Posted by Stephanie on February 27, 2006 at 11:24:47:
One reason it would be cheaper for me is that I already have your LLC course and can do it myself. But I have heard from others that for flipping the S-corp is better because I will avoid some of the ss tax. But that the llc provides better asset protection than the s-corp(charging order if an llc is sued). And also I was told if I was sued personally someone could take my shares of a corporation that I own but not an llc. Is this accurate info at all? And are there any disadvantages of setting up an llc taxed as a s-corp as opposed to just setting up an s-corp.
Posted by Stephanie on February 24, 2006 at 10:58:50:
Anyone using a llc to flip properties and having it taxed as an S-corp? Seems like it has all the benefits of of an llc (cheap and easy) with the tax benefits of an S-corp. Anyone know anything about this?
Yes, it can be done that way, but it’s not necessarily cheaper or easier. The filing cost of an LLC is the same in most states as a corporation. In some states (e.g., CA, TX), LLCs are actually more expensive because of the franchise tax structure.