hello I am wondering if anyone would have some advice on which is better LLc or S- corportation. I am present a s-corporation but was considering changing over because I have no share owner and was wondering would that be a good move. I was thinking then i could fine a 1099 at the end of the year.
If you are a single s-corp going to a single LLC - no real difference - you are mostly treated like a sole proprietor with some liability protection.
As stated, if you are looking for more benefit from your form of organization, speak with a CPA - he/she may be able to shead light on other avenues that may benefit you better then the two you are considering.
I would ask my CPA. Either way, the net profit is going to flow to your personal income taxes. The way balance sheets are maintained is different with an LLC than an S corporation, I know. Not sure if that matters to you.
If you are a single s-corp going to a single LLC - no real difference - you are mostly treated like a sole proprietor with some liability protection.
As stated, if you are looking for more benefit from your form of organization, speak with a CPA - he/she may be able to shead light on other avenues that may benefit you better then the two you are considering.
I would ask my CPA. Either way, the net profit is going to flow to your personal income taxes. The way balance sheets are maintained is different with an LLC than an S corporation, I know. Not sure if that matters to you.
phanio | Contributor | 3/23/2010 - 5:42 pm
chatton | Window Shopper | 3/23/2010 - 5:42 pm
phanio | Contributor | 4/8/2009 - 11:22 pm
chatton | Window Shopper | 4/7/2009 - 9:45 pm
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