Inc's and LLC's - Benefits and Drawbacks
When you first decide to open a company you have a choice to make, do you just go down to the county/city office and fill out a business license application, or do you form a corporation or LLC?
By going to the city or county offices and applying for a business license you will be asked what form of business you are forming. If you have not filed with the Secretary of State to form a corporation or LLC, you will indicate either a Sole-Proprietorship or General Partnership. The business license application and approval process for the name is sufficient to allow you to run your business.
A Sole Proprietorship and General Partnership have some tax benefits for running a small business, most of which you will also find wit...
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