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Welcome to Just Answers! The Expert you have requested is not available, so if you don't mind, I would like the opportunity to assist you! I will do my best to help!If you are looking for anonymity, then an LLC or a corporation would be ideal for ownership. For a venture such as this, I think that the legal protection that these two entities provide would be of great benefit to you. Both corporations and LLCs are separate legal entities. However, for tax purposes, LLCs that are owned by one member (in this case you) are treated as if they don't exist. They are referred as disregarded entities. So any income that is generated is treated as self-employment income and you would pay income tax as well as self-employment tax (15.3%) on the income. A corporation is not treated like this. A corporation only pays FICA tax (the equivalent) on wages it pays to its employees (you).One benefit that corporations have over LLCs is for asset protection. In most states, an LLC can be ordered to turn over its assets to a creditor, or at least be ordered to help pay off the debt. There is no such rule for corporations. One other benefit that corporations have over LLCs is history. Corporations have been around for hundreds of years. LLCs are a fairly recent animal (only legal here in Illinois since the late 1990's). So if you are going to enter into a transaction, or someone is going to sue you, if you have a corporation you have over a hundred years' worth of case law to look at to find precedent. Someone has to have gone through this before. For LLC's, your future may depend on a ruling from a judge who might have political motivations. I always like to be safe, so I would choose a corporation.I don't think that a trust would be good for you. In many cases, depending on the trust type, the owners are at risk, as the trust is seen simply as a pass-through vehicle.I hope this has helped you! If you have any other questions, please feel free to ask! If my answer has helped you, please rate me highly! I would appreciate it!Again, thanks and have a great week!Roger
What is an economical way to set up a simple corporation?
Is the federal employer ID number a number that I may have issued to me from another LLC that i set up in my name in the past or is it a new number only for the specific corporation.
No, it is a new Federal ID Number (FEIN) that is specifically given to the new corporation. Each entity has to have its own unique FEIN.
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