Opinions on INC. or LLC
- Thread starter sgr1
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Greg Swartz
Senior Member
- Location
- Colorado Springs, Colorado
We're a LLC.
Almost went Type S Corp.
While the two have a lot of the same benefits, there are advantages to both sides.
What made me choose LLC was that a Type S needed to have board meeting at least once a quarter (I think... maybe monthly, maybe annually) and that the board had to have meeting minutes.
I didn't want the hassle of having a board, or needing to have meeting minutes. Some people skirt around this by having dinner and the "board" over and calling it their meeting.
I did not want the legalities of not conforming to that. Because I am sure that I was going to forget! (Bad english there)
Greg
Almost went Type S Corp.
While the two have a lot of the same benefits, there are advantages to both sides.
What made me choose LLC was that a Type S needed to have board meeting at least once a quarter (I think... maybe monthly, maybe annually) and that the board had to have meeting minutes.
I didn't want the hassle of having a board, or needing to have meeting minutes. Some people skirt around this by having dinner and the "board" over and calling it their meeting.
I did not want the legalities of not conforming to that. Because I am sure that I was going to forget! (Bad english there)
Greg
And a lawyer.
Good advice 480sparky!
acwservices
Senior Member
- Location
- Eastern NC
While it is definitely good advice to talk to both an accountant and an attorney, good luck on getting the two to actually agree. After just completing this very same process myself, I can tell you that you need to be fully aware of all of the issues concerning both before making a decision. Talk to the accountant and lawyer, do all your research, and make an informed business decision based on your situation. For me, it was the LLC route, but it may not be right for you.
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