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Trying to start a very small business (home repair ) out of my house.Which way should we go corp.or llc?
Chicago, IL
Viewed 33 times.
Posted 7 months ago in Business
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I am getting different advice from friends about corporation and limited liabilty.
Answers (2)Robert Kevin Savage
This attorney is licensed in Florida.
Posted 7 months ago.
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It may be that your best choice is an LLC because it is typically the most flexible and it is taxed as a partnership. It also has perhaps a smaller administrative burden than a corp. If liability is not an issue in the business you are starting, you could always just operate as a sole proprietorship. It depends on exactly what reason you are considering when thinking about organizing the company. I did a legal guide on this which you can find at the link I posted with this answer. Ultimately you may want to consult an IL attorney and since I am only licensed in FL you cannot rely on my answer for legal advice. Good luck!
Erik Glen Swanson
This attorney is licensed in Illinois.
Posted 7 months ago.
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You should really discuss the mater with an attorney and/or a CPA, who can review your business plan and your goals and give you a suggestion based upon your specific needs. There are tax, liability, and procedural pros and cons for all the various corporate structures.
Disclaimer: This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship. |