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Michael Alan Ellis

Michael Ellis’s Answers

1 total

  • As a lender, would it be better to incorporate as an LLC or corporation?

    (SEC, Banking Law, Community Reinvestment Act) I'm starting a company that will lend money to individuals with low credit scores. As a lender, would it be better to incorporate as an LLC or corporation?

    Michael’s Answer

    I think an LLC. The LLC format is more flexible than a corporate form. Moreover, if there is a single member of the LLC, the entity is ignored for federal tax purposes, so you don't have to file a separate return. The income is reported on your 1040, Schedule E

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