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J Y's Discussions

Sole Proprietor vs LLC? What do you do?

Started this discussion. Last reply by Mark J Sciscenti Aug 3, 2009. 11 Replies

 

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Mark J Sciscenti replied to J Y's discussion Sole Proprietor vs LLC? What do you do?
"I will add that federal tax laws are that a SP and a single member LLC are treated the same (you and your LLC's taxes are the same). If you have more then one member Then do NOT file as an LLC but as a C corp (your filing is quite a bit more…"
Aug 3, 2009
John M Rossini replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"If you plan on having just one or a just few owners use an LLC. If you plan on many investors have a C corp. Do not go with SP. An LLC gives you same tax benefits with some added legal protection. Good luck. John.Rossini@TravelChocolate.com"
Jul 29, 2009
Zeke Mandel replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"There are 2 reasons why people generally register a Corp in Delaware - taxes and case law. Taxes in DE are reasonably cheap for coporations, thus a big advantage to those that generate high revenues and can off-set the additional costs of doing…"
Jul 8, 2009
Brad Churchill replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"Filing in states such as Delaware and Nevada are advantageous due primarily to low state taxes. There are also certain liberties a company based in Delaware or Nevada has, which are not available in other states. It is these liberties which are the…"
Apr 23, 2009
Christine Doerr replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"I'm starting as a sole proprietor and will change to an LLC when I get more assets and my liability goes up. Currently I have a 2 million dollar general liability insurance policy. Sounds like a lot but it's pretty standard. I do it this…"
Apr 10, 2009
Chocolate Lady replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"I am in Texas and when I started my business I designated myself as an LLC, mostly for liability reasons. In Texas one can apply online directly with the Secretary of State and have a reply in the same day, and the cost is nominal."
Apr 10, 2009
Andre Costa replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"I've heard about this as well. I understand some companies decide to do that because of filing and annual taxes cost, which are much lower in some states...and some states are simply more business friendly than others. I believe there are some…"
Apr 9, 2009
Mindy Fong replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"I just met with a lawyer becuase I'm switching from SP to LLC. Apparently, you don't necessarily have to file in the state in which your business is based. For some reason, lots of LLC's are files in Delaware. I would check out your…"
Apr 9, 2009
Andre Costa replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"Gordon. I believe you do not have to be incorporated to open a business bank account. All one needs to do is to go to the County Clerk (in Manhattan they are located on 60 Centre Street) and pay for a DBA (Doing Business As). They will give you a…"
Apr 3, 2009
Clay Gordon replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"The total cost for any corporation in NY (C, LLC, S) is dependent on the locality where you are filing. If you are in NYC, they can require that you post notice in The New York Times and The Wall Street Journal (they won't for a small corp but…"
Apr 1, 2009
Andre Costa replied to J Y's discussion Sole Propriator vs LLC? What do you do?
"I've not done a lot of research on this yet, but I believe it boils down to two main things: - cost - liability Cost To create an LLC you need to file some paperwork (yourself, through a lawyer, or through one of those websites that do the…"
Apr 1, 2009
J Y posted a discussion

Sole Propriator vs LLC? What do you do?

Hey all,I'm going to be starting up a fairly niche truffle-making business. I'm trying to determine if I want to do a SP or a LLC. So, could I ask what you guys are? I'm in NY (not the City :)What do you all think? Thanks in advance! :)See More
Apr 1, 2009
J Y is now a member of The Chocolate Life
Apr 1, 2009

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Most memorable chocolate experience:
melting gianduja to coat some dark
My favorite chocolate is:
gianduja

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