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  • #31
    I'm DBA and was planning on going LLC but just decided to go S-corp with a trust. I'll be starting my paperwork the end of this year to start off 2015 fresh.
    As LLC doesn't offer any tax savings, you will need to pay 15.3% self employment taxes going LLC.
    Last edited by sosoe; 09-19-2014, 04:42 PM.

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    • #32
      Originally posted by YALE View Post
      You aren't excused from crimes or intentional torts. No form of corporation stops that. An LLC helps keep a judgement against your business from extending to your personal assets. Under a sole proprietorship, your stuff is automatically in the jackpot.
      Not true. An LLC does little to protect a sole proprietor. For example. You are a mechanic, have a shop and an LLC. You fix a guys brakes. He gets drunk and hits a tree. He claims the brakes failed. Because you personally did the work, you can be sued and your shop can be sued.

      An LLC only protects the owner against work done by his employees or contractors in which he did not directly supervise their actions. For example. You are a general contractor and you are building a house. You hire a painter and he burns the house down. In this case only your business can be sued.
      Last edited by S_K; 09-19-2014, 05:06 PM. Reason: spelling

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