View Single Post
Unread 05-20-2010, 12:07 AM   #5
bander7003
Full Fledged Farker

 
Join Date: 05-06-07
Location: Littleton, Colorado
Downloads: 0
Uploads: 0
Default

It's very dependent on your state of residence. Some states have franchise taxes that apply to LLCs that, in effect, make LLCs more expensive up front. However, LLCs (at least from a federal level, and for most states) are much more flexible. As a single member LLC, you may not need a separate tax return for the entity, which will save money over time. All income earned by an LLC is subject to employment taxes. This is generally true in most situations for S-corps as well; however, many accountants do not handle it properly. I find that accountants tend to over sell and over use S corps. For what it's worth (and it's really not much), I'm a corporate and tax attorney.
__________________
Bo

Klose 24x50 BYC
Backwoods Fatboy
Weber Kettle
Rock Chalk Jayhawk Blue Thermapen
Weber Gasser (out of gas)
bander7003 is offline   Reply With Quote