what is the difference between INC. and LLC? I know they both offer some legal protection for a business owner, but how are they different? thanks luke:usa
Most smaller businesses go LLC because there is more protection against your personal assets. If someone sues you they can only go after the company's assets not your personal. And they are better suited for local or with in your home state due to tax reasons. If you were running a online web site selling nation wide you would want to go INC; but then your also looking at a totally different tax laws too. It all boils down to how big, how many partners, and how much money is involved. I think most states are different on how their laws on the two work. Finding a good local attorney and/or accountant to sit down with and talk about it is prob the best thing to do. I'm sure anyone of the guys on here with their own business will tell you the same. I did my homework and thought I knew alot about our family business before we took off and after I met with our accountant and attorney I had a totally different outlook! They may cost you 100's or 1,000's but in the end they will pay for themselves X2 and save your *** as well! The way the people are in today's word the little guy needs all the help he can get!