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LLC or INC?

Discussion in 'Business Operations' started by IN2MOWN, Apr 23, 2007.

  1. IN2MOWN

    IN2MOWN LawnSite Platinum Member
    Messages: 4,993

    Right now Im a sole proprietor. My family and I have to switch insurance companies and I can get a better rate through a group plan if I INC or become a LLC.

    I have no employees. I gross just under 100K.

    Which one would be better for me?
     
  2. sprayboy

    sprayboy LawnSite Senior Member
    from Indiana
    Messages: 936

    Talk with your accountant. I incorpoated last year, went S-corp. I was sole prop, no employees. The mistake I made was having a lawyer do the paperwork, not my accountant, big mess. I was switching accountants at the time to and that caused some of the problems.
     
  3. Grits

    Grits LawnSite Silver Member
    from Florida
    Messages: 2,994

    Check with your accountant to see what would be best for YOUR company. I just switched from Sole Prop. to LLC taxed as an S-Corp.
     
  4. lawnspecialties

    lawnspecialties LawnSite Silver Member
    Messages: 2,524

    LLC all the way.

    Both have no liability but LLC has far less formal recordkeeping and no annual meetings or stock "stuff".:)
     
  5. sprayboy

    sprayboy LawnSite Senior Member
    from Indiana
    Messages: 936

  6. Nathan Robinson

    Nathan Robinson LawnSite Senior Member
    from 47712
    Messages: 317

    It all depends what your ultimate plans are for your business. e-mail me if you want. Being an inc. requires you to pay more tax in a sense. Its a long story. e-mail me and I will send you my accountants email address. she will be able to help you.
     

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