K. What is better? A LLC or an S Corp?

I've heard a lot of good things about nevada and delaware.

What do you guys think is the best state to incorporate in?

Originally Posted by skylark516

K. What is better? A LLC or an S Corp?

I've heard a lot of good things about nevada and delaware.

What do you guys think is the best state to incorporate in?

If you wish to go IPO in the near future, go with S Corp. If you plan to stay private and have more control of your start up company, go LLC. Although both can be converted later on.

Most people will chose Nevada for it's easy filings but for better privacy laws, go with Delaware. The cost for Nevada is about $100 filing fee whereas Delaware is in the couple hundreds. People are playing around with Florida, which is where I'm not familiar with.

Really depends on what kind of business you want to do with it, in general I would advice you to set up a LLC based in Delware or Nevada, like sparky123 wrote before.

OP your thread has been moved. Please check next time that you are posting in the appropriate subforum.

For tax purposes, an LLC can be treated exactly like an S-Corp, so unless you're planning on issuing stock, there's no significant difference between the two. As far as best combination of protection friendly and low filing fees, go with Nevada, Delaware, or Wyoming.

Another option to consider is a Series LLC. It basically allows you to have as many LLC's as you want, but only have to pay one filing fee. This makes it easier to get a bunch of EIN's, which means getting banned ain't no thang Only 9 states recognize the Series LLC, Delaware and Nevada being among them.

Remember, if you live in 1 state and setup an LLC/S-Corp in another, open your bank accounts in the state where you setup. Otherwise, your home state could say that you operated out of it and charge you filing fees for your company.

Originally Posted by sparky123

If you wish to go IPO in the near future, go with S Corp. If you plan to stay private and have more control of your start up company, go LLC. Although both can be converted later on.

Most people will chose Nevada for it's easy filings but for better privacy laws, go with Delaware. The cost for Nevada is about $100 filing fee whereas Delaware is in the couple hundreds. People are playing around with Florida, which is where I'm not familiar with.

This is why you should legal advice from someone that knows what they are talking about, like an accountant or a lawyer, not some yahoos on a BB.

You can not sell public shares (IPO) with an S-Corp. It is really for partnerships.

And I am guessing you are not going to "blow this thing up" that big since you are messing around in this forum.

Go LLC, and set it up in your own state. There is not much difference in the states and costs. It is the easiest.