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[CHEMMINS 10+ year member]

OP idk how much business experience you have, but if your company were ever to go under, being an LLC, your personal assets (car, house, bank accounts, anything with your name on it) can be seized.

Limited Liability is just that.......your personal assets cannot be seized. It is the difference between Sole Proprietor and Limited Company.

 

[VisceralSound 10+ year member]

Limited Liability is just that.......your personal assets cannot be seized. It is the difference between Sole Proprietor and Limited Company.

That's what I thought/was told;

I would have gone with Incorporated/Company but I was told to just make it an LLC since it's easier with Taxes and you can't be double taxed etc.

 

[CHEMMINS 10+ year member]

Well you still pay company taxes, then you pay personal taxes on anything you pay yourself.

 

[dirtyunclerandy 10+ year member]

That's what I thought/was told;
I would have gone with Incorporated/Company but I was told to just make it an LLC since it's easier with Taxes and you can't be double taxed etc.

You should be fine with the LLC. BTW, like the name of the company. Very original.

 

[VisceralSound 10+ year member]

You should be fine with the LLC. BTW, like the name of the company. Very original.

Is that a serious compliment or not haha? I personally enjoyed the definition.

If its serious, thank you very much.

 

[dirtyunclerandy 10+ year member]

Is that a serious compliment or not haha? I personally enjoyed the definition.If its serious, thank you very much.

That was sincere. One of the words I use quite often.

 

[CHEMMINS 10+ year member]

Meh....you should have had a name game.....have people toss names out, and winner gets a free sub or something.

 

[VisceralSound 10+ year member]

That was sincere. One of the words I use quite often.

Thank you sir.

 

[THATpurpleKUSH 5,000+ posts]

Limited Liability is just that.......your personal assets cannot be seized. It is the difference between Sole Proprietor and Limited Company.

I was taught that sp and llc can have personal assets seized.

 

[whitedragon551 5,000+ posts]

IIRC I was told it was the business that gets hit not the owner/employee's not that I want or have any thoughts of anything "going under", I was told being an LLC is pretty straight forward.
*Please note, I haven't fully registered the name with my state yet, I just put it there since that's what I was planning, if I should just label it as an Incorporated or Company please voice your opinion.*

LLC is limited liability. They cant go after personal assets if your an LLC. With Incorporated status you get shafted by taxes and you have outrageous fees to be incorporated. Depending on the income you will be either an S Corp or C Corp and that will change your tax bracket.