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Old 02-08-2013, 08:30 AM
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Default LLC or Sole Proprietor?

Was curious about the advantages and disadvantages for daycare. I want to change my daycare to LLC but want to know if it's worth it. What would be the benefits of doing it? Just want a little background on it. Thanks!
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Old 02-08-2013, 08:48 AM
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Some other threads on the same topic
http://daycare.com/forum/tags.php?ta...proprietorship
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Old 02-08-2013, 09:35 AM
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I Missouri we do not have to count our children or grand children in our ratio

But a corporation can not have children

Plus to change here it means getting a new license Because then the LLC is licensed.
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Old 02-08-2013, 10:50 AM
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Default Llc?

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Originally Posted by tjones34 View Post
Was curious about the advantages and disadvantages for daycare. I want to change my daycare to LLC but want to know if it's worth it. What would be the benefits of doing it? Just want a little background on it. Thanks!
As a general rule I don't think it's necessary for a provider to incorporate as a single person LLC. Your taxes would not change. But, you would have to pay to be incorporated and pay an annual fee. You would have to keep your business and personal records completely separate (this would be difficult to do).

You might get some additional personal liability protection with an LLC. I've written about this in detail in my book Family Child Care Legal and Insurance Guide and here's an article on LLCs: http://www.tomcopelandblog.com/2011/...mpany-llc.html

Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab
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