I need help regarding types of LLC.

[DmitryWI]

Ok, we are starting new company. It's gonna be Limited Liability Corporation, but there are few different types of LLC.
For federal tax purposes, an LLC may be treated as a partnership, corporation or be disregarded as an antity separate from it's owner.
Can someone help me out and tell me about each type?

Thanks.

 

[dlew308]

LLC is the good way to go. I didn't know there's different LLC's. You should be able to find more info off google. Good luck with your biz

 

[ShakesAllDay]

Limited liability company - Wikipedia, the free encyclopedia

 

[DmitryWI]

Limited liability company - Wikipedia, the free encyclopedia

I've looked at it already, thank thou

I think it should be S Corporate, otherwise with single owner you get nailed with taxes, but again I can't find enough info on it.

 

[bfjurky]

I've looked at it already, thank thou

I think it should be S Corporate, otherwise with single owner you get nailed with taxes, but again I can't find enough info on it.

An S corp w/single ownership is how you get nailed with taxes. The Corp gets taxed as an entity and then the owner gets taxed on all owner benefit individually. LLC are designed to not double tax while still offering the personal liability protection.

For your individual situation you should talk to at least a CPA, preferably a Tax Attorney/CPA. I believe LLC's with only one member/partner/owner can be taxed in different ways of your choosing, but it can be diffcult or impossible to change once organized.

The $$ you spend now to get the right advice for your specific situation will be well worth it in the long run.