BigWheeler
Seasoned Expediter
As a contractor for an owner what would be best for me, a S corp or LLC? What are the benefits vs. risk and cost? How is your corp. working for you?
S corp vs. LLC.
- Thread starter BigWheeler
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greg334
Veteran Expediter
Although it is a good idea to ask about others, every situation is different and every situation needs sound legal advice from someone who can give it about that situation. Regardless what others say, having a corporation or LLC does not protect you and your assets like people want to you to think, you are still liable for actions you take and you can lose.
I suggestion two things when starting out, a lawyer who gets to know your business and you, and an accountant (or EA) who can help you with taxes and so on. Yes it cost money, this is a business with sometimes millions of dollars at risk and should always be treated as a business.
I suggestion two things when starting out, a lawyer who gets to know your business and you, and an accountant (or EA) who can help you with taxes and so on. Yes it cost money, this is a business with sometimes millions of dollars at risk and should always be treated as a business.
BigWheeler
Seasoned Expediter
Thank you for advice, I am meeting w/ lawyer tomorrow, and have CPA already. I want to make the best decision and want to know how are people in the buisness are doing it? And why they chose either a S corp or LLC and what are the benefits for why they chose S or LLC?
Good advice . Anyone with a business should consult an EA or CPA . People need to know from the start how to take advantage of tax laws rather than run to H&R Block in April .
greg334
Veteran Expediter
Most of the time people choose them to protect their assets from lawsuits, which in this case doesn't always work.
Other reasons are for taxes. One person I know has several LLCs and S-corps and she shuffles the money around so not to pay taxes and that is a popular scheme with some of these lawyers who market this stuff. The IRS isn't stupid.
Other reasons are for taxes. One person I know has several LLCs and S-corps and she shuffles the money around so not to pay taxes and that is a popular scheme with some of these lawyers who market this stuff. The IRS isn't stupid.