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Has anyone here formed an LLC (US only)?
Thread poster: Daina Jauntirans

Daina Jauntirans  Identity Verified
Local time: 13:00
Member (2005)
German to English
+ ...
Jul 27, 2004

I was wondering if anyone here (US-based) had formed an LLC for their business? What are the advantages over an S-Corp? I have only found one disadvantage so far - the filing fee in IL is $500. I will not have any partners in the business if that matters.

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Christopher Schmidt  Identity Verified
United States
Local time: 14:00
Member (2005)
German to English
+ ...
LLC vs S-Corp Jul 27, 2004

Hi Daina

yes, I formed an LLC earlier this year. Before I did it, I did some research (I picked up a copy of "Working for Yourself" by Stephen Fishman, which provides a lot of info). I think there are some tax benefits to an S-Corp, at least as far as self-employment tax goes - but then you may have to pay unemployment tax. From what I've read, there is also quite a bit more bookkeeping involved with a corporation. In the end, I talked to an accountant who suggested I go with an LLC. I'm sure an accountant could give you a better description of the pros and cons for your particular case.

Good luck!
Chris



Daina Jauntirans wrote:

I was wondering if anyone here (US-based) had formed an LLC for their business? What are the advantages over an S-Corp? I have only found one disadvantage so far - the filing fee in IL is $500. I will not have any partners in the business if that matters.


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Daniela Ballif  Identity Verified
United States
Local time: 12:00
English to Albanian
+ ...
LLC Jul 27, 2004

Daina Jauntirans wrote:

I was wondering if anyone here (US-based) had formed an LLC for their business? What are the advantages over an S-Corp? I have only found one disadvantage so far - the filing fee in IL is $500. I will not have any partners in the business if that matters.



Hello,

My husband and I are both accountants and we have an LLC. For more information here is a link to an article that probably will help, http://www.lectlaw.com/files/buo03.htm

Have a fun day,
Daniela


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xxxsarahl
Local time: 11:00
English to French
+ ...
LLC Jul 27, 2004

Hi!
If you're a translator, with no partner, then an LLC
is probably the way to go.
Of course, an accountant would be in a better position to
explain the pros and cons of LLCs vs S or C corporations, but
if I remember it well corporations are for bigger turnovers,
you would need a board with scheduled meetings, you would pay more taxes, etc.
Self-employed or LLC are probably the best options if you're
on your own.
Luck,
Sarah


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