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This Old Firehouse
Decide whether to form an LLC or a corporation -- the most important decision you'll make for your business
Your company has grown -- now it's time to upgrade your legal structure to something that will protect you and your assets, as well as provide other benefits. In other words, your business is ready to become either a corporation or a limited liability company.
The question is, "Which one?" The answer isn't always clear -- but because your choice will affect the legal and tax status of your business, it's the most important question you'll need to answer.
"LLC or Corporation? "will help you make the right choice with plain-English explanations of: . the basics of business entities . how each business entity protects you from personal liability . profits, losses and tax treatment . converting from one type of business entity to another . what to do if you conduct business out of state
Making the right choice will affect your bottom line in many ways -- from what you pay in taxes to your ability to seek money from investors. In "LLC or Corporation?, "you'll find real-world conversion and formation scenarios that help to display all the options available to you.
This edition has been thoroughly and usefully updated with the latest resources for business owners and contains the newest information on small business taxes.
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