What are the specific differences between an LLC and an S-Corp in the state of Florida?

I'd like to know tax breaks, benefits, legalities, disadvantages... the whole nine yards. Differences between filing with the state, what sort of taxes your liable for, and that sorta thing. Background info: It will be primarily a service computer company that will not have inventory or the need to sell merchandise.

Strictly services will be sold. Starting off initially in the first few months I will be working alone, but I predict it will grow rapidly as soon as word gets out.So I will be needing more than myself as an employee. An accountant was pointing me towards sole proprietorship but I'd like to stay away from that because I don't believe anyone will take the business seriously or professionally for that matter.

So Automatic ZERO rating if you're pointing me to sole proprietorship. I want to know which is better out of the two: LLC or S-Corp. Explain why it is or isn't, and Explain in detail.

If you're answering I THANK YOU! Asked by UltGameWiz 38 months ago Similar questions: specific differences LLC S Corp state Florida Business > Small Business.

Similar questions: specific differences LLC S Corp state Florida.

Generally, the 2 best choices for small businesses to consider are becoming an LLC or a Florida S corporation. Some differences between LLCs and being a Florida S corporation are: 1."Memberships" v. Stock Issuance: LLCs cannot issue stock, but rather, they offer "memberships.

" S corporations, on the other hand, can issue stock and are owned by the shareholders. 2. Management: A Florida S corporation is managed by its directors and officers, while LLCs are managed directly by the members unless they hire managers. 3.

Restrictions: A Florida S corporation has some restrictions which are not applied to LLCs. For example, A Florida S corporation is limited to 75 shareholders, while the number of members in a Florida LLC is not subject to any restriction. 4.

Life Span: A Florida S corporation has an unlimited life span, while LLCs have a limited life span (in most cases around 30 years). Sources: http://www.florida-corporations-online.com/llc-vs-s-corporation.html .

I am not savvy about business but see details and links for details. By forming an LLC instead of a corporation, you get all the benefits of forming a corporation but you avoid a few drawbacks that you would run into if you formed a corporation. Specifically, when you form a corporation, you subject yourself to double taxation and excessive paperwork.

Both of those annoyances can be avoided if you form an LLC. See also:http://www.limitedliabilitycompanycenter.com/llc_disadvantages.htmlhttp://www.legalzoom.com/llc-state-requirements/Florida-LLC.htmlhttp://www.residual-rewards.com/florida-s-corporation.html Sources: gaebler.com/LLC-Advantages.htm .

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" "What is the best small business to get into? " "I'm looking to set up a company in Georgia. I need advice regarding LLC or Corporation, and then S-Corp status.

I want to run my LLC through a different state than where I reside. Business is web based. Do I need a foreign entity?

Business under LLC can this be change to Corporation.

I'm looking to set up a company in Georgia. I need advice regarding LLC or Corporation, and then S-Corp status.

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