Originally Posted by Unregistered:
I plan on opening a daycare, I formed an LLC already. The profit margin is projected to he 9%. I want to apply for an SBA loan but the lady at the bank said that I should be a corporation to protect from being sued personally, but I thought that is what the LLC does. I planned on filing my taxes as a sole proprietor, but now I'm wondering if I should form an S corporation. Please help. I have been receiving a ton of conflicting information.
Maybe Tom Copeland chime in here. I believe an LLC can protect you but I started another LLC last year and my accountant had me switch it to an s-corp. Better for taxes and my studio project. I would suggest you speak to your accountant. Sometimes the laws change and what was good last year may not be the best option this year.