LLC or Sole Proprietership?

BusterStacks · #1 09-26-2005, 07:39 PM

I need to form a small company. Any advice is appreciated. From the 2 minutes I spent looking into it, it looks like I can form an LLC for < $100. Is this the way to go? What about my being the sole owner? Let's hear it.

MrTrik · #2 09-26-2005, 07:41 PM

A Corporation sub S won't cost you much more and might give you what you want. Would need much more info to answer that though.

Ulysses · #3 09-26-2005, 07:43 PM

Cruise around this website, buy book or e-guide if you need more detail

judgesmails · #4 09-26-2005, 07:43 PM

LLC.

Better liability protection than sole prop and can be taxed similar to S corp (pass through).

BusterStacks · #5 09-26-2005, 07:52 PM

I would have no liability, but I do require pass-through taxation. Which is less of a hassle in terms of paperwork, Corporation Sub S or LLC?

judgesmails · #6 09-26-2005, 08:03 PM

I have had an LLC in WI and an "S" corp in NV and the paperwork required for taxes and the Secretary of State for the "S" corp in NV were much more extensive and time consuming than for the LLC in WI.

MrTrik · #7 09-26-2005, 08:05 PM

I have 3 S-Corps in MN. Very little paperwork. Taxes all handled through personal filings. Secretary of state is a simple web thing once a year with a small fee. Oh, and there is a simple worker's comp web filing, but you can close that out if you have no other employees and in some other circumstances.

#8 09-26-2005, 08:09 PM

Sub "S" is the way to go to avoid double taxation.

ddollevoet · #9 09-26-2005, 08:10 PM

What type of biz? It matters sometimes.

GuyOnTilt · #10 09-26-2005, 08:20 PM

Dude. Go have lunch with an attorney who knows about such things. Hire one.

GoT