How to Organize

The process of finding a lawyer here in Bozeman Montana has been a bit slow. We are waiting to find out where the financing will come from before we make this plunge and in the mean time, I am trying to figure out what is best for our organization. The two forms I have in mind are an S-corp and a LLC. Here is some information I pulled from the Gallatin Development Corporation: S-Corporation --Expensive to start • Get all licenses • Get federal ID • Get corporate documentation • Legal fees --Limited • Owners are liable for their actions only and limited to the assets of the Corporation --Taxed once at the individual rate. Cannot leave money in the business --Money the owners have in addition to the ability to sell shares to investors and what the corporation can borrow Limited Liability Company Less expensive to start • Get all licenses • Get federal ID • Get corporate documentation • Legal fees --Limited • Owners are liable for their actions only and limited to the assets of the Corporation --Taxed once at the individual rate. Cannot leave money in the business --Money the owners have in addition to the ability to sell shares to investors, and what the Limited Liability Company (LLC) can borrow. We are going to hit this full on after our meeting today with the bankers. This will give a bit more insight on where this money is coming from and lawyershe laywers will need to be in order to make this happen. I will explain the thoughts behind this in a few days. For now, I am focusing on getting ready for the meeting which will take place at 4:00pm Mountain time. I will post on how it goes tomorrow. ~~be bold