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  #1  
Old 11-26-2004, 04:47 PM
BestCutInTown BestCutInTown is offline
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LLC or Incorporated?

I am going legit in 05' and was wondering what most lawn care companies are. I know there are some differences between the 2, and am not sure which one to go with.. any input will be helpful..
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  #2  
Old 11-27-2004, 12:31 AM
CrewCutEnterprises CrewCutEnterprises is offline
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Been "legal for 4 years" was sole proprietor for 4 years.. U use for soc # for taxes.

With LLC . No stock to issue and you dont have to do quartarly reports. I just went to llc this year.

Incorporated has alot of pros.. but not enough more than the LLC. unless you want privately traded stock and have enough people to fill for "chairs" president ceo etc.
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Tk 1 99 F350 7.3 Diesel with Ez-dumper, 7.5 Western
TK 2 99 F250 V8 Gas
Tk 3 98 Explorer 4.0 liter 4x4
Tk 4 98 Explorer 4.0 liter 4x4
Tk 5 96 Ford F250 Xcab long bed
Tk 6 97 Ford F250 Single Cab, 4x4 With 7.5 ft Fisher
Tr 1 - 16 ft Mowing trailer
Tr 2 - 12 ft dump trailer
Tr 3 - 10 ft utility trailer
Tr 4 - 12 ft Mowing trailer
Tr 5 - 18 ft Skid loader trailer
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Jason Rohrbaugh
Crew Cut Enterprises LLC.

Annapolis, Maryland
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  #3  
Old 11-27-2004, 12:32 AM
CrewCutEnterprises CrewCutEnterprises is offline
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BUT

havent decieded of LLC or Inc. loooks better

ideas??
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Tk 1 99 F350 7.3 Diesel with Ez-dumper, 7.5 Western
TK 2 99 F250 V8 Gas
Tk 3 98 Explorer 4.0 liter 4x4
Tk 4 98 Explorer 4.0 liter 4x4
Tk 5 96 Ford F250 Xcab long bed
Tk 6 97 Ford F250 Single Cab, 4x4 With 7.5 ft Fisher
Tr 1 - 16 ft Mowing trailer
Tr 2 - 12 ft dump trailer
Tr 3 - 10 ft utility trailer
Tr 4 - 12 ft Mowing trailer
Tr 5 - 18 ft Skid loader trailer
1992 Case 1840 Skid loader

Jason Rohrbaugh
Crew Cut Enterprises LLC.

Annapolis, Maryland
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  #4  
Old 11-27-2004, 09:15 AM
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rodfather rodfather is offline
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The ONLY way to really know how to set up your business is to sit down for an hour and talk with an attorney. You may even want to get a second opinion from a CPA. A couple of years ago I was under the assumption that INC. was the way to go, when in fact for me, it was LLC.

And you do have quarterlie estimated tax payments to be made both State and Federal (in NJ at least).
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  #5  
Old 11-27-2004, 10:15 AM
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MMLawn MMLawn is offline
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Quote:
Originally Posted by rodfather
And you do have quarterlie estimated tax payments to be made both State and Federal (in NJ at least).
We are an LLC also and this really is the best of both worlds for a service type business. The Quarterly payments are still the same as a Sole Prop and are only Estimated Taxes on your personal income (and of course the employees/employer taxes Federal Form 941 & 940 and your State Employee Taxes on any employee(s) but you have to do that on employees no matter what type of business you are from a Sole Prop to any Corp. If you are a Solo, then that will not be an issue) and you do not have to file the detailed monthly reports to the IRS and State as you do with an INC. The sweetest thing about an LLC is that you have liability protection on your personal assets but do not get doubled taxed on your earnings as a Corp or INC does and actually file your Income Taxes the same as you would as a Sole Prop.
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Last edited by MMLawn; 11-27-2004 at 10:19 AM.
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  #6  
Old 11-27-2004, 11:01 AM
BestCutInTown BestCutInTown is offline
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All your information was very helpful and much appreciated. I have decided to sit with an attorney and decide what is really best for me. Thanks Again
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  #7  
Old 11-27-2004, 03:29 PM
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Fantasy Lawns Fantasy Lawns is offline
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http://llccal.com/html/hamleg_inc_vs_llc.html

An S corp has the same tax advantages of an LLC, C corp has "double tax'

The main advantage of an S corp is if one ever wishes to retire n sell the ownership can be passed on thru stock sale ....when I bought out my business partner it was very easy .... with an LLC it can not .... gotta start a new one

When I started years ago the LLC thing was very new so I went S corp .... I have no regrets but if today I would look at either form of business structure
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  #8  
Old 11-27-2004, 04:41 PM
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tiedeman tiedeman is offline
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just switched to an LLC this January. I can sleep better at night knowing that my bed and personal belongings will always be there when I wake up the next day
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  #9  
Old 11-27-2004, 04:42 PM
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tiedeman tiedeman is offline
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the entity is Tiedeman, LLC, and my trade name is Tiedeman Lawn & Landscaping.
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  #10  
Old 11-28-2004, 11:04 AM
CrewCutEnterprises CrewCutEnterprises is offline
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thanks tiedman

but no one has the Inc. or incorporated in there trade name? just to look more professional. i mean everyone has a name on a magnet on a pickup truck right
__________________
Tk 1 99 F350 7.3 Diesel with Ez-dumper, 7.5 Western
TK 2 99 F250 V8 Gas
Tk 3 98 Explorer 4.0 liter 4x4
Tk 4 98 Explorer 4.0 liter 4x4
Tk 5 96 Ford F250 Xcab long bed
Tk 6 97 Ford F250 Single Cab, 4x4 With 7.5 ft Fisher
Tr 1 - 16 ft Mowing trailer
Tr 2 - 12 ft dump trailer
Tr 3 - 10 ft utility trailer
Tr 4 - 12 ft Mowing trailer
Tr 5 - 18 ft Skid loader trailer
1992 Case 1840 Skid loader

Jason Rohrbaugh
Crew Cut Enterprises LLC.

Annapolis, Maryland
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