Posts: 254
my attorney suggested that S-Corp was the best way to go. He said he would not recommend the LLC. Plus in Texas it's cost less to file as a S than and LLC.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.comô - Moose River Media
All times are GMT -4. The time now is 04:57 AM.

Page generated in 0.09568 seconds with 7 queries