Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

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?
Show More
Show Less
Ask Your Own Business Law Question
Answered in 2 minutes by:
3/25/2018
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 39,341
Experience: 30 years experience representing clients .
Verified

Thank you for using JA. I am Loren, an Illinois licensed attorney for over 30 yrs., and I am here to help.

I am a certified expert on JustAnswer since 2009, with nearly 100% in satisfied customer ratings. So, we should be able to work through your problem.

I appreciate your patience as I review your question. I will post my response shortly.

This is general information and no attorney client relationship is established.

The site may ask you if you wish to speak by phone for an extra charge. Many find the phone call to be the easiest and fastest way to get the information they need without posting on a public forum. I am also happy to continue online.

There may be a slight delay in my replies as I am assisting other JA customers also. I will reply to your follow up questions.

WHILE WE ARE CHATTING DO NOT CLICK ON THE BUTTON TO REQUEST A SECOND OPINION. IT WILL LOCK ME OUT OF THE CHAT AND PREVENT ME FROM REPLYING TO YOU.

Ask Your Own Business Law Question

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.

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

Ask Your Own Business Law Question
Customer reply replied 4 months 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: 39,341
Experience: 30 years experience representing clients .
Verified
Loren and 87 other Business Law Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Loren Your Own Question
Loren
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 39,341
39,341 Satisfied Customers
Experience: 30 years experience representing clients .

Loren is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

2,032 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

778 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

683 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

604 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
If I am going to be a contractor instead of an employee is
If I am going to be a contractor instead of an employee is there a way to incorporate of something to pay less tax?… read more
LegalGems
LegalGems
Juris Doctorate
12,863 satisfied customers
Looking to convert my business from a sole proprietor to an
Looking to convert my business from a sole proprietor to an LLC. I currently own a gift shop and as we continue to grow should I be looking at making the change over?… read more
Michael Bradley
Michael Bradley
JD
1,671 satisfied customers
I have a corporation in florida. the corporation only
i have a corporation in florida. the corporation only generates less than 15.000 year. i am paying too high in tax preparation and fees. i want a more economical entity, that allow me to work under my… read more
KLAW
KLAW
Juris Doctorate
2,401 satisfied customers
This may fall more into the category of tax law, I'm not
Hi. This may fall more into the category of tax law, I'm not sure. I'm the sole owner and sole employee of an LLC. This year I filed jointly with my wife and also listed the income from my business as… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,543 satisfied customers
Should I apply for EIN or how can I get another Tax ID for
Should I apply for EIN or how can I get another Tax ID for business?I am a software developer. And I want to start picking up projects besides my day to day job. I am working in the University, in one… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
When I purcahse 100% membership interest of a single member
When I purcahse 100% membership interest of a single member LLC (sole prop) instead of asset sale, 1) Can I use previous EIN number and sales tax account? 2) Can I use open bank account with previous … read more
Ely
Ely
Attorney
Juris Doctor
604 satisfied customers
Setting up a short term consulting agreement in California
Setting up a short term consulting agreement in California (6 months)...have a closed California S corp which could be re-opened or maybe form an LLC in Nevada to avoid taxes...what's the better choic… read more
Legalease
Legalease
Attorney At Law
Doctor of Law w/ highest honors
15,719 satisfied customers
I am a Independent Merchant Sales Rep. Another words I sell
I am a Independent Merchant Sales Rep. Another words I sell credit card terminals and other products for a large company and they give me 1099s. I work directly on commission and bonuses. My question … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I have an LLC. Do I owe anything at the end of year? Or quarterly?
I have an LLC. Do I owe anything at the end of year? Or quarterly? I am the sole owner. Do I zero out my LLC bank account?… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Hi, I have a question about forming a new company. Im
Hi, I have a question about forming a new company. I'm going to form a solar energy company in California. I do not want to form an LLC because the insurance is too high. What company would you recomm… read more
stevewlaw
stevewlaw
Doctoral Degree
206 satisfied customers
I am the sole owner of an LLC company it files the taxes with
I am the sole owner of an LLC company it files the taxes with the IRS as a C corporation. Can I pay myself with a check and no payroll deductions and file a 1099 form at the end of the year?… read more
BartEsq
BartEsq
Attorney
Doctoral Degree
674 satisfied customers
I am interested in starting a rehab/flipping houses business
I am interested in starting a rehab/flipping houses business in VA. What is the best way to set up a new company in Virginia, what is LLC that works like a S-Corporation for tax purposes? I am not a p… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I started an LLC in real estate investing in 2010, and it was
I started an LLC in real estate investing in 2010, and it was taxed as a sole proprietor in 2010. In 2011 I changed the tax election to an s-corp. It's my understanding now there will be two tax retur… read more
David L
David L
Doctoral Degree
1,604 satisfied customers
I am a foreign national opening a small business in Indiana
I am a foreign national opening a small business in Indiana (gas station and convenience store). I will have two partners. I'd like to know the difference between an LLC and a Corp. and the advantages… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I am starting a small business in the state of Colorado delivering
I am starting a small business in the state of Colorado delivering gifts and spa services (massage, facials, etc). I need to file documents with the state to register my business name, also establishi… read more
Loren
Loren
Attorney
39,341 satisfied customers
Is it just as easy to manage and maintain an LLC as it is to
Is it just as easy to manage and maintain an LLC as it is to be a sole proprietor? What responsibilities would I have as an LLC as opposed to sole proprietorship? I don't have any employees as of yet,… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
My boyfriend is trying to start a small business. Can you give
My boyfriend is trying to start a small business. Can you give me some information as to the difference between an LLC-single member, an LLC-partnership, and an s corporation, so that I can pass this … read more
Maverick
Maverick
Doctoral Degree
6,351 satisfied customers
I recently started a Shuttle Bus company as a sole ...
I recently started a Shuttle Bus company as a sole proprietorship, i was told i should have incorporated instead. Which type of business would be better for me?… read more
Jane T(LLC)
Jane T(LLC)
Master's Degree
18 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x