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Sole Prop. / Corp. / LLC

Discussion in 'Business Operations' started by packy, Mar 12, 2002.

  1. packy

    packy LawnSite Member
    Posts: 12

    How many LCO's operate under the different forms of business (Soleprop., corp or a limited liabilty corp. ect...) I'm assuming most of us operate as sole propetiors. as I do research I am finding that there are many advantages to being a LLC or corp. advantages being both in the the form of personal liability, taxes ect. the up front costs are higher but the end results are better. I have not had the chance to speak to a CPA or lawyer regarding this. Just wondering if anyone has any input Goog or Bad about this issue.
     
  2. williamslawn

    williamslawn LawnSite Member
    from SC
    Posts: 202

    On the advice of my new accountant I am in the process of forming a S-Cooperation. She has shown me several tax advantages of being incooperated. The cost is not too bad, $450. She showed me where I could have saved almost $5000.00 in taxes last year.
     
  3. packy

    packy LawnSite Member
    Posts: 12

    S corp. was another option. I'm not sure how many lco's are aware of the advantages in doing business this way. thanks for the reply.
     
  4. PAPS

    PAPS LawnSite Senior Member
    Posts: 404

    Would not have done it any other way..... too many advantages this way....
     
  5. BReese

    BReese LawnSite Member
    from 48420
    Posts: 3

    I set up as an LLC, but one of the primary reasons I did so was because it is easy to go from an LLC to an S corp. Seemed that most of the advantages that an Corp offered over the LLC had to do with wages and as I am the only employee currently, I elected to go with the easier record keeping of an LLC
     
  6. TOSLC

    TOSLC LawnSite Member
    Posts: 175

    I agree it's best to start out aas an LLC then move to a S Corp as you get bigger. A C Corp doesn't really have any advantages to us. The primary advantages to a LLC is price and liability. The primary advantage to a C Corp is the tax structure.
     

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