LLC vs INC - Chicagoland Sportbikes
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post #1 of 5 (permalink) Old 08-09-2007, 10:04 PM Thread Starter
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LLC vs INC

What are some of the differences when starting up a business between making it an INC or LLC? Anyone with their own business, or experience in this field who can help me out with this stuff would be awesome. I'm new to it all, and want someones advice that I can trust and not some random tool I found on some google search.

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post #2 of 5 (permalink) Old 08-09-2007, 10:07 PM
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I was going to write a long post about some crap when I was in business classes, then I just found this on google so bleh.
http://www.bankrate.com/brm/news/biz...s/20000831.asp
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post #3 of 5 (permalink) Old 08-09-2007, 10:08 PM
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Oh and are you starting a zoo?
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post #4 of 5 (permalink) Old 08-09-2007, 10:35 PM
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Here is a link to another thread with some information about this:
https://www.chicagolandsportbikes.com...&highlight=llc

I just went through this process.. in fact just filed Articles of Incorporation last week. There are alot of factors to consider when trying to make the decision. My best advise to you would be to contact a business lawyer and a CPA, and also do alot of online research. There are also some good books out there on starting a business. Let me know if you want some recommendations. I know that when I was starting the whole process I was strongly leaning toward an LLC, but after consulting with the lawyer and CPA they adviced that an S corp would be the best solution... so that's what I did. Unfortunetly there is no quick simple answer as to which is best, it really depends on the type of business that you will be doing.

Both the S corp and an LLC provide personal liability protection. One of the biggest factors in deciding what is best is the tax and investment implications. One of the things that I learned from the CPA is that there can be tax advantages to an S corp that an LLC does not have, primarily that you can reduce your self employment taxes with an S corp. I realize this probably isn't the simple concise answer you were looking for, but unfortunetly there are so many laws and tax rules that there is no simple answer as to which is best.

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post #5 of 5 (permalink) Old 08-09-2007, 10:40 PM
 
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First, make sure that you need to incorporate. Generally, most will start out as a sole proprietorship or partnership, then when there are assets/revenue that need protecting, forming a corporation then will make some sense.

There are advantages and disadvantages to the different corporations. Most likely, you will find the most benefit in an S Corp.

Good Luck Gixx!
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