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Updated over 8 years ago on . Most recent reply

User Stats

50
Posts
11
Votes
Jake Gaines
  • Wholesaler
  • Franklin, TN
11
Votes |
50
Posts

LLC or S Corp? Help!

Jake Gaines
  • Wholesaler
  • Franklin, TN
Posted

Hello, REI'S! Hope everyone had a great holiday!! Enjoyed some good food and fireworks displays! I have a question for the community: When I first decided I was going to get into REI back in January of this year, I setup my company as an S-Corp after speaking with a lawyer. He suggested LLC or S Corp and asked me some questions regarding how I would be running my business. Based on my answers he ultimately suggested that an S Corp would be best for me as far as tax purposes. So today I contacted a company because I wanted them to help me establish business credit. Once I told them my company was designated as an S Corp the representative told me I should have setup an LLC for what I am trying to do. Much to my chagrin as I've already established bank accounts, business cc's and other accounts under this name. Then he proceeded to tell that I should dissolve my company and instead setup an LLC. This had me bummed because I feel like I have to start all over. I just requested a DUNS and everything. Be honest, am I totally screwed?

Most Popular Reply

User Stats

164
Posts
135
Votes
Naseer Khan
  • Attorney
  • Bay Area, CA
135
Votes |
164
Posts
Naseer Khan
  • Attorney
  • Bay Area, CA
Replied

@Jake Gaines If you can share your business goals, perhaps we can assess your situation and determine whether the S Corp or LLC is right for your business model.

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