S. Corp v. LLC

Discussion in 'Lawn Mowing' started by bilchak, Feb 19, 2001.

  1. bilchak

    bilchak LawnSite Member
    Posts: 89

    Guys...

    Talked to my attorney, he says go with LLC. Talked
    an accountant, he said go with S. Corp.

    Going to contact another accountant.

    I know a couple of you said go with the S. Corp
    on this forum. Personally, I was leaning
    toward the LLC.

    Any first hand experience would be appreciated. Which
    way should I go?

    I want to keep it simple, and keep taxes
    to a minimum.

    Thanks,
    John
     
  2. OBRYANMAINT

    OBRYANMAINT LawnSite Senior Member
    Posts: 555

    llc is prety simple maybe the first step in incorporating the s corp is maybe the next step not much difference but my opinion if your fulltime and may have some full or part time employees s corp will be best if your by your self and will always be that way llc may be the best ....get that second opinion and go off that

    doug
     
  3. KirbysLawn

    KirbysLawn Millenium Member
    Posts: 3,486

  4. rdh

    rdh LawnSite Senior Member
    Posts: 394

    is this something that you have to do? i dont understand.
    maybe i should read more about it.is it just to protect your business name ? do i need to do this?
     
  5. bilchak

    bilchak LawnSite Member
    Posts: 89

    rdh,

    It's optional, but I'm just getting into the biz and have some personal assets which I want to protect. Incorporating or forming a LLC is the best way to do that. Insurance will not always cover these things, not matter
    how much you have.

    I know I want to go one way or the the other.....I'm just concerned about the taxes.

    John
     
  6. bilchak

    bilchak LawnSite Member
    Posts: 89

    Forgot to mention. I really don't see the need to use a service such as mycorporation.com or 123-corporation, etc.

    You can get all the forms from the Secretary of State in
    your state. I even got my forms printed online.

    One service I looked at wanted to charge me about 250 dollars for what I could for for 95 myself. The
    forms are extremely simple to fill out and all
    you do is mail them in.

    John
     
  7. mlo

    mlo LawnSite Member
    Posts: 9

    You can do both I am a L.L.C. taxed as a S Corp, ask your accountant
     
  8. bilchak

    bilchak LawnSite Member
    Posts: 89

    Yes, this is true. I just got my emial back from the other accountant and that is beauty of the LLC.

    You are protected from lawsuits, and you can file as
    a C Corp, S Corp, Sole pro., parternship, etc.

    It cost me 95 dollars to do this. I think it
    really makes sense. It will give me peace of
    mind.

    John
     

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