Coporation or LLC?

[BusinessAdviser]

Congrats! Did you happen to pass any of your courses? I went to school with plenty of folks that didn't know a darn thing more the day they graduated than they did the day they first started class.

Of course I did. So how does that relate to the quality of my post though?! Yeah, if you have a problem with me, that's fine. But how does your post relate to anything at all? It doesn't. Take a hike.

[RLorenzen]

Richard, I've been to law school and provide factual information that is in every way correct. As for yourself? 16? No lawschool? Information not correct in every way? Look, I'm trying to help clean up this forum. Get over yourself if you don't like someone correcting you when you're wrong.

Oh brother lol. You really think you're a gift from the academic gods. You're still wrong. You still stated that the type of corporation (C or S) does not determine the amount of investors, when it does. An S corporation is limited to 100 shareholders. If one type allows only 100 shareholders and the other allows more, wouldn't we be safe to conclude the type of corporation does in part determine the number of investors allowed? Your statement was incorrect. We both know it. But there's that stubbornness that I see in all lawyers. You'll stick with your statement until the bitter end. Stop trying to make yourself out to be a know-it-all. You know how to read a textbook, so do I and everybody else on this forum.

As far as cleaning up the forum, you can start with the absurd amounts of spam and then give yourself an attitude adjustment. No offense.

[RLorenzen]

Of course I did. So how does that relate to the quality of my post though?! Yeah, if you have a problem with me, that's fine. But how does your post relate to anything at all? It doesn't. Take a hike.

The way I interpret it, he's implying you could be an idiot. A college diploma isn't synonymous with intelligence. He's kind enough to not say it directly. I on the other hand, am not so kind.

[JLeezer]

The way I interpret it, he's implying you could be an idiot. A college diploma isn't synonymous with intelligence. He's kind enough to not say it directly. I on the other hand, am not so kind.

Thanks for explaining that to him. My effort level this morning is just too low to handle it myself Nicely done.

[BusinessAdviser]

The way I interpret it, he's implying you could be an idiot. A college diploma isn't synonymous with intelligence. He's kind enough to not say it directly. I on the other hand, am not so kind.

Richard,

How old are you?

Where does your legal knowledge come from?

Just curious.

[RLorenzen]

How old are you?

1. Irrelevant. I don't disclose personal information on the world wide web. Common sense, it all comes back to haunt you.

Where does your legal knowledge come from?

2. Law For Business -Ashcroft & Ashcroft, West Educational Publishing Company

I've also had some lesson material from MIT's Sloan School of Management and the Darden Graduate School of Business.

[BusinessAdviser]

So address what you meant when you said that a corporation results in double taxation while an LLC results in single taxation? Isn't quite bad advice for someone considering a corp versus an LLC, since an S corp results in single taxation too?

[RLorenzen]

So address what you meant when you said that a corporation results in double taxation while an LLC results in single taxation? Isn't quite bad advice for someone considering a corp versus an LLC, since an S corp results in single taxation too?

First, an LLC isn't always taxed once. As I said, an LLC may elect corporate tax status. Now, the OP did not specify whether he was considering an S or C corporation. In my experience, most people are referring to a C corporation. In fact, many people do not even know an S corporation exists.

Assuming he was referring to a C corporation, I gave him the appropriate advice. Now I know I should have specified exactly which corporation I was referring to because if I don't, the unofficial law officers of YE are going to throw a fit.

If I wanted to give the OP a textbook explanation of a C corporation, S corporation and LLC, I could have. But, I chose not to because he should be seeking that sort of in depth advice from an attorney and not an online forum. I think we can both agree on that. The point of my post was to merely familiarize him with some of the distinctions.

[BusinessAdviser]

Wow. Good luck.

[gregdavidson]

Hey guys! Calm down! I just had a simple question here. Which business structure is the best one if I want if I want liability protection, simplicity, and to be the sole owner of the business?

[RLorenzen]

Ignore Jonathen, he seems to have a problem. A problem much deeper than this thread. With previous disclosure that I'm not an attorney, I advise you form an LLC. I own three. One of them, I am the sole member of. You have limited liability, the advantage of pass through income and you don't have the hassles of a corporation. I'm also on the board of corporations so I've experienced both structures and an LLC is favorable for a small business,IMO. I gave legal advice, sue me.

[JLeezer]

I gave legal advice, sue me.

LOL! Awesome.

[gregdavidson]

Ignore Jonathen, he seems to have a problem. A problem much deeper than this thread. With previous disclosure that I'm not an attorney, I advise you form an LLC. I own three. One of them, I am the sole member of. You have limited liability, the advantage of pass through income and you don't have the hassles of a corporation. I'm also on the board of corporations so I've experienced both structures and an LLC is favorable for a small business,IMO. I gave legal advice, sue me.

Thanks! What's the best source for learning about running an LLC? I need information that's in "layman's terms" that anyone can understand. Not some mumbo jumbo that was written by somebody who thinks everybody in this world has an IQ of over 140.

[RLorenzen]

Thanks! What's the best source for learning about running an LLC? I need information that's in "layman's terms" that anyone can understand. Not some mumbo jumbo that was written by somebody who thinks everybody in this world has an IQ of over 140.

I definitely recommend reading this book: Nolo's Quick LLC, Anthony Mancuso, Book - Barnes & Noble It's very clear cut and not much legal jargon (for any legal jargon they do use, they provide a definition). It's the best resource I have found about how an LLC works.

[RLorenzen]

Also, if you want some free online information before buying the book, check out Nolo: Law Books, Legal Forms and Legal Software. Great online legal resource and the information is free. Here's the LLC page: http://www.nolo.com/resource.cfm/cat...9/111/182/245/