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Thread
Okay, one of my goals for this year is to make the leap from sole proprietorship to… something (LLC? S-corp?). What’s the best option? Anyone have experiences or opinions to share?
i think @Angie Moody might have input (tho i think she's away this week)
there are tax implications for each
some good resources in this article:
I have an LLC because it made the best financial sense for me! Definitely get advice from a legal expert or tax advisor in your area.
@Hailey Hudson What are your reasons for moving from a sole prop to an LLC?
Here’s I wrote on the topic.
Tl Forming an LLC allow you to choose name and provides legal liability protection (If you open a separate bank account in your LLC name) in the event you get sued. There are no tax benefits to forming an LLC. You are taxed the same as a sole-prop.
S-corp is not a business entity type, its a tax designation. You can be an LLC and choose to file S corp election or not.