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Does anyone out there have a LLC ( Limited Liability Company) and if so are you having any problems with it. Or if someone would like to tell me reasons not to go with the LLC that to would be a big help. Thanks for your time.
 
I have an S Corporation, but the main reason I did not go with an LLC is that if a member of an LLC dies or goes backrupt the LLC disolves. This could put you in a weird tax or liability situation at some time. A Corporation can live on forever. You also can’t take an LLC public like you can a Corporation.
 
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Thanks for the info another question would be can you change what the buisness’ entitiy is or is it you pick it and thats the way it is forever.(meaning lets say start out as a sole and then want to change to a corp is it possible or no).Again thanks for your time.
 
Yes you can change your business structure around to suit your needs as things change. Changing from a sole prop. to a Corporation would require you to get a new EIN, file a Corporate resolution with your Corporation comission and all legal requirement of that process, and last but not least your tax and reporting situation would change with the IRS as well. Good luck!
 
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eastorangefeet,

One thing I would like to add to Pizzamagoo’s answer is talk to your accountant. Yes, we all know because we’ve been there but every situation is different, and if you REALLY want to know which way is the best for you, DEFINITELY sit down with your accountant and talk about it. That’s why you pay him. Get his advice and make him explain to you why it’s the best situation for you. Hope this helps. -J_r0kk
 
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yes thats going to happen but I dont trust just one man I want to know as much as I can before I go in to situations ( Just because he is an accuntant does not mean he knows what the hell hes talking about.)But thanks for the post.
 
I understand one hundred percent eastorangefeet. I would do the exact same thing, and I already figured you would be talking with your tax guy and a good business attorney as well. You can get tons of information just by going to a search engine like google and typing in something like business structure, or changing business structure. I wish you the best of luck!
 
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most LLC are contractors it fits thier needs better im a contractor now and i am a sole but ifi inc. i would have been LLC. now im going into pizza i openned a S corp. i also did it for tax reasons.
 
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PIZZAMAGOO:
I have an S Corporation, but the main reason I did not go with an LLC is that if a member of an LLC dies or goes backrupt the LLC disolves. This could put you in a weird tax or liability situation at some time. A Corporation can live on forever. You also can’t take an LLC public like you can a Corporation.
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Be careful on this one, LLC laws vary by state by state. Here in Missouri, the LLC organization papers can state what happens when a member of an LLC dies, such as the LLC can be continued on if the surviving members vote to continue it.
 
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PIZZAMAGOO:
I understand one hundred percent eastorangefeet. I would do the exact same thing, and I already figured you would be talking with your tax guy and a good business attorney as well. You can get tons of information just by going to a search engine like google and typing in something like business structure, or changing business structure. I wish you the best of luck!
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That can good background information to get a feel for the overview, but the quality varies - much of it is outdated, overly simplistic, not state-specific, and in a few cases, just plain wrong (e.g., “Nevada LLC is the best entity for everyone; it saves you taxes!”), so when it comes times to actually make the jurisdiction and entity type selections, you’re better off IMO going with an accountant and/or attorney. I’ve had numerous clients come to me after doing it themselves or online, only to find their choice was less that optimal, or that their entity was never set up correctly in the first place (especially troublesome when the dispute with the co-owner inevitably comes up later on). When clients do come to me first, I always recommend a consultation with an accountant as part of the process, if at all possible. Hope this helps.
 
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