LLC or incorporate?

Discussion in 'Business Operations' started by mowin4$, Dec 4, 2008.

  1. mowin4$

    mowin4$ LawnSite Member
    Posts: 160

    i see some companies as a LLC and some are inc.i used to have a s corporation but dissolved it after partner quit.for 8 years now i have been a dba.in 09 i want to hire someone either part time or full time.when i had the corporation,there was a lot more work involved with it.from what i understand,a LLC does not have the paperwork like the corporation has.also i hear that any profits/loss is put through to the owner,which is fine to me. so,what my question is,should i form a LLC or go back to a s corporation?my main concern is liability with having a employee,if there is a accident or injury to someone.i do carry general liability insurance.just don't want to get sued and loose everything i own.
     
  2. Big C

    Big C LawnSite Bronze Member
    Posts: 1,641

    You can form an LLC but have your company taxed as an S Corp.....that's what I did.
     
  3. mowin4$

    mowin4$ LawnSite Member
    Posts: 160

    what is the differance between the tax liability for the s corp and llc?also do you know the liabilty issues between them from a legal standpoint?do you have employees?
     
  4. Big C

    Big C LawnSite Bronze Member
    Posts: 1,641

    I don't have any employees...I am solo. Google an LLC to find out the advantages and disadvantages of it all from both a legal and taxation stand point...... it is too much info for me to explain...hope this helps:)
     
  5. mowin4$

    mowin4$ LawnSite Member
    Posts: 160

    thanks.i'll keep looking for answers.
     
  6. B & B Yardscape

    B & B Yardscape LawnSite Member
    Posts: 131

    LLC, S corp, Corp, Inc are all for tax purposes. There is SOME liability coverage, but that is why you carry insurance, teach employees how to do it safely, and have reliable equipment.

    As an example & hope it never happens to anyone.
    If your employee sends a rock through a car window causeing a crash and death. The insurance company or lawyer will come after him, you, the equipment maker, the owner of the property you were mowing, etc. They will get whatever they can from whoever they can. It doesn't matter if you are a Corp or a DBA.
     

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