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8 Replies Last post: Jun 19, 2009 6:04 PM by shylenna1

LLC vs. S-Corp

Jul 5, 2009 5:10 PM

Click to view newCompany's profile Start-up newCompany 2 posts since
Jul 5, 2009
Hi,
I'm working on an iPhone application with some partners and we would like to create a company to protect us legally. I was debating between LLC and S-Corp. We are based in California and we (hopefully) will have revenue. What do you recommend? We also would like to keep things simple.
thanks!
Tags: investors, new, _business_idea, start, starting_a_new_business, startup, up, business_start_up, business_plan Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: LLC vs. S-Corp Jul 5, 2009 5:35 PM
in response to: newCompany
LLC vs. S-Corp, welcome

The LLC provides limited liability to the owners. There have been many posts on this site on this subject.
You should also talk to your accountant.
Good luck
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Click to view bm911tax's profile Mogul bm911tax 64 posts since
Jun 30, 2009
2. Re: LLC vs. S-Corp Jul 22, 2009 3:14 PM
in response to: newCompany
LLC is flexible entity. What I mean by flexible is, you can have this LLC taxed as Partnership, S Corp or Sole-proprietorship. Both LLCs and S corp provide some liability protection. Many states are more favorable to LLCs then to S corps. (less fees to pay, less scrutiny) You definitely need to discuss your particular situation with a qualified tax advisor/accountant or contact me for help.

Best of luck,
Ben
http://taxbizpro.com/
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Click to view TheConsultant's profile Authority TheConsultant 5 posts since
Jul 28, 2009
3. Re: LLC vs. S-Corp Jul 28, 2009 6:56 AM
in response to: newCompany
As a small biz owner and consultant to small biz owners, one of the biggest challenges we face is getting good business advice that doesn't bust the bank, not only legal but in other areas as well. I don't have time to type a lengthy response, but if you want to give me a call, I'll point you to a company (not mine) that gives you unlmited access to business consultants who can not only answer this question but any question you could dream up as you get ready to launch your company. They can even provide you with an extremely low cost way to create a living business plan, so you don't have to hire someone at 5-10k to create it for you. direct: 206-227-5325, toll free: 866-901-0336 - Ken
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