[taxchat] LLC or S or C-Corp

BEGIN:VCARD
VERSION:2.1
N:Socol;Arnie;;Pres.
FN:Arnie Socol
NICKNAME:Arnie
ORG:Ways & Means Inc.
TITLE:Pres
TEL;WORK;VOICE:845-562-6070
TEL;CELL;VOICE:845-978-0593
TEL;WORK;FAX:845-562-6273
ADR;WORK:;;815 Blooming Grove Tpke;New Windsor;NY;12553
LABEL;WORK;ENCODING=QUOTED-PRINTABLE:815 Blooming Grove Tpke=0D=0ANew Windsor, NY 12553
URL;WORK:http://www.waysandmeansonline.com
EMAIL;PREF;INTERNET:waymeans@verizon.net
EMAIL;INTERNET:arnold.socol@genworthrr.com
REV:20081024T145122Z
END:VCARD

I gave a couple of classes this past  month at an adult education school.  I contributed to a 10 week program towards a complete business plan as the accountant.  As part of my material I was asked to discuss the different "entities",  sole proprietor, LLC, Corp, PTRs, etc.  I have always felt more comfortable with the Corp and S-Corp for small businesses.  One student said her research concluded an LLC was best for her.  Her reason - simplicity.  I advised that here in NYS the cost to become an LLC doubled with the cost of running classified ads in 2 newspapers for 13 weeks.  For these startups every nickel and dime matters.  After thinking about it it is less costly if they file as a single member disregarded entity on Sch C and not having to file an 1120 series return. The tax prep fees would be considerably less over time. Any thoughts on how you recommend the best entity for small startups.

 

Arnie

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