Posted by Skywalker on February 17, 2001 at 11:06:15:
Amy-
I posted a question here sometime ago regarding LLC’s and was referred to this website: legalwiz.com.
It is a very informative site. There are several articles about LLC’s in the Articles section under the heading “Asset Protection”.
Hope this helps.
Regards,
Skywalker
LLC or Corp - Posted by Amy G
Posted by Amy G on February 17, 2001 at 10:51:47:
Dear Ed,
We are int he process of trying to choose between a LLC or a corporation. I understand the various benefits of having corporation status. Will you please tell me why I may want to consider an LLC? I have read everything I can get my hands on, consulted an attorney (who said the final decision should come from my CPA) and have an upcoming appointment with my CPA. The only shareholders or members would be my husband and I. We both have full time employment with our county and I sell real estate part time. We have 3 rental units with small mortgages.
Thank you in advance for your input.
Amy G
Re: LLC or Corp - Posted by Tim
Posted by Tim on February 22, 2001 at 16:16:10:
I have an LLC and my CPA told me it’s better to be an LLC than a CORP. If I can remember correctly, he told me if I have a CORP., then the only way to get money out of that CORP. would be a salary. Which means you have to cut yourself a check which then means you have to take taxes out again. The bottom line … you’re taking more taxes out as a CORP than as an LLC. The LLC gives you just as much protection as a CORP. Plus, every year when you do your taxes, it will take your CPA longer (which means more fees) to do them because there’s more paperwork to file.
I hope this helps. Good luck.