Results 1 to 7 of 7

Thread: LLC or Corp?

  1. #1

    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.

  2. #2
    Join Date
    Jan 2002
    Posts
    1,053
    A lot more information is required. For example, financials. You should consult a lawyer / accountant to find which formation best suits you.

  3. #3
    With Corp you pay taxes twice so unless there is a specific need, you probably don't want to do that.

  4. #4
    Join Date
    Jan 2002
    Posts
    1,053
    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.
    Not exactly true...

  5. #5
    Join Date
    Apr 2002
    Location
    Here?
    Posts
    2,560
    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!

  6. #6
    Join Date
    Nov 2002
    Location
    WebHostingTalk
    Posts
    8,901
    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.
    This kind of crap is the exact reason you should never take legal advice from a message board.

    Consult with your accountant or attorney to get the answer to your question.

    Sirius
    I support the Human Rights Campaign!
    Moving to the Tampa, Florida area? Check out life in the suburbs in Trinity, Florida.

  7. #7
    Join Date
    Aug 2004
    Location
    New York, NY
    Posts
    119
    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.
    Check on S-Corporation

    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

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •