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06-17-2019, 06:31 PM | #2 |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
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I had a lawyer do an LLC. It is basically a shell corporation for liability reasons. It costs 40 bucks a year to reaffirm it with the state. I do not remember the original cost because it was done when I did the will/trust.
You may be able to do an easy LLC with Legalzoom. Or with a lawyer friend. |
Posts: 36,833
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06-17-2019, 06:39 PM | #3 |
He's Mahomie!
Join Date: Aug 2001
Location: Jax, FL
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LLC or S Corp. Talk to an accountant. S Corp saves a ton on tax write-offs.
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Posts: 17,387
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06-17-2019, 06:47 PM | #4 |
MVP
Join Date: Feb 2013
Location: Studio City, CA
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I created an LLC in March. I would highly encourage you to use LegalZoom as I did.
Get the legal addition and the compliance addition. Skip the accounting unless you bad with the spreadem sheets. California charges all LLCs 800 smackers almost immediately so thank your lucky stars you don't live here. Then again I'm spending the 4th on a boat watching the fireworks over the Pacific so I guess you get what you pay for. |
Posts: 12,932
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06-17-2019, 06:48 PM | #5 |
The Constitutional Choo choo
Join Date: Dec 2009
Location: homeof43conferencetitles
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Posts: 44,329
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06-17-2019, 06:58 PM | #6 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
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Ya gotta look out for number one and try not to step in spreadem sheets.
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Posts: 34,283
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06-17-2019, 07:08 PM | #7 |
Buddy Christ is a Chiefs fan
Join Date: Nov 2008
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We may be moving states fairly soon and it sounds like the LLC you have to reregister in your new state. Do you know if you have to do that with the S Corp?
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Posts: 10,501
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06-17-2019, 07:30 PM | #8 |
The Maintenance Guy
Join Date: Sep 2005
Location: Renovated Bugeater Estate
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You still haven't left Omaha?
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Posts: 70,443
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06-17-2019, 07:34 PM | #9 |
MVP
Join Date: Oct 2011
Location: Michigan
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Yeah done it.
LLC or S-Corp doesn't matter really, still register in the State... You have to file Articles of Incorporation with the State for a S-Corp. S-Corp just, really, declares pass-through taxation to the members rather than being taxed as a C-Corp. A LLC can actually choose to be taxed as an S-Corp. No real reason to be an S-Corp unless you intend to pay yourself a salary from the earnings of the business and expect there to be additional net income. All you really need is to file as an LLC to help protect your personal assets, which both do. Now, if you do elect S-Corp status as an LLC, you can reap the benefits of less Payroll Tax and not having so much paperwork for a C-Corp and everything functions pretty much the same. Then, get insurance. General Liability, Errors and Omissions, and Data Breach should be of primary importance if you're doing consulting and working with another company's data and providing them suggestions. Last edited by kccrow; 06-17-2019 at 07:47 PM.. |
Posts: 12,689
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06-17-2019, 07:38 PM | #10 |
The Constitutional Choo choo
Join Date: Dec 2009
Location: homeof43conferencetitles
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What do you do for a living?
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Posts: 44,329
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06-17-2019, 07:56 PM | #11 |
Buddy Christ is a Chiefs fan
Join Date: Nov 2008
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Posts: 10,501
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06-17-2019, 07:59 PM | #12 |
Buddy Christ is a Chiefs fan
Join Date: Nov 2008
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Posts: 10,501
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06-17-2019, 08:05 PM | #13 |
The Constitutional Choo choo
Join Date: Dec 2009
Location: homeof43conferencetitles
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Posts: 44,329
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06-17-2019, 08:10 PM | #14 | |||||
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Definitely talk to an accountant. There will be a return to file, plus you have to keep a set of books, so whatever you do make sure they're on board. Quote:
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I don't know the rules if it is a single member LLC, it may not be able to be taxed as an S-Corp. Talk to your accountant. I'd do it. For me, it made me start treating my business as a business and made me a better businessman. Not that I didn't know what I was doing on the business side of things, but having it separated forced me to do a little bit of it and made it far easier for the rest of it. |
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06-17-2019, 08:15 PM | #15 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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You didn't say, but if you're going to quit your job and do this instead, DEFINITELY do your due diligence. Then if you do it, save up a pile of money.
I've seen several fools do it and they blow through every dollar of revenue then something unexpected, like, "WHAAA I owe taxes? HERP DERP" and then they struggle. Plus if you're going to do it, get yourself a solid understanding of your expense. Because while it is deductible, it isn't free. Know your expenses. |
Posts: 57,040
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