I am turning in my paperwork to become legal this week (as far as the IRS is concerned) and I am trying to decide if I want to be an LLC or an s-corp. What have you guys experienced as far as this goes. We had planned on going with an LLC, but my aunt said she has had nothing but trouble and fees with it and she doesn't think it would really protect them personally from getting sued anyway (she was a legal assistant for a long time).
Also, I made an appt with the health inspector for next thursday. Does anyone have any tips for me? I followed everything he told me to do. However, he never mentioned anything about pets. We do have a small mini-yorkie (5-ish pounds) but she will NEVER be allowed in my kitchen for any reason. Is that enough or will we have to look at other arrangements for her. TIA,
i was an s corp for the first couple of years....got tired of the paperwork, my accountant said she thought i'd be ok as a sole prop....so i did that...i know some find that risky, but it works for me.
LLC here.. I was thinking about incorporating, but I didn't want to deal with the hassle and I wanted a little more protection than a sole prop would give so the LLC was a nice compromise.
I am an LLC. I wanted to protect our personal assets (house, retirement, investments).
I'm an LLC. An S-Corp has to file their federal taxes by March 15th .... LLC still goes by the April 15th date (my accountant thought I was s-corp and was rushing me for numbers this year before he realized I was LLC).
Except for initial filing fees to set up the LLC, I'm not aware of any extra paperwork or "fees" involved with being an LLC. I started out as sole prop and the transition to LLC was seamless ..... I noticed nothing different at me end whatsoever.
I have been looking into all of that too, seems like most people are LLC, but I still have a lot of learning to do on the business end of things.
As far as health inpection, it will be different in every state. I am in Michigan and we had the health inspector here to take a look at the basement to see if it was even do-able. I have a cat (and children) and she said it isnt a problem as long as the cat doesnt come in the kitchen! The kitchen needs to be separate from any other living space in the house. I don't need a separate entrance to the house which is a relief. She said that they really used to push that, but not anymore.
LLC here as well. I wanted to keep my personal assets totally seperate from my business assets.