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Re: Choosing a Form for Your Business (Score: 1)
by amichalek (andrea@topular.com) on Wednesday, June 04, 2003 @ 08:13 PM EDT
(User Info | Send a Message) http://www.1800cto.com | As for me personally, I originally started out my business Topular(a technology management consulting firm) as a sole proprietor and then moved on to a LLC once it became more established. I also run a separate business with a partner and we chose to form an LLC as well.
For me, the primary driver in becoming an LLC was to get liability protection. Note, according to my lawyer, to get the liability protection, you need to be able to prove that the company is in fact a separate entity from you. The most important part in doing that is to keep all business transactions documented and in separate bank accounts. The practical part of my choice was that an LLC does not have the overhead and complexity of becoming a C or S corporation. Also, when investigating the tax consequences of the different structures, the LLC was the most advantageous for my situation as well.
That said - in the end - you should discuss your choice with both a lawyer as well as an accountant.
Andrea Michalek |
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