Sole Proprietorship or LLC? - tanTALK

newbiemo · 12-19-2005, 03:43 PM

Okay everybody..... setting up a structure and want to get it right the first time. I don't think that incorporating (S or C) is the right thing for me. However, I am considering doing an LLC. Any thoughts or recommendations? I am in Oklahoma if that matters at all.

caribbean tan man · 12-19-2005, 04:33 PM

Go LLC and do it yourself no need to pay a lawyer! also do a search on the topic search function is located to the upeer left there is alot of info/debates on the subject......im LLC

sunbody1 · 12-20-2005, 07:50 AM

You definatley need some sort of structure. The llc is the easiest and can be done on your own on line. Sole Propritorship gives you no personal protectin and if sewed a person could go after your personal finances. The LLC, S or C would protect you.

Neon Beach · 12-20-2005, 07:57 AM

If you can dig up a copy of Today's Image September 2005, it has an article regarding this topic also. I was reading it this morning and forgot to bring it in with me this morning. D'oh!

Neon Beach · 12-22-2005, 01:22 PM

Typically, the costs and flexibility of the LLC business structure are helpful for smaller enterprises because:
-there are fewer req. and restrictions placed on business owners in how they pull money out of the business and how much they pull out as compensation.(Tax authorities don't place the "reasonable" salary standard on LLC business owner compensation).
-The LLC company does not pay entity level taxes on profits. (The owners pay taxes on their allocated share of profits and losses can offset the owners' other income to the extent of active participation).
-The LLC provides greater protection from creditors and general lawsuits if run properly, compared to a general partnership and other entities.
-The LLC is a great way to hold real estate because it allows for easier distribution of assets without having to consider diviends or other forms of compensation to the business owners (i.e. those who own a corp. have to conside salary levels, distribution methods, etc.)

~Today's Image 2005

12-19-2005, 03:43 PM	#1 (permalink)
newbiemo I'm Banned Join Date: Dec 12 2005 Location: OK Age: 55 Posts: 67 Rep Power: 0	Sole Proprietorship or LLC? Okay everybody..... setting up a structure and want to get it right the first time. I don't think that incorporating (S or C) is the right thing for me. However, I am considering doing an LLC. Any thoughts or recommendations? I am in Oklahoma if that matters at all.

12-19-2005, 04:33 PM	#2 (permalink)
caribbean tan man DERFTALK FBI AGENT Join Date: Jul 29 2003 Location: northeast Age: 48 Posts: 3,632 Rep Power: 46	Re: Sole Proprietorship or LLC? Go LLC and do it yourself no need to pay a lawyer! also do a search on the topic search function is located to the upeer left there is alot of info/debates on the subject......im LLC __________________ someone PM me when a good tanning topic is posted. :lol:

12-20-2005, 07:50 AM	#3 (permalink)
sunbody1 Join Date: Jan 17 2005 Location: NJ Posts: 55 Rep Power: 0	Re: Sole Proprietorship or LLC? You definatley need some sort of structure. The llc is the easiest and can be done on your own on line. Sole Propritorship gives you no personal protectin and if sewed a person could go after your personal finances. The LLC, S or C would protect you.

12-20-2005, 07:57 AM	#4 (permalink)
Neon Beach Join Date: Nov 30 2000 Location: Ontario Age: 61 Posts: 38,594 Rep Power: 107	Re: Sole Proprietorship or LLC? If you can dig up a copy of Today's Image September 2005, it has an article regarding this topic also. I was reading it this morning and forgot to bring it in with me this morning. D'oh! __________________ www.talktimmins.com -- http://www.drjawnswebworx.com/

12-22-2005, 01:22 PM	#5 (permalink)
Neon Beach Join Date: Nov 30 2000 Location: Ontario Age: 61 Posts: 38,594 Rep Power: 107	Re: Sole Proprietorship or LLC? Typically, the costs and flexibility of the LLC business structure are helpful for smaller enterprises because: -there are fewer req. and restrictions placed on business owners in how they pull money out of the business and how much they pull out as compensation.(Tax authorities don't place the "reasonable" salary standard on LLC business owner compensation). -The LLC company does not pay entity level taxes on profits. (The owners pay taxes on their allocated share of profits and losses can offset the owners' other income to the extent of active participation). -The LLC provides greater protection from creditors and general lawsuits if run properly, compared to a general partnership and other entities. -The LLC is a great way to hold real estate because it allows for easier distribution of assets without having to consider diviends or other forms of compensation to the business owners (i.e. those who own a corp. have to conside salary levels, distribution methods, etc.) ~Today's Image 2005 __________________ www.talktimmins.com -- http://www.drjawnswebworx.com/

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)