I just bought a Dry-Cleaning,Laundry and Wash and Fold business.?

Which one of the follwing business set-ups would be the best to start with and give the greatest tax advantages. LLC. Corporation or a Sole Proprietor.I just bought a Dry-Cleaning,Laundry and Wash and Fold business.?
This is one for a tax professional (not yahoo answers!) good luck!I just bought a Dry-Cleaning,Laundry and Wash and Fold business.?
Do consult your tax man or an attorney because laws vary from state to state. But, in general, I will try to answer your question. For the cost of some professional advise, you could save yourself a world of headaches and a ton of money in the end.





An LLC sounds beneficial for your type of business because there will be customers coming and going in your establishment frequently every day. With water and soap spills on the floor, there is a great possibility of a slip and fall lawsuit. An LLC will protect your assets in the event of a lawsuit.





Corporations are heavily taxed in my state. Check yours.





Being a Sole Proprietor can be a good thing because you can waive unemployment compensation for yourself, saving overhead costs. And, you can draw a check from the business and then pay the taxes quarterly instead of deducting them out of your paycheck weekly. You will have to be disciplined and save for the taxes in that case. The disadvantages of being a Sole Proprietor is that you are not protected from personal law suits -- people can go after your house, your car, your bank account and so forth.