Business question

Hello everyone first I would like to thank all of you again for all the information here and also the help all of you provide to other members. Just wanted to ask you all your opinion on a business matter. I will be either becoming a llc or inc I would like your opinions no I don't have employees I have one guy that helps me every once in a while its mainly only me working. I realize that everyone can an should use which fits them best I would just like your opinions I'm leaning heavily towards llc. Again thank all you guys for everything you've posted this is like a encyclopedia for anyone interested in this area of work .

Yeah mainly concerned with tax advantages & liability issues

Originally Posted by Mick

Since it's just you, I'd really consider staying as Sole Proprietor. For liability, any good lawyer could "pierce the veil" of the LLC and hold you responsible. You'd still get all the tax advantages.

+1 If the LLC is just you and the LLC has minimal insurance, the lawyer will come after you. If the money isn't kept strictly separate, or if you have to personally sign anything, or do anything that isn't totally and strictly to the letter of the law concerning LLCs, they will come after you anyway. You have to pay fees, you have to keep all sorts of paperwork.

Biggest problem of all....if you do not pay llc taxes (on a K1 just like a partnership) my understanding is you have to file a schedule C anyway. Either way, the tax man cometh.

If you do have other investors or others with a financial stake, then the LLC is worthwhile

You can expand with a LLC. Sole prop limits you... I was sole prop for years, I am now a LLC. I had a s corp 5 years ago, I wouldn't recommend that.