LLC or S corp?

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Oct 21, 2006 5:51 pm

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
thanks

Oct 21, 2006 5:58 pm

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.

Oct 21, 2006 6:00 pm

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…

Oct 21, 2006 6:06 pm

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.