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llc vs s-corp
We are launching a new venture without any outside investors. It will be a pilot with limited customers. Six-nine months down the road, we may be ready for VCs/investors. Should we start with LLC or a S-corp?
If you're not taking funding, LLC is great, otherwise S-corp or C-corp depending on your needs...
Ah the eternal question.... I would tell you LLC, my accountant would say S-Corp. If you plan to eventually take outside investment, I believe S-Corp will give you more flexibity in the mid-to-long run.
Like Adam and Neal, I'm a big fan of LLC as well. The filing requirements for an S-corp are much heavier than those of a typical LLC... But here's a nice twist:
"There is always the possibility of requesting S-Corp status for your LLC."
Learn how and why here: http://www.sba.gov/community/blogs/community-blogs/business-law-advisor/...
Cheers and good luck Bert!
There's also apparently a third option in Illinois now...a B Corp. Tim Frick wrote a good article on this and might be something to look into if your company is a good fit.