What's better to incorporate as? - GoFuckYourself.com

Gman.357 · 12-11-2002, 11:35 AM

LLC or Sub-chapter S corporation?

theone · 12-11-2002, 11:36 AM

s corp

AllisonWonderland · 12-11-2002, 11:40 AM

It depends on your individual situation. We consulted with both a lawyer and a CPA (pay someone - don't ask a friend-of-a-friend), and decided on an LLC.

Gman.357 · 12-11-2002, 11:47 AM

That's the problem. Lawyers will tell you S corp, and accountants usually say LLC.

Hmmm... Can you have multiple trade names under LLC? I don't think you can. What if you make 7 figures a year? Does LLC really provide the assets protection you need (or want)? Or doesn't it matter what your income is.

hybrid · 12-11-2002, 12:08 PM

www.nolo.com

all you need to know

UncleJimmy · 12-11-2002, 12:11 PM

C corp

Gman.357 · 12-11-2002, 12:13 PM

Quote:

Originally posted by hybrid
www.nolo.com

all you need to know

FreeNetPass Dave · 12-11-2002, 12:26 PM

S-corp and llc are essentially the same.

-They both give you the same personal liability protection, which is the main reason to do either.

-You pay personal taxes only on the income from both types (no corporate tax).

-The cost to setup an LLC is around $100 (in my state anyway) and the cost for an s-corp if you have your lawyer do it should be no more than around $500.

-The major difference is that an s-corp requires that you distribute shares (you can hold 100% of the shares). You are also required by law in most or all states to hold an annual board meeting (this is bs, you just have to document that you held the meeting even if it is with yourself).

Hope that helps, but in the end I would still visit your lawyer.

KRL · 12-11-2002, 12:36 PM

LLC's also don't have restrictions on the number of members and member units can be held by foreign entities.

Gman.357 · 12-11-2002, 12:49 PM

Quote:

Originally posted by FreeNetPass Dave
S-corp and llc are essentially the same.

-They both give you the same personal liability protection, which is the main reason to do either.

-You pay personal taxes only on the income from both types (no corporate tax).

-The cost to setup an LLC is around $100 (in my state anyway) and the cost for an s-corp if you have your lawyer do it should be no more than around $500.

-The major difference is that an s-corp requires that you distribute shares (you can hold 100% of the shares). You are also required by law in most or all states to hold an annual board meeting (this is bs, you just have to document that you held the meeting even if it is with yourself).

Hope that helps, but in the end I would still visit your lawyer.

Yep. This helps a lot. I just contacted my lawyer before reading this post, and he said what you just did almost verbatum. S corp does seem the more professional way to go, and as predicted, that's what he recommends. I'm not even gonna bother talking with my accountant. I know what he'll say already.

Kimmykim · 12-11-2002, 01:02 PM

I'd suggest setting up a Nevada corp thru one of the services that handles all the grunt work -- meetings minutes, business licenses, registered agent etc. Be smart and do it in Clark County, Vegas isn't the best place to do it right.

FreeNetPass Dave · 12-11-2002, 01:53 PM

unless you live in nevada you still have to pay the state taxes from whatever state you are operating in though.

12-11-2002, 11:35 AM	#1
Gman.357 Confirmed User Join Date: Oct 2002 Location: USA Posts: 2,796	What's better to incorporate as? LLC or Sub-chapter S corporation?

12-11-2002, 11:36 AM	#2
theone Confirmed User Join Date: Oct 2002 Location: socal Posts: 145	s corp __________________ Direct Navigation Keywords 174448136

12-11-2002, 12:11 PM	#6
UncleJimmy Confirmed User Join Date: Sep 2002 Location: ariZONA Posts: 855	C corp __________________ <a href="http://www.redpartners.com/?r=100278"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://britney-spears.blewme.com/wm.gif" width="120" height="60" border="0"></font></a><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> Promote the web's hottest adult personals website, <a href="http://www.redpartners.com/?r=100278" target="_blank">Red Personals</a>.</font>

12-11-2002, 12:26 PM	#8
FreeNetPass Dave Confirmed User Join Date: Jun 2001 Posts: 270	S-corp and llc are essentially the same. -They both give you the same personal liability protection, which is the main reason to do either. -You pay personal taxes only on the income from both types (no corporate tax). -The cost to setup an LLC is around $100 (in my state anyway) and the cost for an s-corp if you have your lawyer do it should be no more than around $500. -The major difference is that an s-corp requires that you distribute shares (you can hold 100% of the shares). You are also required by law in most or all states to hold an annual board meeting (this is bs, you just have to document that you held the meeting even if it is with yourself). Hope that helps, but in the end I would still visit your lawyer. __________________ ICQ: 102858186 FreeNetPass AVS : $15/FREE membership even if the surfer cancels! $17 recurring Premiums! Adult Insider : Webmaster resources, daily news, FREE stuff for posting. PornStarBucks : Jenna Jameson, Briana Banks, Jill Kelly, and now Tera Patrick!

12-11-2002, 12:36 PM	#9
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	LLC's also don't have restrictions on the number of members and member units can be held by foreign entities. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

12-11-2002, 11:40 AM	#3
AllisonWonderland Confirmed User Join Date: Mar 2002 Location: oHIo Posts: 248	It depends on your individual situation. We consulted with both a lawyer and a CPA (pay someone - don't ask a friend-of-a-friend), and decided on an LLC.

12-11-2002, 11:47 AM	#4
Gman.357 Confirmed User Join Date: Oct 2002 Location: USA Posts: 2,796	That's the problem. Lawyers will tell you S corp, and accountants usually say LLC. Hmmm... Can you have multiple trade names under LLC? I don't think you can. What if you make 7 figures a year? Does LLC really provide the assets protection you need (or want)? Or doesn't it matter what your income is.

12-11-2002, 12:08 PM	#5
hybrid So Fucking Banned Join Date: Jul 2002 Location: Backseat of a Ford Escort Hatchback Posts: 3,253	www.nolo.com all you need to know

12-11-2002, 01:02 PM	#11
Kimmykim bitchslapping zebras!!!!! Industry Role: Join Date: Jun 2001 Location: In a shack by the beach Posts: 16,015	I'd suggest setting up a Nevada corp thru one of the services that handles all the grunt work -- meetings minutes, business licenses, registered agent etc. Be smart and do it in Clark County, Vegas isn't the best place to do it right.

12-11-2002, 01:53 PM	#12
FreeNetPass Dave Confirmed User Join Date: Jun 2001 Posts: 270	unless you live in nevada you still have to pay the state taxes from whatever state you are operating in though. __________________ ICQ: 102858186 FreeNetPass AVS : $15/FREE membership even if the surfer cancels! $17 recurring Premiums! Adult Insider : Webmaster resources, daily news, FREE stuff for posting. PornStarBucks : Jenna Jameson, Briana Banks, Jill Kelly, and now Tera Patrick!