LLC vs Sole Proprietorship: Which is right for you in 2024?

[@LazaroAlejandroOficial]

Thanks Attorney Durham

[@briman113]

SP here, county registered DBA and all the local licenses. I would have went SP anyway (Just make sure you have good insurance and follow rules as if you were LLC) BUT here in California it is $800.00 annual for LLC organization

[@wintermoongifts]

I'm the one who isn't super risky or likes the idea of being sued...and am now wishing I'd have formed an LLC instead of a Sole Prop....but...it's fine, everything is fine (insert Ross from Friends Meme here)

[@allupinyobiz]

🤣 it is fine! I got you, girl!

[@xa3558]

Thank you, attorney Durham !

[@reinaldodeschamps3851]

Excellent content. Congratulations and Thank you

[@OVRCOME]

If you formed an 2 person LLC and changed it to an SCorp? Is it possible to change it back to just a LLC taxed as a partnership?

[@FernandoVazquezIII-bt8oy]

What's the point of having LLC if you can still be sued personally when your LLC doesn't have enough money ?

[@fallrain910]

Fr

[@chadwillis9511]

Just started LLC with $500 initial member contribuition. If I end up with $500 net income end of year, is that taxable, or does the member contribution offset that? Did more research, looks like it may be recorded as equity and offset unless I took out distributions during the year which would negate that initial contribution. Sound right?

[@operator8194]

A+

[@ReeInvesting]

good content

[@derrelldaniels5247]

How should I structure the bank accounts being a carpenter contractor home remodeler, a general contractor? I'm located in Pennsylvania

[@chocolatety130]

👍🏾

[@evans1875]

I am leasing my truck on to a trucking company running under their name. They said to send them my ein number. when i apply for an ein it ask for my business name 'llc' . i don't have a business name just need the ein. Is it possible to get an ein without a business name? and what to i mark in the box that ask for the business name? thanks

[@fallrain910]

Go to the irs website

[@greaterthings5652]

her vocal fry kills me