New Laundromat - what entity is best?

[Goff]

Hello -

I will be needing to set up an entity for my first Laundromat soon. Is and LLC the best for this? Any advice on this would be appreciated.

Thanks

[Duane]

Scott,

There are many answers to this question. Where I have my mat set up in an LLC, others have incorporated in different ways to fit their needs. If real estate is involved some people will set up an S-corp to lease the equipment back to their LLC mat. Some people make it difficult, some people make it easy.

Talk to your lawer and accountant and see what would be best for your situation.

Duane.


www.LMARIES.com

[Anonymous]

This question should not be answered here, not because we don't want to give you advice (we do!) but because every situation is different and you should consult your lawyer and tax accountant on the specifics of your situation so the optimal approach for you can be decided. This is a decision you will live with for a long time so it pays to get it right the first time.