Business Structure Questions Require Professional Help

Posted on December 28, 2007 
Filed Under Business Basics

Karen asks,

“I need to know what’s the difference from LLC & Sole Proprietor. Which one will be better, (financially profitable) for me. By the way I live in Florida.”

The site, www.Nolo.com, gives a clear explanation on the differences between the limited liability corporation and sole proprietorship business structures.

As for which one is best for you, financially or otherwise, that’s a question for your accountant or attorney. Anyone outside of either industry who even attempts to answer this question is acting irresponsibly.

[tags]gift basket, gift baskets, business structure, Nolo.com, sole proprietorship, limited liability corporations, LLC[/tags]

Related articles to learn, grow, and profit:

  1. Choosing a Business Structure
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  3. Are Gift Baskets a Business Tax Deduction?
  4. Should I Invest in a Franchise?

Comments

5 Responses to “Business Structure Questions Require Professional Help”

  1. Gift Basket Business - Hosted by Shirley George Frazier - Author, Industry Expert » Gift Basket Ideas on the Web on December 28th, 2007 6:18 am

    [...] respond to a question about business structure on the Ask a Gift Basket Expert site. Gift basket business questions are my specialty in that space, and I encourage you to not take [...]

  2. Patricia on March 16th, 2008 9:33 pm

    It really varies from person to person, business to business. You may find helpful information at http://www.stateofflorida.com. Good luck!

  3. Shirley George Frazier on March 17th, 2008 5:58 am

    Thanks, Patricia, for sharing the State of Florida link here.

    As you state, there is no cookie-cutter solution for everyone. Each business owner stands on their own when choosing a business structure for their situation.

  4. Sanket on May 21st, 2008 5:00 am

    In my opinion, a Florida llc is a better entity to form than a Florida corporation because of the flexibility in the way the llc can be taxed, and the lower ongoing costs associated with maintaining the llc. So, LLC is a better choice for you. I would like to believe that the charge is minimal in this type of business, but the tax advantages of the LLC might be beneficial, because of the revelation level.

  5. Shirley George Frazier on May 23rd, 2008 7:46 am

    Thanks, Sanket, for weighing in on this issue.

    I do notice that LLCs are what many gift basket designers are choosing as their business structure, but hopefully that is done after talking with a certified public accountant.