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| If there is a lot of money involved an LLC will not protect anything. It is generally part of your personal property. The income tax on the "LLC" I discontinued was paid right with my personal income tax - in other words it was not seperate from my personal assets. The "S" corp and "C" corp we currently have are completely seperate from any personal finances. "S" or "C" corp are more complicated and all tax preparation fees etc are completely seperate. A "C" corp is better for more than one owner and a "S" may be better for one owner although their are other factors involved. You need a really good estate attorney to advise you. It will be money well spent. | |
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Stupid LLC?
