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Am becoming LLC.

Discussion in 'Starting a Lawn Care Business' started by Grits, Apr 18, 2007.

  1. Grits

    Grits LawnSite Silver Member
    from Florida
    Messages: 2,994

    I had a meeting with my accountant today. He is setting me up as an LLC, finally. Pretty excited about making the switch from Sole Prop. to LLC. Seems more like a real company, ya know. Just thought I would share.
     
  2. Raven386

    Raven386 LawnSite Silver Member
    from CT
    Messages: 2,160

    congrats! now you can get double for wearing that cape! Good luck this season.
     
  3. gravtyklz

    gravtyklz LawnSite Member
    Messages: 96

    Well even as an LLC you can be taxed as a Sole Prop. Is he going to get you set up as an S-Corp or something too? If he/she hasnt discussed that with you then it would be a good thing to discuss. Some people save a lot of $$ like that. Its also good additional liablitiy protection.
     
  4. SongBird LawnCare

    SongBird LawnCare LawnSite Member
    Messages: 41

    congradulations..

    that cape is fresh too...

    lol
     
  5. WJW Lawn

    WJW Lawn LawnSite Bronze Member
    Messages: 1,330

    He may get taxed as an Sole Prop- LLC...but its like Grits said...he'll feel more like a real company. LLC has good liability protection too as long as his lawyer sets it up well and he treats it as a complete seperate entity. Being an S-corp doesnt mean you're immune from lawsuit...nothing completely protects you from that.
     
  6. TSG

    TSG LawnSite Senior Member
    Messages: 444

    If your Acct doesn't elect S Corp,,,get a new Acct...The tax benifits
    are better as an S corp.
    Get your Attorney and Acct in the same room
    It isn't how much you make
    It is how much you keep
    Just .02
    Alan
     
  7. NELawnCare

    NELawnCare LawnSite Member
    Messages: 175

    One thing that LLC status does help with is commercial contracts. Even more so with state or federal government contracts. Government procurement agents are more likely to do business with small businesses that are LLCs.

    I am an LLC and in the state of WI an single-member LLC is the same as a sole-proprietor. So, from a tax advantage...that's good.
     
  8. martinfan06

    martinfan06 LawnSite Senior Member
    Messages: 631

    Great news Grits :weightlifter: :weightlifter:
     
  9. bohiaa

    bohiaa LawnSite Fanatic
    Messages: 5,220

    I want a cape like that............
     
  10. NELawnCare

    NELawnCare LawnSite Member
    Messages: 175

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