business LLC vs. Sub-chapter S

I would like to know the opinions of all on this subject. Seems that there is much talk about the whole LLC thing and how it is riding a wave but I talked to an accountant about setting up my business and she talked more about a Sub-chapter S Corp.
I do realize that going that route is more expensive and more paperwork, but I have big dreams/plans. I am not going to be doing this for the short haul. So why not go for the gusto?! I also have people I know that started a business as an LLC and the business exploded beyond their expectations and they added employees and equipment to cover the expansion and in the end it was the actual taxes that killed the company. Yes, they probibally did expand too fast. The way she (the accountant) explained it (or at least how I understood it), as long as you plan to be a small (like family) company with limited employees making a modest profit, an LLC is fine, but if you want to be a larger company (and I plan to be a threat to Kraft someday! :D ), you should go Sub-S. Whichever one you pick, that is what you will forever be.
Secondly, I wanted to talk to a lawyer about this. I've herd all the warnings about finding one with food service industry experience and am paying attention. One of the questions I planned to ask was this one and if the food service industry had any special regs. that preferred any type of company setup. I know less than nothing, I want to have some idea of what he says so I at least know if he knows what he's talking about or he just blowing smoke.
More questions to follow...
I'm don't quite understand your statement "Whichever one you pick, that is what you will forever be.". Why can't you just change the company format at a later date? Seems to me, your lawyer is looking to make more money off of you right now. A company can always change it's designation. Yeah, there are legalities involved, nut you aren't forever stuck as an LLC. If your lawyer was serious about this, I'd suggest going to the yellow pages to find another one. As a startup, an LLC is the way to go. Limited paperwork, and you can pool both your personal and business together for tax purposes, which, at least in our situation, worked out far better than we expected..
ditto with the Creator on this one, consult more for my new adventure we filed with the IRS as an "S" corp just because the employees, but our company is still an LLC
Exactly. Right now it's just me and the wife, so no need for the S Corp. It was kind of funny, when we were shopping for our first lawyer, we met with one, that when I sat down, he starting slinging nonsensicle garbage like, "OK, now, I will get investors lined up, and we'll start you off as a C Corp...."
I told him to shut the Hell up, "Right now I have a 2-gallon pot and a wooden spoon". Yeah, we walked out. Our first lesson in that you need a food lawyer.
I set up my graphic design company by myself as an LLC. Colorado lets you do it online. AGAIN! I'm not a lawyer...blah blah, etc.

I just wanted to protect myself incase a client wanted to sue me cuz their website didn't dance and do the Macarena.

The Hot Pepper

Whatever you do, do NOT file outside your state. There are "scams" about filing in Delaware, Nevada, etc. Yeah, there are no taxes, but companies that have filed there legitimately also have offices there. If you operate in a different state (the state you live in) you are required by law to file there, and if you file out of state, legally you need to file in both! Don't risk setting your business up as a PO Box in a no-tax state if you operate in another.
Restructuring is tedious. If it does come time to change, form the new company seperatly and sell your old company to yourself. I'd say start will an LLC unless you have outside investments with ownership interests. If it's uncle larry floating you a couple grand don't worry. If it's Neveda first national business loan then the S will be better.

LLC let you take business and personal taxes together. Do not let this trick you into thinking you should combine all finances. Keep all receits, charges, bills seperate and preferably paid from by different accounts. I know a 56 year old waiter who lost most of his personal belongings by keeping them too close to his business. Yeah the sticker on your car can be a write-off but it also makes the car part of the business.

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