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Should I set my new business up as an LLC or a corporation?

Should I set my new business up as an LLC or a corporation?
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Answered in 1 minute by:
3/20/2018
Nisha Jones
Category: Legal
Satisfied Customers: 2,597
Experience: Managing Attorney at Nisha Jones Law, LLC
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Good afternoon, I am an attorney expert with the JustAnswer website, and former Prosecutor for the State Attorney's Office. I have a near 100% customer satisfaction rate, and I'll be answering your questions today. JustAnswer provides general legal information only and does not constitute legal advice. Please allow me just a few minutes to review your question, thank you!

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Customer reply replied 1 month ago
Ok

It really depends on your personal needs.

There are pros and cons to both.

Give me just a few minutes to finish typing up some information for you, thanks!

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Customer reply replied 1 month ago
Before you type all of that out let me clarify
Customer reply replied 1 month ago
I was told by a friend to register as an LLC. I did. Now I'm wanting to use an assumed name that has "Co" in the title. I'm told I can't do that because I'm not registered as a company. I'm wondering what the difference is. What's the downside of changing my designation?

Most importantly, both an LLC and a corporation shield your personal assets from business liability (ie. in the event of a lawsuit).

There are still some limitations, so it's important to speak with a financial advisor about keeping business accounts separate, etc.

A corporation is recognized internationally, while an LLC is not. This is important if your business involves international work.

Other than that, they are both a bit similar and the operating agreement and company by-laws can be drafted to reflect your personal needs.

You can retain either an accountant or an attorney to help you with getting either your LLC or corporation set up.

There are also several online sites that help with that as well.

I hope that helps!

Please let me know if you have any other questions about this. Also, please take a moment to rate me using the stars at the top of the page, as it's the only way experts are compensated for our time on the site. I do not receive a salary here at JustAnswer, and am only compensated for my time after receiving a rating of 3 stars or more (5 stars are always appreciated). The question won't close after rating, so you can still ask follow-up questions after. Thanks, ***** ***** it!

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You can include, "Limited Liability Co." at the end of your company name.

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Customer reply replied 1 month ago
there is no difference between the two except the overseas recognition? An LLC can be put on my personal taxes. Can a corporation? Also I've been using the term company but you used corporation. What's the difference? And if I choose corporation can it still be abbreviated to "co". That's the main reason I'm thinking of switching. Just so that I can use that abbreviation.
Customer reply replied 1 month ago
The domain name for a website is the issue. Just using my name won't work because it's not available. So I'm wanting to add co in the name. That domain is available. My name plus LLC is also taken.
Customer reply replied 1 month ago
Still there?

Thanks for clarifying.

I used the term corporation because the filing option are for either creating an LLC (Limited Liability Company) or a Corporation.

With regards ***** ***** whether or not a corporation's taxes can be filed with your personal income tax, depends on whether you request designation as an S-corp or as a C-corp.

An S-corp can be included on personal income taxes because it's considered a pass through entity, whereas a C-corp cannot.

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Customer reply replied 1 month ago
bot***** *****ne. There's no real difference between setting up as an LLC or a corporation? And corporation can be abbreviated to "co"?
Customer reply replied 1 month ago
Think I lost the connection

There are some differences, as I explained earlier, and oftentimes many individuals in a start up company, or sole business owners, do opt for the LLC because there is much more flexibility with how the company is managed.

The term company is not a legal designation, it describes a group of people working together,so it's a bit of separate matter.

Either an LLC or a corporation can be a company. However some states have requirements that corporations include the term Inc, or Corp. after their name, so you would need to check with your state's requirements.

I hope that helps clarify!

Please remember to click 'Finish' and leave a positive rating so that I can be credited for my help with your question. 5 stars are always appreciated, thanks!

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Customer reply replied 1 month ago
What do you mean "how the company is managed"? I'm starting an Ecommerce company and I'm currently the only employee. The structure of each is different?

Yes. A company is not a legally designated entity, an LLC or a corporation is. For example, you cannot file to create a company, rather you file to create either an LLC or a corporation.

States vary depending on the state your filing in, with regards ***** ***** exactly needs to be included in the title of your company.

However for the most part, an LLC must indicate that it's an LLC, or you can title it a "Limited Liability Co.".

A corporation usually needs to include the words Inc., or Corp., but can also include Co., it depends on the state's requirements.

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What state are you filing in?

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Customer reply replied 1 month ago
Indiana

Thanks that will help clarify this.

Under Indiana state law, an LLC must end with "Limited Liability Company" or" LLC".

Whereas a corporation can end with "Corporation," "Company," "Incorporated," "Limited," or an abbreviation of one of those.

I hope that helps!

Don't forget to rate, thanks!

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Customer reply replied 1 month ago
Thanks! It does. Thanks again for your help.

You're welcome, no problem! If you have any more questions in the future and would like my help, please feel free to reach out to me here at JustAnswer by posting a new question, and adding "For Nisha" to the first part of your question. I'd be happy to help. Best of luck to you, take care!

Don't forget to rate before leaving, 5 stars are always appreciated, thanks!

Nisha Jones
Category: Legal
Satisfied Customers: 2,597
Experience: Managing Attorney at Nisha Jones Law, LLC
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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).

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