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c-corp s-corp LLc,which is best and why??

Discussion in 'Business Operations' started by Josephcjr, Dec 14, 2006.

  1. Josephcjr

    Josephcjr LawnSite Member
    Messages: 2

    Ijust registered as incoroporate, Just wondering how many of you did this ,what was your reason, and in your opinion, which was the best one and why , taxes?? credit?? personal protection of assets?/
     
  2. T.E.

    T.E. LawnSite Senior Member
    Messages: 799

    Which one is the best? I think it depends on each company as to which is best. What is best for me, may not be best for you. The one you should go with is the one your accountant suggests. Later, Tony
     
  3. Josephcjr

    Josephcjr LawnSite Member
    Messages: 2

    If I could afford an accountant, I wouldnt be asking! ha-ha $$$
     
  4. Matt k

    Matt k LawnSite Member
    Messages: 60

    The main reason is personal asset protection and then which type of structure offers the best tax benefits for your company. LLC is not a corporation. C corps are mostly for companies that want to go public in the future, they would be a bad choice for tax purposes. S Corp offers protection and taxes your distributions or dividends different then your paycheck. LLC gives you the protection of a S-Corp, but taxes you as a Sole proprietor.

    Your best bet is to talk to your attorney and get advice from him, because everybody is different and what would work for me, might not work for you.

    By the way, I own an S-Corp.
     
  5. RHayden

    RHayden LawnSite Member
    Messages: 123

    We went S-Corp for distribution and exit strategy options. As mentioned, talk it over with your accountant and attorney.
     

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