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re: Starting a business - please advise which type
Posted on 7/14/22 at 10:00 am to baldona
Posted on 7/14/22 at 10:00 am to baldona
quote:
For example, it'll cost you probably $1000 extra in fees and CPA charges you could in turn buy a couple extra mil in insurance.
No it won't, it all runs through the same return. The LLC doesn't really provide that much protection, but it's cheap and doesn't hurt. Some companies will only contract with other "companies" as well so it may have been necessary, though that doesn't sound like the case.
I would go ahead and set up the LLC and run all of the Financials of the business through that should he want to convert to an S Corp of some other structure in the future as it makes it way easier since the records are clean.
1
Posted on 7/15/22 at 7:33 am to Mingo Was His NameO
quote:
No it won't, it all runs through the same return. The LLC doesn't really provide that much protection, but it's cheap and doesn't hurt
Even though it’s a pass through both CPA’s I’ve used have charged me extra for the business tax work.
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