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    LLC vs INC

    Which company type is better for me?

    One type of business doesn't fit everyone, so please pay attention to choosing the type of business that suits you most. Before choosing your type of business consider what you want to do with your business, how long you want to do this business, and who will be your companions. You can take a look at our table which shows the attributes of LLC and Inc. We hope that this information will help you in choosing the right type of company.

    LLC

    INC
    Advantages
    • No limit on the number of owners
    • Profit and loss are passed trough to the owner's idividual tax return
    • no annual meeting or minute book requirements
    • May issue shares of stock to bring new investions
    • Corporate income splitting may help lower overall tax liability
    Disadvantages
    • Cannot engage in corporate income splitting to lower tax liability
    • Cannot issue stock
    • C corp tax structure requires double taxation of corporate profits (s corp's does not)
    • Must hold annual meetings and record minutes (but we have form for that)
    • S corporations have restrictions on the number of owners
    Suitable for For individuals For a larger group of people
    Management Only Members and managing members of the company Shareholders, directors, officers etc.
    Taxation Single taxation - Profit or loss are passed directly to members(top bracket 39.6%). Can elect to be taxed as a corporation. Double taxation
    Ownership Members Shareholders
    Shareholders meeting Not necessary, but should have recorded activities and/or advisory boards Required periodically
    Paperwork and records Not much paperwork is required. Annual state reports are required to be filed with the appropriate fee; can file by mail but most states allow or mandate online filing (we'll do most of it for you) More paperwork than LLC (but we'll do most of it for you)
    Limited liability Yes Yes

    If you need more information, let us know




    Visit us in Las Vegas

    IncNext
    EastBiz.com, Inc.
    5348 Vegas Dr.
    Las Vegas, NV 89108

    Phone: (702) 871-8678
    E-mail: help@incparadise.com

    Address photo