| LLP or LLC for an Accounting Firm What is the name of your state (only U.S. law)? IL
I am in the planning stages of setting up my CPA firm.
I cannot decide if I should setup as a LLP/LLC.
The thing that is making it complicated for me (more then it should be), is that both are pretty much the same in terms of liability.
but.
Although LLC offers liability against firm debtors etc it involves a little more compliance paperwork and little more in yearly fees.
If I organize it as a LLP, it will be with another partner (non-CPA) while LLC will most probably be myself as the only member.
State-IL
Thanks, |