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Thread: For those who are LLC

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  1. Default  
    #11
    Join Date
    Nov 2005
    Location
    Portland, OR
    Posts
    270
    Gregsalyers -- Each state has slightly different requirements and slightly different protections for various types of entities, so while I can't give you a definitive answer to that question, you attorney should be able to.

    In general, LLCs tend to offer the same protections as a corporation with much less hassle and paperwork required. They also don't have to make their earnings and other records public, while corporations generally do.

    When advising clients, I generally start with an LLC if there are a small number of owners who are active in the company and a corporation if there are to be stock holders and/or "silent" partners. This, however, is only a starting point. There are other considerations that are too numerous to go into here.

    As far as taxes go, you can choose to have an LLC taxed in the same manner as an S corp, so there is no difference there.

    So, ask your attorney why he recommends an S corp. Ask why it would be better for you than an LLC. Ask him about the requirements and benefits of each. They should be able to give you simple, understandable answers.

    I know that is not a clear, straightforward answer but, as I said, I can't really address your specific situation over the Internet. I hope you find the information at least somewhat helpful.

    Dave
    Lords of Chaos, LLC
    House of Chaos Haunted Attraction
     

  2. Default  
    #12
    Join Date
    Aug 2003
    Location
    Ravens Grin Inn, 411 carroll st.mount carroll ill.
    Posts
    12,813
    Someone told me that a judge can ignore an LLC , laugh at it, throw it aside if he wants to , offering then no protection of anything?
    I know, states do differently .
    Judges too?
     

  3. Default  
    #13
    Join Date
    Nov 2005
    Location
    Portland, OR
    Posts
    270
    I have seen judges allow plaintiffs to penetrate entities like LLCs, PLCs, Incs, etc. They cannot, however, just do this on a whim. There are very strict rules for when the entity will no longer provide protection, fraud being foremost among them. See the other LLC thread in this forum for more info.

    Dave
    Lords of Chaos, LLC
    House of Chaos Haunted Attraction
     

  4. Default  
    #14
    Join Date
    Aug 2003
    Location
    Las Vegas
    Posts
    896
    I would check with your accountant. When first starting out a sole propriatorship may best suit your needs. If you are worried about protection you will be required to take out insurance no matter where your event is held. Up the limit if necessary.

    Small things like the company pays taxes on the income, then if you get paid (a BIG if for some!!!) You get taxed again personally, So unless you have partners or investors you are paying tax on tax.

    Everyone's situation is different so check first!
    R&J Productions
    Las Vegas, NV
    www.LasVegasHaunts.com
     

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