Incorporated??

Discussion in 'Starting a Lawn Care Business' started by richter24, Oct 16, 2007.

  1. richter24

    richter24 LawnSite Member
    from Indiana
    Posts: 27

    before I pay my lawyer, I wanted to get some input. My two choices are Sol and Inc. The only difference I have gathered from them is on a Sol P, your financials are combined. Where as an Inc, they are seperated? What else should I know about going Incorporated? I am leaning toward Inc.
    Any help would be great guys.
     
  2. John Gamba

    John Gamba LawnSite Fanatic
    from ct
    Posts: 10,812


    You should talk with a certified accountant before you make your move.
     
  3. richter24

    richter24 LawnSite Member
    from Indiana
    Posts: 27

    I'll do that. I seen that on another thread also.. I will definitely take that advice.

    Why do you say that out of curiosity?
     
  4. Team-Green L&L

    Team-Green L&L LawnSite Bronze Member
    Posts: 1,776

    You have been misinformed. Your choices are Sole Proprietorship, LLC, or S-Corp. If you want things simple keep it a sole proprietorship. This allows you to claim all your earnings with one filing. This helps if you have paid a lot into taxes through a 9-5 and your company was not very profitable, but you still have the write-off's so your return will be higher. Down-side is that if you own something and get sued for bad work you can lose your home, car, boat, etc.

    Now an LLC and an S-Corp are very similar. The differences are so little that it's best to describe them as an LLC being simpler (you have control over changes in structure, organization, etc.) whereas an S-Corp requires filing paperwork and other things when making changes, but you can go public (on the stock exchange) with this entity.

    Check out your Secretary of State's website for more info. http://www.in.gov/sos/business/
    IT IS ALWAYS ADVISABLE TO DISCUSS THIS MOVE WITH AN ATTORNEY BEFORE FILING ANY ENTITY!!!
     
  5. I would listen to your cpa or lawyer before anybody on here.
     
  6. richter24

    richter24 LawnSite Member
    from Indiana
    Posts: 27

    That is one good reason I am looking to go Incorporated is because, IF I were sued, I definitely do not want it to hit my family.
     
  7. privatelawn

    privatelawn LawnSite Senior Member
    Posts: 301

    What about C-corp
     
  8. John Gamba

    John Gamba LawnSite Fanatic
    from ct
    Posts: 10,812



    Because thats what they go to school for.
     
  9. Team-Green L&L

    Team-Green L&L LawnSite Bronze Member
    Posts: 1,776

    I never asked our attorney about a C-Corp because my first question when we filed our LLC was, "what are the viable options for our entity" and a C-Corp wasn't one of them. As far as I know a C-Corp is normally a public corporation, but then again, I don't know.
     
  10. privatelawn

    privatelawn LawnSite Senior Member
    Posts: 301

    My company is setup as a c-corp but im sure most lawncare businesses are llc or s-corp
     

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