No. of Recommendations: 0
Buzzard,
Nolo is a good reference site, BUT should NEVER replace competent legal advice.

If you are setting up a business structure to avoid liability, the Corps may be your better choice because in some states a single member LLC affords no greater protection against liability than the sole proprietor. You really need to invest your time in learning the differences for your particular state, and consult with an attorney.

Finally, although the single member LLC or S-Corp has the pass through for taxation, don't overlook the wonderful state franchise taxes which can also suck you dry; and don't forget to contact your State's comptroller office for the payment of sales tax if your products and/or services are deemed taxable.

good luck,
Jenn
Print the post  

Announcements

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.