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LLC vs. S-corp

I am in the process of establishing my own business as an independent contractor working mostly in clients homes, local parks and gyms.

I am wondering for those of you who have already established your business, do you think it is better to set up as an LLC or S-corp? I was also told to think about becoming an LLC but filing taxes as an S-corp....what do you all think? Does it make much difference?

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DBA is just as good...
by: Anonymous

you want to be an LLC if you have assets to protect (like a house & cars). I don't own anything, so I am a "DBA" or "Doing Business As".
So, my company is Consistent Fitness & I have a business account, which you cannot do until you file a DBA with your town hall. It costs much less than doing an LLC or Corporation & far simpler.

If you decide to move forward with an LLC, go through legalzoom.com. It is affordable & they actually have lawyers on staff. Otherwise, go to your town hall and fill out the form!

Good luck!!
Amanda
www.consistentfitness.com

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LLC
by: Anonymous

I would rec. LLC because it has changed the protect of your assets unlike the LLC used to be where people could still get your assests. It protects you just as a corp would. I have found form starting several businesses it's easier to just do an LLC and file as a corp either way you will still get all the tax perks.

Good luck
Micki

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It depends
by: Anonymous

No matter how small your business you need an accountant. He or she can advise you on the best way. It sometimes depends on the state you're in so a CPA would be able to recommend the best one for you in that state. S-Corp worked best for me in Ohio but may not be the best for another state. Good luck!

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S corporation or LLC?
by: LLCCenter.com

If you are an LLC taxed as a disregarded entity, all of your income will be treated as income from self employment. That means you will pay payroll taxes of 15.3% on ALL of your income up to the annual cap (though you do get an above-the-line deduction for half of those taxes, so it cuts your income taxes somewhat).

An S corporation can pay you some of the business earnings as salary and some as profit from the business. Depending on how much you make, this could save you several thousand dollars a year.


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