The pros/cons of forming a Limited Liability Company
I'd like to incorporate my business but I'm not sure what it should be ie. INC. LLC, S Corp. or what. I will be sole owner and operator of the company. For tax purposes and other advantages what is your advice.
Asked on 4/10/98, 2:29 pm
1 Answer from Attorneys
WILLIAM BRANDWEIN
WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.
ENTITY SELECTION
A LOT OF THE PROS AND CONS DEPENDS ON STATE LAW OF TAXATION AND THE OPERATING REQUIREMENTS OF EACH ENTITY. MOST STATES DO NOT ALLOW A ONE PERSON LLC BUT SOME DO. IF YOURS DOES AND THERE IS NO EXTRA TAX YOU MIGHT CONSIDER THIS TYPE OF ENTITY BECAUSE YOU CAN HAVE LIMITED LIABILITY AND STILL ELECT YO FILE AS A SOLE PROPRIETOR OR AS A CORPORATION. IF THAT DOES NOT WORK I WOULD CONSIDER THE S CORP.
Answered on 4/30/98, 12:06 pm
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