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  • who has formed a llc

    wanted opinions on becoming a llc is this the best route in starting a business?

  • #2
    Re: who has formed a llc

    I think it depends on your states view on LLC's or other corporation types. Plus what you need to do & which is the most advantageous to your business.

    You can do your homework yourself probably or it may be wiser to pay an attorney for their advice & setting it up. Shouldn't be too complicated or expensive.

    After all, some of them pay us to replace their water heater.

    Good Luck.

    J.C.

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    • #3
      Re: who has formed a llc

      My accountant told me to go S-Corp as a small business owner. He said LLC is only good for certain partnerships. I don't know, but I trust his judgement.
      Water Heater Reviews & Water Heater Information

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      • #4
        Re: who has formed a llc

        All 3 of my companies are S-corps.


        You'd be surprised how many customers know what LLC means



        Limited Liability and that sticks with people in a bad way.
        Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

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        • #5
          Re: who has formed a llc

          My little business is also set up as an S-Corporation.

          J.C.

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          • #6
            Re: who has formed a llc

            is the tax system relatively the same with s-corp

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            • #7
              Re: who has formed a llc

              No.

              You would be much better served to talk to a licensed CPA or Tax Attorney. Just my opinion.

              J.C.

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              • #8
                Re: who has formed a llc

                The best advice is to discuss it with your accountant, but the bottom line is that unlike a Sub S Corporation, an LLC operates as a partnership with the liability protection of a corporation. Your profits and loses pass through at the end of the year to the LLC "members" in accordance to their individual percentage of ownership through the issuance of a K-1 but their is only a managing member no board of directors.

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                • #9
                  Re: who has formed a llc

                  A few things to consider with both...

                  If you have an S-corp you are required to do a few things that most people never do like have documented board meetings per the companies charter / by-laws.

                  If you have an LLC you will need a management document that lays out your structure and operations as an LLC.

                  Remember that you do not just get to pay $$$ and forget about your corporate structure all types require some type of upkeep.

                  If you do not due your upkeep it is very easy for a court to pierce your corporate veil in a liability situation...

                  Of course your states rules may vary but you better know for sure

                  Okie

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                  • #10
                    Re: who has formed a llc

                    Whichever you choose to form, I do NOT recommend using legalzoom.com! They took forever to process my paperwork, and afterwards I found out they I could have easily done it myself on the Secretary of State's website.

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                    • #11
                      Re: who has formed a llc

                      Originally posted by vette850 View Post
                      Whichever you choose to form, I do NOT recommend using legalzoom.com! They took forever to process my paperwork, and afterwards I found out they I could have easily done it myself on the Secretary of State's website.
                      I started doing a will on that site, but it is way too formulaic to work for things like that (e.g., you needed to name your heirs, so there was no way to write it such that you would not disinherit future children).

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                      • #12
                        Re: who has formed a llc

                        My company began as self employed, then went to s-corp, then when went to llc. The decision to go s-corp was made for two reasons; to add the liability shield and to take advantage of some tax savings. The llc happened when partners were added. Both changes were made at the accountant's reccomendation.
                        This is my reminder to myself that no good will ever come from discussing politics or religion with anyone, ever.

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                        • #13
                          Re: who has formed a llc

                          Neither...Sole Proprietor all the way.

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                          • #14
                            Re: who has formed a llc

                            Our LLC was formed by our lawyer. He promised me he wouldn't do plumbing and I promised him, I won't practice law.
                            Not trying to insult anyone, but this is a plumbers' forum and we should not be giving legal advice. More to the point, no one should be taking legal advice off the internet.

                            Besides, we are in many different states and circumstances and what is proper for me or you is probably not proper for others. Listen to your accountant and attorney. In spite of all the jokes they are the professionals. Besides, you can sue them if they are wrong!!

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