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lilsister

Member
New York - I am thinking about setting up my own business and was wondering what type of corporation I should be applying for. Right now it's a one person shop i.e. me run from my home. Someone told me to do an LLC but I honestly don't know the difference between an LLC, an S corporation or Incorporating. Can someone advise please?
 


L

loku

Guest
If you have a need to limit your personal liability from the business, consider a corporation or a LLC. LLC is probably the best choice because it gives the same protection and taxation as an S corporation, but it is easier and less expensive to set up and to maintain. Otherwise a sole proprietorship is probably OK.
Before starting a business, I would recommend you read the FreeAdvice material at http://business-law.freeadvice.com/starting_a_business/ and for NY State, see http://www.gorr.state.ny.us/gorr/startbus.html . If you are in NY City, see http://www.ci.nyc.ny.us/html/business/html/retail.html . All these cites give you a lot of info on how to select a business entity and how to set it up.
 

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