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2 Replies Last post: Jul 30, 2008 1:26 PM by Bridge

LLC & Partnership questions

Jul 29, 2008 11:08 AM

Click to view rizzy07's profile Professional rizzy07 7 posts since
Jul 29, 2008
What questions should I be taking into consideration while trying to decide between an LLC or partnership for my new small computer sales/repair business(co-ownership between two individuals)?
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: LLC & Partnership questions Jul 29, 2008 11:15 AM
LLC & Partnership questions

Talk to an Accountant or talk to a SCORE Counselor.

Good luck
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Click to view Bridge's profile Mogul Bridge 364 posts since
Jun 3, 2008
2. Re: LLC & Partnership questions Jul 30, 2008 1:26 PM
An accountant can review tax consequences with you and an attorney can review legal implications with you. You will need to put the two pieces together and decide which is best for your situtaion.

Every state has different requirements for LLCs.

In my opinion, you are probbaly better off as an LLC or S corp. rather than a partnership. The LLC or S corp. should limit your personal liability more than a partnership.

For tax purposes, if you choose an LLC, the IRS will tax you as a partnership unless you make an election to be taxed as a corporation - and then chose to be taxed as a S corp. (many posts on tis already).
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