Hi, I currently have an LLC because my husband and I went into business with my brother and his wife for our coffee house/cake shop. we had to move out of the area and so I am now back on my own. Should I continue with the LLC? I am clueless about the benefits and costs of it. Or should I get rid of it and just go sole proprietor? Is it more beneficial to have a tax ID number and all that?... better for taxes?
I would appreciate any help, wisdom or pointing in the direction I need to look!!! LLC is also on my logo so I would have to get that off, but not a huge deal.
each has its own benefits, i like the LLC, just because it gives a "buffer" between your business and personal assets, the best way to figure out which will suit your business needs is to talk to an attorney or accountant but i would think it'd be best and easier to just keep the LLC.
I'd just keep the LLC, because you'd have to go through the whole paperwork thing again if you ever decided to switch back. Just make sure that you alter the LLC paperwork to take anyone else off of the member list if that's applicable.