LLC or Corporation

[truckman]

I have a car track business I own my own track but I want to buy another 2 track car and open a business so I will hire a employee and those employee will work for me, so I think about estabolish new business but I don't know what recommendation, suggestion you may have ? Should I go with LLC or open Corporation?

[itguy]

definetly go with LLC, because if you only have 2 employee you don't want to spend 40% later on when it time to file taxes and LLC's only pay 28% on average tax and they file tax as Individual on 1040 form!

[mojehaslozgaslo]

if you consider to have corporation or LLC as liability protection I will got with LLC because is less expensive and the same coverage as corporation! as corporation you will pay much higher taxes around 40% as LLC you pay taxes as Individual depend on your tax bracket( tax level)

[weblover78]

I would advise you to go for LLC too as you dont have more employee so done waste 40%

[cassie]

I agree go with the LLC. Corporations are taxed at a much higher rate. An LLC is a flow thru entity and will consist of less tax dollars on the profits.

[Batman]

I will choose Limited Liability Company with Is LLC because

1. LLC Taxed As An S Corporation
2. Cheap to establish you only need 2 paper 1 id and $60 dollar fee

but the main advantage of having LLC is

The advantages of forming an LLC are that the members are afforded limited liability and have pass-through taxes similar to a partnership.

By forming an Limited Liability company know as LLC instead of a corporation like a C corporation or S corporation, you get all the benefits of forming a corporation and is much cheaper that forming C corporation because of less fee and papers! but you avoid a few drawbacks that you would run into if you formed a corporation you know drawbacks such as fees and papers.If you decided to get a corporation status you can choose Non-stock corporation and stock corporation not stock and stock corporation has not difference. the only difference between those two are non-stock corporation are non profit and don't have a stock were stock corporation are profit and you need to have at least 20,000 shares! . Specifically, when you form a corporation, you subject yourself to double taxation and excessive paperwork. Both of those annoyances can be avoided if you form an Limited Liability Company call LLC

[pranith]

i think you have to choose LLC because cooperation taxes much more when compared to the LLc. LLC is a will be better one as it want less taxes.