Fenner, Melstrom & Dooling PLC
Accountants who think like business owners.
We are your strategists, advisors and confidants.
We treat your business like our own: spending time at your facilities, participating in your planning and assigning senior professionals to guide you.
Our ultimate goal is to help you make more money. Working with us, you will learn to increase earnings and keep more for yourself.
Should Your Business Be an S Corporation or LLC?
Many business owners structure their companies as S corporations or limited liability companies (LLCs). On the surface there are several similarities. Both types of entities avoid corporate income tax. Instead, business income is taxed only once, on the tax return of the S corporation shareholder or the LLC member.
Moreover, both S corporation shareholders and LLC members have limited liability: their financial exposure from the company’s operation generally is no greater than the amount they invest and any notes they personally sign. (In unique circumstances, creditors may gain access to additional personal assets of the business owner.)
However, there are differences between the two structures, which you should consider when choosing between them.