? about LLC, INC

[ppwnc]

i am a new business owner of about 5 months, i do have a partner. does anyone have any insite of what would be the best to register with the state? LLc,INC or limited partnership?? for the first yr anyway
thanks mike

 

[jetstream1]

Mike, how much work are you doing and what kind of money are you making cause llc,inc you have to make some money for now just go with sole p to start with once you are earning a-lot a year go with INC.Cause Sam will have his fat money hand out.
Mark Cauldwell
Jet Stream Pressure Washing

 

[ppwnc]

right now during the winter the company makes about 2000 a week, i was fortunate enough to get to big contractors right away b/c we do acid washing so. any idea of what you think now?? and when you say sole p, you dont think limited partnership will work just for the first yr?? i heard it is less taxes on me? i have no clue if you have any input on this please let me know
mike

 

[PressurePros]

Positively establish a corporation. Your accountant and lawyer can tell you what form either C, subchapter S or LLC. You want toshield yourself a bit from liability. The corporation is a separate entity. Also you have to avoid double taxation and that is again done via a corporation.

 

[R L S]

I agree with Ken go with a corporation I went with a Sub S.
But do not listen to us go talk to a lawyer and an accountant. It does cost money but that area is one they know a lot about.

 

[ppwnc]

thanks guys for all the replys, i know i need to talk to my accountant so i guess thats what i will do. i just wanted to know all your input since most of you have first hand experience with all this
mike