Incorporating a business is important for two primary reasons: (1) to protect personal assets from business creditors; and (2) to obtain favorable tax treatment for all business income. The purpose of this article is to educate small business owners regarding the two types of corporate entities that are particularly preferable for small businesses: the Limited Liability Company (LLC) and the S-Corporation. In deciding between incorporating as an LLC or as an S-Corporation, there are a number of considerations to take into account:
Read more in the article at:
https://www.oflaherty-law.com/learn-about-law/llcs-vs-s-corps-selecting-a-corporate-form-for-your-small-business
Have any questions that weren't answered here? Let us know in the comment section!
Subscribe to BLTV for daily Learn About Law videos: www.youtube.com/channel/UCY4QhGg-zwgUIthoK3EdyjA
If you are in Illinois or Iowa, and would like to make an appointment with an attorney, O’Flaherty Law would be happy to help. If you would like to schedule a free consultation or receive paid legal advice, go to: www.oflaherty-law.com or call our office directly at (630) 324-6666.
Learn About Law is part of the Business Lounge Network, offering convenient and affordable office space in the Chicagoland area. Escape the noise of a crowded office or home and instead work in our professional and calm environment built to suit your business needs. For news on free events, membership offers and more, visit www.BusinessLoungeNetwork.com.
Do you have marketing, editing or audio/video production needs for your business, podcast or website? Want to be a part of the BLTV network? Let us know what we can do for you by calling us at 630-324-6666 or by emailing us at david@businessloungenetwork.com.
More Learn About Law videos, podcasts, and articles: www.learn-about-law.com
Learn More about O'Flaherty Law: www.oflaherty-law.com
Like us on Facebook for daily videos:
www.facebook.com/oflahertylaw/
O'Flaherty Law has convenient offices located in Downers Grove, Elmhurst, Naperville, Tinley Park, St. Charles, and Lake in the Hills, Illinois and Davenport, Iowa, serving DuPage County, Will County, Cook County, Lake County, McHenry County, and Scott County and the Quad Cities area. Its attorneys focus on providing quality legal work, above-and-beyond customer service, and affordable rates in the following practice areas: divorce & family law; estate Planning, wills & trusts; probate & estate administration; litigation, civil law & dispute resolution; business representation & corporate law; guardianship, elder law & special needs law; residential & commercial real estate law; immigration; bankruptcy; and DUI law and traffic & criminal defense.
O'Flaherty Law is proud to offer a free initial consultation in most areas of law. The free consultation will provide general answers on what we can do for you regarding a legal matter, specifics on what services we provide, and brief explanations on what your options for legal service may be. A free consultation does not include free legal advice or answers to specific legal questions relating to your matter. Free consultations last no longer than 30 minutes, but a full 30 minute consultation may not always be required.
None of the content in this series is intended as paid legal advice.
Subscribe to our channel for daily videos dedicated to law and business. www.youtube.com/channel/UCY4QhGg-zwgUIthoK3EdyjA