Llc, & Inc.

Discussion in 'Business Operations' started by Frontier-Lawn, Oct 22, 2006.

  1. Frontier-Lawn

    Frontier-Lawn LawnSite Silver Member
    Messages: 2,955

    whats all the differences in both LLC, & INC. i have the paper work for llc but have no idea how to file for a inc or any info on it. I know with LLC no one and come after your personal property, but thats far as my knowledge on llc goes. Please help sort this out for me.
  2. abuckeye

    abuckeye LawnSite Member
    Messages: 93

    The best thing to do is to talk to a good business attorney. They will be able to explain the differences and make suggestions based on your situation. It may cost a little $ but will probably save you a lot in the long run.
  3. LB1234

    LB1234 LawnSite Gold Member
    Messages: 3,208

    Not only visit with a business attorney, visit with an accountant cause he/she might be able to tell you which may be a better business decision for you at present. Also, there are a bunch of great books out there that explain this stuff fairly well. I think "NOLO" is the publisher??? Can find them in any borders, barnes&noble, online store, etc. Worth the investment. I have about 5-6 of them.

    Also, I would caution the assumption that an LLC means they can't go after your personal assets (i.e. home). Can't and won't are two different things. They will go after your personal assets if they feel the business assets aren't enough.

    I was advised when setting up my llc to make sure everything in my business is strictly done for the business. Never mix personal cause that will be a loophole for the darn attorney's to go after your personal assets. Basically never sign just your name to a business document. Sign your name and place your position (i.e. owner) underneath the name. That way the client nows you are acting on behalf of the business and its interestes not your own personal interests.

    Sorry for the ramble just what I have been informed over the years.

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