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2STRONG · October 18th, 2007

Hi there i was woundering if anyone has dealt with using s corps or LLC's for their company's ? if so is it hard to maintain with all the paperwork that has to be done and logs of meetings and so fourth. Im aware that states vary i just wanted to get and idea on the process so i have an idea of what to expect. Im in SO-CAL and plan on doing this. i think the tax advantages that you get would be worth it not to mention when you build your company and get corp, credit. what is your take on this.

Rodney · October 18th, 2007

Quote:

Originally Posted by 2STRONG


	Hi there i was woundering if anyone has dealt with using s corps or LLC's for their company's ? if so is it hard to maintain with all the paperwork that has to be done and logs of meetings and so fourth. Im aware that states vary i just wanted to get and idea on the process so i have an idea of what to expect. Im in SO-CAL and plan on doing this. i think the tax advantages that you get would be worth it not to mention when you build your company and get corp, credit. what is your take on this.

This should help you get started while you're waiting for more answers:
http://www.t-shirtforums.com/tags/llc/

5FM · October 18th, 2007

Personally I'm going to be forming an LLC and to save on paper work through research I found LegalZoom: Online Legal Document Services: LLC,Divorce,Wills,Incorporation & More to be very helpful, also there they can also help you with trademark issues

Matto · October 18th, 2007

Go woth the LLC. for starters. It is easier to maintain and if need be later you can move up to an S Corp. with minimal adjustment.

Just a question, do you currently have employees or plan on it in the near furture? if not I would just go DBA.

2STRONG · October 18th, 2007

it's just me right now im just getting started will be purchaseing equipment withing the next week. i have everything i need to do buisness for now DBA, tax id etc.... but my goal is to be able to have a couple employes not sure how long it weill take. cant isnt there away to still do it with just me.

tcrowder · October 18th, 2007

Yes you can have an LLC with just one member. The advantage of an LLC is you don't get taxed twice like you would if you Incorporate.

knifemaker3 · October 18th, 2007

I just had my accountant set my business up in LLC because I work from home on the family farm. Should someone come to pick up shirts and stub their toe and try and sue they supposedly can only touch the LLC and not any of the farm assets. Hopefully I'll never have to find out how good it is in court!!!!

Good Luck!

charles95405 · October 18th, 2007

knifemaker3.... I appreciate your thoughts on LLC but as to liability issues ...which I hope never arise....I would urge you to run this by an attorney and I think you will find out that under the circumstance you set forth that you are not very well protected if the LLC does not have insurance or funds to cover

2STRONG · October 18th, 2007

So Charles LLC's do not cover you your personal assets, what good is it than besides some more tax breaks. I thought that LLC's protected you i guess i better due some more reasearch. if thats the case it's better to go with an s corp.
what do you think. but can you do an s corp with one person?

charles95405 · October 18th, 2007

most any LLC or INC can be pierced by a sharp attorney with $$ in his/her eyes.

If you are really concerned...spend an hour with an attorney to get GOOD, COMPETENT advice from one who will know.

I was primarily addressing the issue of one doing business from the home and a customer walks in and trips...There are two legal entities involved...the business and the homeowner/renter...who is at fault...you can be that both will be named. And I don't think the LLC/S corp will protect you.

2STRONG · October 18th, 2007

i gotcha! i am doing reasearch as we speak will let you know thanks for the info.

TripleT · October 19th, 2007

Quote:


	most any LLC or INC can be pierced by a sharp attorney with $$ in his/her eyes.

So very true.

Omnipotent · October 19th, 2007

I went with Legal Zoom to set up my LLC...painless and you can have them act the agent of recod for all Tax matters and such....super simple and really quick.

Unik Ink · October 19th, 2007

Quote:

Originally Posted by 2STRONG


	So Charles LLC's do not cover you your personal assets, what good is it than besides some more tax breaks. I thought that LLC's protected you i guess i better due some more reasearch. if thats the case it's better to go with an s corp. what do you think. but can you do an s corp with one person?

I'm just one person, and I started a S corp. I was advised to go S corp through my SBA advisor. You have to file quarterly once you get a reasonable income coming in, but supposedly the advantages to incorporate are better. I just send stuff in when my accountant tells me too. I know nothing about taxes, but I still get stuff in on time. The extra paperwork isn't all that bad.

karlking85 · October 19th, 2007

Unik, if you set up on your own, Do you own 100% stock in the corp., or do you have shareholders?? (I thought that an S Corp. had to have at least two emloyees.) I was just curious, because most 'small" companies I have seen incorporate, keep all the stocks within the family, or a very tight-nit group.

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Has Anyone Here Done Llc,or S Corp For There Company