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Do I form a LLC or S Corp, from an existing business?
Service business $500,000 per year total sales. Leaning toward LLC. Now sole proprietorship. Want to protect my personal property. Company employs 4 people. Would also like to protect owner ship in event of my death, as well as the best tax situation. I now have several trucks financed in my name that have be reported in prior years. Large amount still owed. No other major assets other than that and the business it self.
2 Answers
- ProfLv 78 years agoFavorite Answer
LLC is probably the better choice and simpler for tax reporting. I suggest you discuss it with a lawyer.
- 8 years ago
Not sure of the answer to this question, although I am familiar with LLC due to my studies involving a business class I took while in college, but not at all familiar with the other.
