Answers (6)
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Perhaps you should speak with a lawyer or tax accountant. Those professionals will be the most knowledgeable to assist you in making a decision regarding your business structure.
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In some states, you may be able to get advice from the Chamber of Commerce and from agencies supporting small businesses. Here in North Carolina, we have to incorporate with the Secretary of State, and you may be able to find a person in those administrations who can at least put into normal English the differences between the two.
Personally for our business, we have chosen to be an S Corporation.
Personally for our business, we have chosen to be an S Corporation.
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I totally agree with Joanne on this. Make an appointment to speak with a CPA and/or business attorney. A lot depends on your specific circumstances, so, in my opinion, no one else can really answer this question for you other than one of those professionals in consultation with you. That is probably your best plan of action.
I personally use an LLC.
LaRue, CSCS
www.lecfitness.com
lecfitness@yahoo.com
I personally use an LLC.
LaRue, CSCS
www.lecfitness.com
lecfitness@yahoo.com
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If an LLC is an option for you, I would learn about it and keep it under consideration. Its not hard to determine the one that will benefit you most if you have a solid business plan already. If not, do that 1st. Then find a trustworthy accountant and knock heads with them. You'll be glad you did.
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Listen to Joanne, she is spot on and doing that will most likely save you some headaches in the future
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I read recently that S corp shows all your profits and loses on your social, making it easier to avoid being double taxed. The LLC Limited Liability seperates the buisiness from the individual, if someone sues you for more then what your insurance will cover, they can only touch the company's assets and your personal assets go untouched. If you havent already check out http://www.sba.gov/category/navigation-structure/counseling-training/onl..., it's pretty interesting for those trying to start their own buisness.
