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LLC or S/C Corp

Discussion in 'General Business' started by 3par, Dec 12, 2006.

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  1. #1
    I did my research some time ago. But situation changed.

    I need to set up a business. The business will incur loss for the first two or three years. So what is the prefered biz form, LLC or S/C corp?

    Any good web site talking about this?
     
    3par, Dec 12, 2006 IP
  2. soniqhost.com

    soniqhost.com Notable Member

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    #2
    Each one has their own benefits and drawbacks. I would go and talk to a lawyer and accountant and see which one fits your needs better. I would assume that they could give more detailed information regarding your state and local laws then what you would find here.
     
    soniqhost.com, Dec 12, 2006 IP
  3. BUSINESSTOOL

    BUSINESSTOOL Peon

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    #3
    that fact that you would incur losses in the first 2 years eliminates the C-corp option. I would say set up as an LLC first, then once you start making substantial profits,have your LLC elect to be taxed as an S-corp by filling out form 2553 this could help you save on self employment taxes.
     
    BUSINESSTOOL, Oct 15, 2010 IP