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Am becoming LLC.

Grits

LawnSite Silver Member
Location
Florida
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.
 

gravtyklz

LawnSite Member
Location
Lynchburg, VA
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.
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.
 

WJW Lawn

LawnSite Bronze Member
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.
 

TSG

LawnSite Senior Member
Location
N. Woodstock, NH
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
 

NELawnCare

LawnSite Member
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.
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.
 

NELawnCare

LawnSite Member
 
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