going to swithc over to LLC

Discussion in 'Business Operations' started by tiedeman, Aug 8, 2003.

  1. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    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?
     
  2. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Posts: 1,913

    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!
     
  3. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

  4. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    Best thing I did 2 years ago.
     
  5. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    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.

    :D
     
  6. DUSTYCEDAR

    DUSTYCEDAR LawnSite Fanatic
    from PA
    Posts: 5,137

    it is a good way to protect assets that are not part of the business
     
  7. Gene $immons

    Gene $immons LawnSite Bronze Member
    Posts: 1,028

    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.
     
  8. AztlanLC

    AztlanLC LawnSite Bronze Member
    Posts: 1,035

    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.
     
  9. LawnJoe

    LawnJoe LawnSite Member
    Posts: 18

  10. hunter

    hunter LawnSite Senior Member
    from 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.
     

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