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che
Apprentice
Joined: 09 Jun 2004
Posts: 6
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 Posted: 05/01/08 - 04:00 Post subject: |
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| Can someone please give me some quick advise? I am planning to set up a business, most likely an S Corp or LLC with a business partner and I am wondering how this affects tax issues. Will this provide legal liabilty protection and does this affect my personal tax affairs? I would be grateful for any answers. Thank you in advance. |
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worden
Apprentice
Joined: 27 Oct 2006
Posts: 7
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| Posted: 05/30/08 - 21:43 Post subject: |
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| Hi. An LLC or S Corp does provide liability protection, meaning your personal assets are protected if the company goes bankrupt. However these are not taxed seperately. The profits go through your tax returns. If you want to avoid this the only option is a C Corp. This is on the other hand also much more complicated and expensive to run too. |
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