I am looking to incorporate my internet business or form an LLC. A certain individual was talking to me about my business and said that if someone was to sue me and they won, they could (basically) take everything I own...
Where as if I was incorporated or had an LLC, then they could only take the business. On top of that, I would get some type of tax benefits.
I asked which would be better... to get incorporated or form an LLC. He said that an S-corporation would be best since I will not own any property.
I just wanted to check with any of you... Do you have more information about this? What do you think? Is it best to form an S-corp instead of LLC since I do not own property? He said I pretty much get equal tax benefits out of both types but an S-corp would be better since I don't own property... so what is your opinion?
Thanks a lot for your help!