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Thread: Business Entity Help anyone??

  1. #1

    Default Business Entity Help anyone??

    Our company is currently a LLC partnership, but both partners are splitting. We are starting with a new EIN but keeping the name. How should we go about deciding if we should continue as an LLC or a Corporation? Pros and Cons?
    We are a company that travels, we hire subcontractors, not employees.

    Any Info is appreciated!

  2. #2

    Default

    There are a lot of threads on this forum discussing the choice between an LLC taxed as a partnership and an LLC that elects to be treated as an S corporation. There are pros and cons of each, and the answer is not usually black and white. Besides reading some of the threads here at SBF, my website at Limited Liability Company Center - Information on LLCs has several articles on the differences, and there are lots of other sources on web. However, it is a pretty important decision so unless you are sure you are considering all the facts relevant to your own business, you would be wise to talk to your accountant or attorney about the issue.

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