Small Business owners question

[kc10family]

I posted this elsewhere, but no luck. Maybe someone on this board could answer my questions.


Do you own an LP or LLC?

Just curious what you like and don’t like about it.

Would you do it all over again?

What state is your corporation in?

 

[kldmom2000]

My husband is a small business owner in MA. I'm sorry I have no idea what an LP or LLC is???

He is incorporated~not sure if I can answer any other questions for you???

 

[kc10family]

LP= Limited Partnership
LLC= Limited Liability Company

I am think about becoming incorperated, but wondering what others had to say.

 

[Feralpeg]

I am a small business owner. I am considered a single owner. The difference being that if I were to be sued, my home and such could be in danger. I have insurance, but there is always that risk. I've considered going the LLC, but it takes more effort to set up.

 

[kldmom2000]

DH just got home from work and I showed him your thread. He doesn't know what the tax laws are in CA, but in MA, it made it totally worthwhile for them to incorporate (he and his partner co-own the company) They have an S-corp, but not an LP or LLC. He said you really need to look at the taxes and see if it will work in the long run for you. GL!!!