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I am a tax preparer,I have a PTIN (no other credentials). I…

Hello, I am a tax preparer,I...
Hello,
I am a tax preparer,I have a PTIN (no other credentials).
I would like to incorporate my business.What would be better for me to open:an LLC or an S Corporation?(I will be the sole owner,,self employed tax return preparer).
Also,i dont understand sonething about LLC.is this same as Sole Proprietorship?
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Answered in 2 minutes by:
3/25/2018
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 37,347
Experience: 30 years experience representing clients .
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Thank you for using JA. I am Loren, an Illinois licensed attorney for over 30 yrs., and I am here to help.

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Basically, as a single member or shareholder, the entities carry the same tax benefits and shield to personal liability (though, a state entity does not protect you from professional liability).

The main difference is that the LLC is more flexible and easier to set up. The formation is not subject to as many forms.

All you really need is the Arts. of Organization.

So, I generally favor the LLC.

I am happy to continue if you have further questions.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Customer reply replied 30 days ago
Can you provide a link to incorporate into an LLC in illinois? I tried https://www.ilsos.gov/corparticles/But I didnt see the option to select LLC.
For my LLC,can I be my own registered agent snd use a PO Box addrrss for mail?Thank you!

You can be your own registered agent, but a registered agent can not use a P.O. box.

The RA needs a physical address for service of process.

I included a link in the original answer for Illinois Articles of Organization.

Simply fill it out and send it to the Sec'y of State's Office, along with the $150 filing fee. That will create the LLC.

I am happy to continue if you have further questions.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

There is no additional charge to you for rating me favorably.

Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 37,347
Experience: 30 years experience representing clients .
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Loren
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