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"S Corporation or LLC?" is a common question for new business
owners. I have several people call me each week asking this.
I always tell them the question is impossible to answer. And
here's why. An LLC is chameleon for income tax purposes.
Therefore, an LLC can be anything the owner or owners (who are
called members) want the LLC to be--including an S corporation.
An LLC
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Accountants and attorneys love limited liability companies. But do limited liability companiesâ€"LLCs for shortâ€"really make sense for small business owners. Probably. And for two almost unknown reasons.
The Big Legal Benefit of an LLC: Limited Liability…
The big legal benefit of an LLC is that limited liability companies provide all the same liability protection as a corporationâ€"but with much less red tape. A
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Author's Note:This article is the third in a series by Tax ExpertWayne Davies on the advantages of incorporating your smallbusiness or self-employment activity. Article #1:It Can Happen To You:Why Any Sole Proprietorship Is A Risky Businesshttp://www.YouSaveOnTaxes.com/happen-to-you.txtArticle #2:How To Avoid Double The Trouble:Why A Partnership Can Be Twice As Dangeroushttp://www.YouSaveOnTaxes.com/double-the-trouble.txtArticle #3:Three's Company: How To Move From Unlimited Liabilityto Limited Liabilityhttp://www.YouSaveOnTaxes.com hree-is-company.txt------------------------------------------------------------For the
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