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going to swithc over to LLC

1726 Views 9 Replies 10 Participants Last post by  hunter
At the end of the tax year and tbe beginning of next year I am going to switch over to LLC. Talked to my accoutant and lawyer yesterday and decided to do the switch. I have waited too long to do this.

I want to hear from those that have done this and whether or not they liked the security of the LLC?
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Here's a great link

My company is structured as an "S Corp" .... both gain the "pass thru" tax advantage .... but I have always kept in my head that I'm going to sell on day n as an S Corp that's easy as an LLC it is not

When I bought out my business partner last year it was very easy ... I bought his shares of stock ... filed some paper work with the Bank N State .... every year my filing few is $150 ... n I got set up for less than that

Either way you go ... it's a Must Do!
Best thing I did 2 years ago.
After my partner split this winter, I turned to an LLC. It protects my name in Michigan, it provides a layer of protection between you and the business, it gives your business an aire of legitimacy (especially when mortgage people are looking at your income), and the money passes through to you or the other members. My lawyer set it up for me for about $350, and did it quickly. If you are just doing sole propreitorship now, I'd definitely recommend it.

it is a good way to protect assets that are not part of the business
My accountant switched us to LLC a few years ago. I don't really understand all of the specifics between LLC Vs. INC But my accountant said that it is a very good idea to be set up this way.
Depending on the size of your business and profit most likely a S corp offer more benefits than an llc for about the same price, talk to your accountant about this or research more about S corp.
my attorney suggested that S-Corp was the best way to go. He said he would not recommend the LLC. Plus in Texas it's cost less to file as a S than and LLC.
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