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Re: Was Health Insurance for Engineers - Now incorporation

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LLCs vs. sub Ss

LLCs have one nice feature. If you have a design/patent/licensable
idea/product, royalty income is treated as capital gains.
LLC treatment varies from state to state and they aren't as settled
regarding IRS determinations, but I believe that as an LLC member (like an S
stockholder) you are sheltered from liability similarly to an S.
Observations worth what you paid, YMMV, etc, etc. Could it possibly be true
that CA won't allow PEs to be an LLC member? Or is it that you can't
practice professionally under an LLC?

Chuck Ritter
JAR Associates
ritter(--nospam--at)jar.com
401-294-4589 fax 401-294-3826

----- Original Message -----
From: "Polhemus, Bill" <bill.polhemus(--nospam--at)tyson.com>
To: <seaint(--nospam--at)seaint.org>
Sent: Monday, June 06, 2005 5:22 PM
Subject: RE: Was Health Insurance for Engineers - Now incorporation


> -----Original Message-----
> From: Bill Allen, S.E. [mailto:T.W.Allen(--nospam--at)cox.net]
> Sent: Monday, June 06, 2005 3:26 PM
> To: seaint(--nospam--at)seaint.org
> Subject: RE: Was Health Insurance for Engineers - Now incorporation
>
> Kevin -
>
> I don't believe CA will allow PEs to form LLCs.
>
> I'm an S Corp, but I basically agree with you.
> -----/Original Message-----
>
> I have also heard that LLCs aren't really a good idea in general because
> they're so "new" that the IRS still hasn't made up its collective mind
> on how to deal with it. My accountant advised "don't bother with LLC, do
> an 'S-Corporation.' It's a lot safer."
>
> FWIW.
>
>
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