Incorporated vs llc

heavyhaulerss · Oct 13, 2010

Mr. PlumCrazy said: ↑

You both are correct to an instinct the court can find either the company or the driver or both liable. But you have to have your paper work in order because the slightest mix up and a lawyer will break through your corporate strong hold. Dont use personal accounts for business and like wise dont use business for personal. You bank account better match you blance sheets. or you can go into court and say you or you wife embesseled the money. No I am not a lawyer got a few in the family and did my reserch before I incorporated. But like someone said talk to a corporate lawyer and your cpa there is a lot of paperwork that goes along with it to make it liget.

Oh and another way to get by if you have family or a good friend you can trust you can put you house and cars in their name deposit you savings into an account in their name

By the way if you need a friend I'm here
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I'M available as a friend too.

Independent · Oct 13, 2010

spork.man said: ↑

Also, you have to consider the tax angle.

A "C" corp is taxed at the corporate level. You are then also taxed at the personal level when you draw your wages. This is the old double-taxation angle that many gripe about given that many people have gone the "C" corp route only to find they are paying hefty taxes for the limited liability benefit a "C" corp offers. The United States has pretty high income taxes for C-corps which can go up to about 40%.

With an LLC, you can pass the income through the entity and directly to yourself avoiding the double-taxation angle. An LLC is a better choice for a small business that doesn't plan on becoming a Fortune 500 sized company - however there are exceptions.
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You avoid double taxation by paying out all the profit of the corp to yourself each year. Or you can pay half to yourself and keep half in the corp to keep yourself in a lower tax bracket, can't do that with an LLC, at least I am not aware of it.

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