LLC vs. Inc. vs. Ltd. vs. whatever else!

Discussion in 'General Shop Talk' started by cwrivera, Aug 29, 2008.

  1. cwrivera

    cwrivera TPF Noob!

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    Hi everyone! I'm new to this forum. And I'm also new to starting a photography business. In trying to make my business a bit more formal, I am trying to decide what is best to choose between becoming an LLC, Incorporated, Limited, or whatever other options there are for small businesses.

    Can anyone offer any advice? I'd really appreciate it!
     
  2. Big Mike

    Big Mike I am Big, I am Mike Staff Member Supporting Member

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    Welcome to the forum.

    I'd suggest talking to an accountant or maybe a small business advisor etc. There may be many factors and what's best for someone else, might not be best for you.
     
  3. Pure Captures

    Pure Captures TPF Noob!

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    You definitely need to talk with a small business proffessional on this one. I really like the S-Corp structure because it can help you avoid a lot of taxation; it definitely has its drawbacks as well though. LLC is definitely the simplest when it comes to the hoops you have to jump through. Really, you need to talk to someone (probably multiple someones) who is (or are) an expert(s) in small business accounting, taxation, and liability. If they reccommend you go a certain way, make sure they can explain why as well. If they can't describe it in a way you can understand, seek further opinions. You want to make you choose what is best for you, not best for an attorney or accountant you may hire.
     

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