Class+Notes+1

Advantages of a LLC: If your company get sued you company is liable but you personally are not liable. You are only partially liable. Offers benefical tax status.

Disadvantages of a LLC: As a member of the LLC you are not allowed to pay yourself wages.(Good question) Earnings are subject to the self-employment tax.

Advantages for C Corp: It is good for a business that have 30 or more members as shareholders. They can utilize coporate benefits. Easier to raise capital

Disadvantages of C Corp: Double taxation More start-up cost

Advantages of Partnership Share financial commitment ability to pull resources limited start-up cost

Disadvantages of Partnership Unlimited liablities for the partners Partnership may lead to personal troubles Difficult to attract investors Liable for business debt