gear cutter
Cast Iron
- Joined
- Oct 16, 2010
- Location
- MO, USA
Ok. So I bought an existing gear shop about 11 years or so ago. At the time I was encouraged by a friend of mine that ran a small business to make it an LLC. I had a little business experience at that time but not much. I was Hellbent to go into business for myself and the opportunity was right in front of me. I thought at that time that I could learn as I went along. Holy crap am I learning! WooHoo! I can tell you all for sure that I've learned that I'm probably not the best businessman in the world. Ever.
Now looking back, I'm not sure if an LLC was the right choice. Almost all of my customers and a lot of vendors and other machine shops I know of are Inc. Did I make the wrong choice?
There seems to be a lot of issues with an LLC as far as how and what I can pay myself and business partner. I've talked to the accountant but he's not been able to put the answers to my questions into English that I can understand. I spoke to a lawyer and that didn't go any better.
Can anyone break this down for me so that I can understand the difference between the two, and maybe I can work from there.
Now looking back, I'm not sure if an LLC was the right choice. Almost all of my customers and a lot of vendors and other machine shops I know of are Inc. Did I make the wrong choice?
There seems to be a lot of issues with an LLC as far as how and what I can pay myself and business partner. I've talked to the accountant but he's not been able to put the answers to my questions into English that I can understand. I spoke to a lawyer and that didn't go any better.
Can anyone break this down for me so that I can understand the difference between the two, and maybe I can work from there.