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Thread: LLC or Corp?
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10-02-2005, 11:30 AM #1WHT Addict
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LLC or Corp?
Hi,
I live in Delaware. One person LLC is allow and I believe one person Corp is allow also. My question is which is best suit me? I will be the solo owner/founder of this company. LLC would be a wise choice but I'm thinking about Corp. I would like to hear your advices and comments.
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10-02-2005, 03:10 PM #2Web Hosting Master
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A lot more information is required. For example, financials. You should consult a lawyer / accountant to find which formation best suits you.
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10-02-2005, 08:27 PM #3Newbie
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With Corp you pay taxes twice so unless there is a specific need, you probably don't want to do that.
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10-02-2005, 08:34 PM #4Web Hosting Master
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Originally posted by Ovid151
With Corp you pay taxes twice so unless there is a specific need, you probably don't want to do that.
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10-02-2005, 08:37 PM #5Web Hosting Master
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I hate to say this, but the best thing to do is run this by your attorney.. You can do lots of preliminary research online with a good Google search, but the real questions should be directed twoard someone who specializes in this!
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10-02-2005, 09:28 PM #6Retired Moderator
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Originally posted by Ovid151
With Corp you pay taxes twice so unless there is a specific need, you probably don't want to do that.
Consult with your accountant or attorney to get the answer to your question.
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10-03-2005, 12:09 AM #7Disabled
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Originally posted by Ovid151
With Corp you pay taxes twice so unless there is a specific need, you probably don't want to do that.
An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the S corporation's shareholders include their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of nonseparately stated income or loss.
If you are an S corporation use the information in the charts below to help you determine some of the forms that you may be required to file.
http://www.irs.gov/businesses/small/...D98263,00.html