LLC vs S-corp: what is best for me?

Originally Posted by lawdoc

Hi, I'm in Florida:


Summary is at the bottom if you don't want to read the whole post

Hi,

I own a property which is vacant for quite some time. I was recently approached by someone who owns a mobile business but wants to provide his services on a larger scale from my property. He is interested in splitting the expenses/profits 50/50 amongst the two of us.

I am currently in the planning stages and have read up a little on forming corporations but still can't decide whether to go with an S-corp or LLC.

From what I have read, LLC is easier to manage and cheaper as well and S-corporations are for larger scale businesses.

Mainly I want to protect myself and property from any major losses.

What would be the most efficient way for me to incorporate? LLC or S-corp

Also, the future partner has agreed to give me a certain set % of his mobile service profits. How would I be able to incorporate this into a contract?

His mobile business will have a similar name to the corporation we are forming together.

Also, I want to make sure I won't be taxed two times because I will have the corporation lease the building from myself.

Summary:

I own a property and someone wants to partner up and start a business with me. I want to make sure my property is protected. Is LLC my best choice? We plan to split profits/expenses 50/50.

Also,

what should I choose: Limited Liability Purpose (Check one)
Any lawful purpose.
If a "Professional Limited Liability Company," list specific purpose below.

Do I have to form a P.L.L.C. for an automotive related business or can it just be a normal llc?


Thanks for your time!