Sole Proprietor or LLC?

[Woodenboater]

Hi all,

I've just agreed to purchase an Oregon salmon troll permit before the end of the year with the intent to fish it next year. I already have the boat, and the gear is part of the permit purchase. I'm curious, would you all recommend running the business as a sole proprietor or as a corporation/LLC? I'd like to lay a good foundation on the business side, not sure which way would be better.

Thanks in advance,

Greg

[islands50]

Greg,

There are advantages in both, a LLC is taxed the same as soul proprietor. yet it also limits your personal investments to a law suit. IE someone suing you can olny go after the bassness accets your personal assets are protected by law. your home, car personal accounts etc.

Another postitive out look with an LLC you can have to LLC in any state, some have no or very little corporate tax. and the write off are much more generous then the other.

[Woodenboater]

I spoke with an attorney, he recommended a corporate entity of some sort. He says that LLC's and corporations are substantially similar for legal purposes, and said I should speak with an accountant to find out how each behaves in regard to taxes. I'll meet with a CPA soon to decide!

Greg