LLC and INC ....

Discussion in 'Business Operations' started by GraZZmaZter, Dec 21, 2002.

  1. Turfdude

    Turfdude LawnSite Bronze Member
    Posts: 1,900

  2. Darb

    Darb LawnSite Member
    Posts: 182

    LLC stands for Limited Liability Company, not Limited Liability Corporation.
     
  3. Mueller Landscape Inc

    Mueller Landscape Inc LawnSite Senior Member
    Posts: 489

    Contact an attorney and your accountant.
     
  4. beck

    beck LawnSite Senior Member
    Posts: 431

    What Darb said

    LLC= limited liability COMPANY
     
  5. nelbuts

    nelbuts LawnSite Bronze Member
    from SW, FL
    Posts: 1,053

    You must use what you are.
    A corporation is just that and you use Inc. a corporation is thought of as longer lasting.

    A LLC is what it implies a "Limited Liability Corporation" and generally does not last as long as a true corp.

    Bottom line if you believe you are going to be in business longer than five years incorporate. If not go to the LLC.

    They are not the same legally and using Inc. instead of LLC is a mis-representation.

    By the way you can generally incorporate by yourself for around $75-$100 dollars. Call your state office and they should send you all the forms you need.
     
  6. Darb

    Darb LawnSite Member
    Posts: 182

    Nelbuts,
    I don't know where you got your information, but much of what you were saying was way off. LLC has NOTHING to do with how long a company intends to stay in operation!!!! LLC is a rather new beast but it has been around long enough to be credible. I have notice more and more big companies listed as LLC.
     
  7. Tim Enix

    Tim Enix LawnSite Member
    Posts: 26

    If you incorperate as a C or S corperation you MUST use Inc, CO, Company or Incorperated after your name. If you form an LImited Liability Company you MUST use LLC after your name. I know in Ohio it doesn't cost anymore to form a Corperation than a Limited Liability Company.
     
  8. Tony Harrell

    Tony Harrell LawnSite Senior Member
    Posts: 739

    Well, it will certainly matter to the taxman. Good thing you asked the question.
     
  9. nelbuts

    nelbuts LawnSite Bronze Member
    from SW, FL
    Posts: 1,053

    Darby,
    interesting to not I have been both!! And I still say that if you are going to produce a product that may only be around for a few years (5-7) I would and HAVE gone with a LLC. However if you are going to be an on going business then INC. By the way I am not at liberty to say, however, I have manufactured products not related to lawn industry but still in use today all over the U.S. and that company is an LLC. My grounds maintenace business (not lawn care) is incorporated. I did both on advice of my attorney and my accountant. My attorney told me short term to go the LLC. By the way for me personally the S corp. has always worked out well. Oh and if you are interested then do a search asking the difference on the web search engine. Before you tell someone they are way off. :nono:

    P.S. by new beast I assume less than 10 years ago as I had an LLC at that time too.
     
  10. nelbuts

    nelbuts LawnSite Bronze Member
    from SW, FL
    Posts: 1,053

    One other thing Darby,
    The reason I said short term is simple. If you find that a particular product of service has legs and will last then you can change to an S Corp. You would do this to save taxes. The only thing that I see that an LLC has over sole proprietor is that it "limits" your liability other wise it is close to the same animal. While an S corp is completely different. By the way just what do you consider a "big" company? IBM, Compac, or Jim's pest control with 20 employees? Just a thought if you want to save taxes then go the S Corp. besides the nice little seal and the shares of stock make everyone feel good. One more thing, make sure you understand just what is written before you flame someone for instance---

    Bottom line if you believe you are going to be in business longer than five years incorporate. If not go to the LLC.

    Where did I say in the above text that it was a law. The word was "believe". Enough flaming!
     

Share This Page