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s corp, c corp, LLC, inc, or plc



 
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Old April 11th, 2008 Apr 11, 2008 10:20:19 PM -   #1 (permalink)
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Default s corp, c corp, LLC, inc, or plc

Hey, can someone explain the difference between them. I read some stuff, but hardly understand anything. Can someone please explain it in a normal language, because I can't understand most of the legal terms.

Thanks!
 
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Old April 12th, 2008 Apr 12, 2008 4:56:17 PM -   #2 (permalink)
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Default Re: s corp, c corp, LLC, inc, or plc

S and C corps are both corporations. They are taxed different etc. Most major companies are C corps, this is the one that is truly its own entity. C corps are better for smaller businesses but you have to keep a lot of records, have meetings and approve everything thru company minutes.

LLC is by far the most common and best choice for single person entities and small businesses, especially if there are partners. You dont need to keep meetings or minutes etc. LLC means limited Liability Company.

Inc, means c or s corp.


What are you trying to do with your business?

More than likely an LLC would be best.

Hope this helps.
 
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Old April 12th, 2008 Apr 12, 2008 5:07:28 PM -   #3 (permalink)
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Default Re: s corp, c corp, LLC, inc, or plc

Agree with BareApparel. We registered ourselves as an LLC as well. I did the S corp thing back in 2001 and it was a real pain. Different states have different requirements for LLCs, but so far I've found the process for registering and maintaining an LLC quite simple. An LLC is also supposed to protect your private assets better than if you simply registered your business as a dba.

I've found that most states provide very good websites that allow you to register for an LLC online.
 
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Old April 15th, 2008 Apr 15, 2008 2:28:04 PM -   #4 (permalink)
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Default Re: s corp, c corp, LLC, inc, or plc

Read this: Starting a new business in the USA? Here are things to consider LLC, Corp, Sole Prop
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