Notes for ODC.
- Advantages of LLC: protection of assets from creditors
No required meetings, notes
No shares required for single/married couple
Taxes can flow through to owners
- Costs of an LLC: may not be a financially feasible idea since the minimum LLC annual fee is $800 to the state.
- Advantages of SP: No Annual State Fees
No required meetings or shares
Taxes automatically flow through to owners personal taxes.
- Dissadvantages of SP:
No protection of private assets.