As a soon-to-be small business owner in Nashville, you may find yourself at the crossroads of choosing the right business structure. Typically, small business owners will have two options to choose from: Limited Liability Company (LLC) or Subchapter Corporation (S Corporation). It’s an important decision, as any reputable accounting firm will tell you, since your choice will have different accounting, tax, and legal implications.
The LLC Option
An LLC offers flexibility, ease of management, and legal protection. With LLC, your personal assets are shielded from business debts and liabilities. This is vital if a lawsuit ever arises. From an accounting perspective, an LLC is simpler to manage. There's no need for a board of directors or annual meetings, which can save you time and resources.
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