One more message, then I'll shut up

Hi,

So far I'm very glad that we set up shop as an LLC. For anyone else who's interested, NOLO Press sells software and books that make it easy to create your own custom-fitted LLC.

Best,

-Boyd

> Boyd -

> Are you sure the IRS views an LLC as a
> partnership? Don't you mean they view an LLP
> as a partnership? An LLC is similar to an S
> Corp. with all the benefits and none of the
> disadvantages as far as I can tell. Each
> state has different laws for LLCs but in
> Ohio, an LLC is not required to have
> officers where an S Corp. is. S Corps are
> allowed to have only 35 shareholders, (I
> think that was just increased but I'm not
> sure of the number), and none of those
> shareholders may be an entity such as
> another corporation. It must be an
> individual. With LLCs you can have unlimited
> shareholders and any entity, such as another
> LLC, S Corp., C Corp., etc. may own shares
> in the LLC.

> If you are an officer in your company you
> are automatically an employee of the company
> as well as a shareholder.

> BTW, did you know that you can create an LLC
> to hold your assets? The short version is
> that you would place your assets in trust
> and have the LLC as the beneficiary of the
> trust. You can read more about this
> interesting way to protect your assets in
> Robert Allen's "Multiple Streams of
> Income."

> Please keep in mind that I'm not a corporate
> attorney. I was involved with an S Corp. as
> president and one of the shareholders. I've
> been looking into LLCs as a better way to
> go. The facts that I stated about LLCs are
> pretty general but I'm in Ohio so that's
> what I based this on. Your mileage may vary.

> Rick Smith, "The Net Guerrilla"