hey guys...goin indy with lpl in jan..wondering whether i should form an LLC or an S corp....i have been advised that LLC is easier and i will avoid double taxation as well....what do most self branding indy's prefer...pros and cons....also do i need a business license as well...if u could walk me thru it i would apppreciate it
I did an S-Corp., which didn't seem very complicated and avoids double taxation, non-personal liability, etc. However, if you have a trusted tax/legal advisor telling you to use an LLC, you should follow their advice.
i have not talked to a cpa/lawyer..my info is from online research....could u tell me whats the difference between the two....or how choosing either is gonna be materially different to our kind of biz....
To be honest, corporate structure types is not my strong suit, but I understand LLCs allow for more complication ownership, such as allowing corporations to be shareholders. Since I have no need for complicated ownership structure, I did the S-Corp. aince it seemed simpler and did everything I needed it to do. That being said, your attorney/CPA may have different advice. Without much of a doubt, they are more qualified to answer that question for you.