What Are Some Advantages And Disadvantages Of Selecting To Be A Limited Liability Company (LLC) Compared To Other Entities?
Some advantages are that it avoids certain S corporation restrictions. It also avoids double taxation of profits. Some disadvantages are that it is currently considered a relatively new business entity with little case law or regulatory law currently available. There is inconsistent treatment from state to state. The entity must have at least 2 owners. Speak to your local CPA about determining the best entity choice to fit your needs.
Note If you need professional help with "Business Start-ups" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.