I am looking into setting up my own business and want the liability protection for my personnal assets. At this time the business will be Home Remodeling but I also want to build Computers for sale. So which entity is better suited a Inc or LLC? Or should I set up two separate companies altogether as they are such different fields. Maybe S-Corp the Remodeling and LLC the Computer shop??? I will be seeing a CPA soon to prepare my taxes but wanted some imput sooner.
LLC or Inc?virus scan
LLC has less "corporate" formalities. If the "formalities" are not done, and done right, that could eat into your liability protection. So it may be that an LLC might be better.
On the other hand, I am not certain about if an LLC may have S-Corp status, which means the company does not have to pay federal income taxes on it's profits.
I decided on a Corporation after checking into the differences. I decided this because ALL of the very large successful companies, are corporations. None of them are LLCs.
Ask your CPA lots of questions about taxes, and ask a Business Attorney about the liability implications.
Make certain that you understand before deciding.
LLC or Inc?anti virus scan
two seperate companieswould be better as u always have one to fall back on good luck
Google, starting a business in "your state". Your state will have a website in which will answer all your questions. God bless.
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