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  • Topic: we have tried to find out

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    • May 6, 2013 10:13 AM CDT
    • we have tried to find out

      what if any are the CONS to Being an LLC. I just cant find any circumstance that make a LLC look un attractive? Does anyone have any insight that would answer this.

    • May 6, 2013 3:42 PM CDT
    • we have tried to find out

      I believe there are differences by state on these things.  I would get the business plan together and make an appointment with a tax attorney for advise on what would suit your situation best.

       

      Barb

      ____________________________________

      If you don't go after what you want, you'll never have it. If you don't ask, the answer is always no. If you don't step forward, you're always in the same place.

    • May 6, 2013 9:12 PM CDT
    • we have tried to find out

      I am an S Corp. I discussed with my accountant changing to an LLC and decided to stay the way I am. I have more personal protections as an S Corp than an LLC. For an operation as large as you are planning, I would go with an S Corp. Since you have no business assets, whether you are an LLC or an S Corp, you will still be a Responsible Person, meaning you are personally responsible for most of the bills if the Corp doesn't pay them. As an S Corp, there are some things I am not personally responsible for (like corporate business taxes). You need to know the difference before you form your corp. Go see an accountant. If you don't need to apply for a loan to get this business started, spend some money on an accountant to get you set up properly. It may cost you thousands if you are not properly set up to suit your needs. There are things like your own income, SSI, retirement, that are affected as well as having to personally guarantee business payments.

      ____________________________________

      "And can it be that in a world so full and busy, the loss of one small creature makes a void in any heart, so wide and deep that nothing but the width and depth of vast eternity can fill it up?"...
      Charles Dickens

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