POLL: LLC, Corp., Sole Prop., etc...

[Jason Ramsey]

Folks with their own business...
Are you an LLC, Corporation, Sole Proprietorship, none?

Thanks,
Jason

 

[Zak Forsman]

i have my own as an S-Corp and i'm also partnered in an LLC. so the LLC is how we get work. the client pays the LLC, the LLC pays my S-Corp.

 

[J.R. Hudson]

S Corp (but not related to film :/ )

 

[John C Lyons]

LDP is an LLC

 

[Tom Marshall]

When I actually set up my production company (which will be very soon), I'm going to do an s-corp.

This one business advisor I know said that's the way to go. LLC offers nothing, according to him... but I don't know... all that business stuff is not really my thing...

 

[Jason Ramsey]

Well, that's why I asked. I am actually considering going the LLC route. An LLC provides you the liability protection of a corporation, but without all the red-tape and paperwork. Meaning, in most cases if you got sued or something like that, they can't come after your personal property, only the business. As far as taxes though, all profits/losses flow through the business to the members. Members pay taxes as though they are an independent contractor so to speak.
However, I have been thinking that if I have liability and insurance policies, would I even need to be an LLC.
I don't know about s-corp's, so I may need to look into that a little.
Thanks for all the feedback.
Jason

 

[Hairy Lime]

Had a long talk with an entertainment attorney before going with the LLC.

 

[David Jimerson]

Everyone's needs/goals are different. Make sure you talk to someone who knows what they're talking about (attorney, accountant) before you make any decisions.

 

[Jason Ramsey]

Everyone's needs/goals are different. Make sure you talk to someone who knows what they're talking about (attorney, accountant) before you make any decisions.

Yep. for sure. thanks

Jason

 

[donatello]

LLC's here ..
also with LLC you have the choice to file taxes like it was a corporation or let the $ pass thru to members of LLC - each year you can do it different - so you file whatever is BEST for that year ..

 

[Barry_Green]

LLC offers a lot to some people, nothing to others, it depends on the laws in your state.

If nothing else, an LLC frees you from filing all sorts of shareholder and director's meeting reports. But, depending on your state, they may also incur higher fees and other hassles.

The only way to decide is to talk to a competent tax accountant in your state.

But sole proprietorship is silly in this litigious age; the only way to go is with a properly-established, properly-maintained separate corporate entity (whether LLC or corporation, whether C- or S-corp, that's up to you and your accountant).

 

[spunknoid]

According to my CPA, the IRS audits more sole proprietorships than LLC or Corps. According to him, the IRS figures if you aren't smart enough to incorporate or form an LLC, you "easy pickings". Can't verify his facts, but he is a senior partner.