[Mrs. Amazd]

I'm going to incorporate. But which is better S-Corp or LLC? I have little by means of personal assets (no home). I don't want to be held personally reliable if business fails. Please share your opinions - advantages and disadvantages of the LLC and the S-Corp.

[akula]

Originally Posted by Mrs. Amazd

I'm going to incorporate. But which is better S-Corp or LLC? I have little by means of personal assets (no home). I don't want to be held personally reliable if business fails. Please share your opinions - advantages and disadvantages of the LLC and the S-Corp.

Please, I want to help you, but what you are asking is a basic Google query. There is no need for further ink to be spilt on this matter.

[toptemp]

google





*ten characters*

[GriZzly]

My knowledge of the American business structure is fairly limited (Seeing that I am British...but I really need to read up on this) But as I see it an LLC is a limited liability company....or what we call an LTD/PLC in the UK (Private Limited Company/ Public Limited Company). So when you start off the sentence...'I'm going to incorporate...' why would you then go on to mention LLCs? Ofcourse they would offer a similar liability assurance to a corporation...but if you really wanted the full benefit of incorporation an LLC wouldn't be on the table. Feel free to enlighten my otherwise defiled knowledge of the US

[Day2]

LLC is generally a more flexible/nimble structure than an S-corp. But I wouldn't trust the decision to a google search. Talk to a CPA and/or a biz lawyer.

A lot of cities have non-profit small biz centers with lots of good information on subjects like these.

[dre]

My knowledge of the American business structure is fairly limited (Seeing that I am British...but I really need to read up on this) But as I see it an LLC is a limited liability company....or what we call an LTD/PLC in the UK (Private Limited Company/ Public Limited Company). So when you start off the sentence...'I'm going to incorporate...' why would you then go on to mention LLCs? Ofcourse they would offer a similar liability assurance to a corporation...but if you really wanted the full benefit of incorporation an LLC wouldn't be on the table. Feel free to enlighten my otherwise defiled knowledge of the US

I think that a lot of people think LLC stands for Limited Liability Corporation rather than Limited Liability Company. I know that is what I used to think it meant.

[jhhardin]

Originally Posted by Mrs. Amazd

I'm going to incorporate. But which is better S-Corp or LLC? I have little by means of personal assets (no home). I don't want to be held personally reliable if business fails. Please share your opinions - advantages and disadvantages of the LLC and the S-Corp.

I have actually done quite a bit of research in this and you are making a wise decision. The type of corperation you chose should depend on the number of stock holders you have in the company. The S-Corp is limited to very few stock holders, so, if you are the only one, then go with the S-Corp. As with any Corporation, you will have to have yearly stock holders meeting and submit the minutes to the government. If you have more than 7 (I beleive that is the number) of stockholders, you are not eligable for a S-Corp and so the LLC is your only option. I would avoid partnerships all together.

I personally, when I incorperate, will be going with the S-Corp.

Remember that you don't have to incoperate in your own state. There are different bennifits for each state, so be sure to check out your options before you do it.