ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals
ECN Shout Chat
Top Posters(30 Days)
Admin 2
Recent Posts
Casino Wiring methods
by HotLine1. 12/09/17 10:44 AM
Ground wire Size to water Line.
by HotLine1. 12/05/17 12:11 PM
Flexible conduit to an outside Spa
by gfretwell. 12/05/17 12:28 AM
2017 NEC Changes
by luckyshadow. 12/04/17 06:08 PM
Dimmable LED 2x4 lay in fixtures
by Vulsion. 11/30/17 06:37 PM
New in the Gallery:
Gallery Test
Popular Topics(Views)
242,991 Are you busy
179,385 Re: Forum
170,352 Need opinion
Who's Online Now
1 registered members (gfretwell), 17 guests, and 6 spiders.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Rate This Thread
#157269 - 09/29/05 01:31 PM LLC or "S" corp  
carjam  Offline
Member
Joined: May 2005
Posts: 12
GrandBlanc, MI U.S.A.
Hey guys, I am getting set up to go on my own. I am uncertain on how to set up my company. Do you guys know what the difference is between an LLC and an "S" Corp?


Business, Office, Estimating, Legal:

#157270 - 09/29/05 01:48 PM Re: LLC or "S" corp  
giddonah  Offline
Member
Joined: Jun 2005
Posts: 49
UT
http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2005-27,GGLG:en&q=llc+vs+s


#157271 - 11/05/05 09:32 AM Re: LLC or "S" corp  
VinceR  Offline
Member
Joined: Apr 2005
Posts: 35
Edgewood, WA, USA
carjam, it has been a while and I am not a lawyer. The basic difference is that with an LLC enables to you to avoid paying both corporate income tax AND personal income tax. Your account should be able to give you the advice you need to make the right decision.


#157272 - 11/06/05 04:52 PM Re: LLC or "S" corp  
Tesla  Offline
Member
Joined: Jun 2004
Posts: 1,273
Sacramento, CA
There are a number of instant incorporation outfits. Here’s what one says:
http://www.corporate.com/llc-vs-s-corporation.jsp

The high points….read the whole thing…

An LLC is not required to hold annual meetings or to keep formal minutes, while an S Corporation is required to do so.

LLC members can split profits/losses in any way they choose. In an S Corporation, shareholders must receive dividends according to the number of shares that they own, regardless of the amount of effort put into the business.

An LLC can be owned by any combination of individuals or business entities. Only United States citizens and resident aliens may own an S Corporation .Other entities generally may not own an S Corporation.

S Corporation shareholders pay Medicare and Social Security tax only on money received as wages or salary, but not on profits received as dividends or that stay within the company. Under certain conditions, LLC members may need to pay Social Security and Medicare taxes on the entire amount of LLC profits.


Tesla


Member Spotlight
togol
togol
NW In. USA
Posts: 421
Joined: September 2005
Show All Member Profiles 
Featured:

2017 Master Electrician Exam Preparation Combos
2017 NEC Electrician
Exam Prep Combos:
Master / Journeyman

 

Shout Box
Powered by UBB.threads™ PHP Forum Software 7.6.0
Page Time: 0.011s Queries: 14 (0.003s) Memory: 0.7611 MB (Peak: 0.8914 MB) Zlib enabled. Server Time: 2017-12-11 07:37:43 UTC