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What do most of you run LLC or sole prop?

Discussion in 'Ebay' started by Brainzzzz, Jan 31, 2014.

  1. Brainzzzz

    Brainzzzz Newbie

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    Which way is the best way to go? From what i read, most people do LLC's. But is that really the best choice for an online/eb business? From calling around and speaking to CPA's without giving out detailed info most say sole prop is the way to go and that most people don't even need the LLC protection because it doesn't protect them in the way they think it does. Not to mention no fees and easier taxes.

    So just wondering, for those with eb businesses what do you have? If an LLC why did you or your CPA recommend you that route?
     
  2. innozemec

    innozemec Jr. VIP Jr. VIP

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    it really depends on the type of business you are running. I am not particularly familiar with the exact local to your country rules about LLC and sole prop, but from what i know based on their equivalents in my country, LLC is always better choice both for taxes and liability protection
     
  3. BloodyNinja

    BloodyNinja Jr. VIP Jr. VIP Premium Member

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    If you play big, LLC is a must. No one is protected from bankruptcy and you don't want to risk your property.
     
  4. Brainzzzz

    Brainzzzz Newbie

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    I won't be borrowing any money. My business is self funded and won't need any lines of credit or anything like that.
     
  5. Brainzzzz

    Brainzzzz Newbie

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    From what i know sole prop is better for taxes here in the US.
     
  6. loclhero

    loclhero Supreme Member

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    Been running as sole proprietor since 1998.
     
  7. innozemec

    innozemec Jr. VIP Jr. VIP

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    yep, in each country things are different. It is always best to get a consultation from accountant/attorney that will advice you the best choice for your type of business. Don't save money on that as the proper way of setting up your business can save you tons of money and headaches in the long term
     
  8. Brainzzzz

    Brainzzzz Newbie

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    That's what i've been advised to do as well. Just wondering why so many have chosen LLC's. What made you choose a sole prop instead of an LLC? Do you not need the protection with your business model.
     
  9. Brainzzzz

    Brainzzzz Newbie

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    Yeah i know, just wanted to see what others did and why. I've been advised to do a sole prop but i just seen a lot of people do LLC's with eb and was just wondering what made them do it.
     
  10. jdgrinder

    jdgrinder Junior Member

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    LLC is more professional in my opinion. Can't sue me only my LLC. You never know what can happen so I feel safer. There's other stuff but can't think off the top of my mind.
     
  11. joejo

    joejo Registered Member

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    I started with an LLC. My CPA is moving me to an LLC, S-corp. He said it will save some money in taxes each year.
     
  12. Brainzzzz

    Brainzzzz Newbie

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    What would you get sued for tho?
     
  13. Brainzzzz

    Brainzzzz Newbie

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    Yea i was thinking if i go llc im definitely going to go the s corp way. But idk that process yet. Corps taxes are more complicated and from what i read i think sole prop taxes are more beneficiary than s corps.
     
  14. bhgrey

    bhgrey Newbie

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    I went with LLC to keep my name off public records