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Hey guys. So I was all ready to set up my LLC until I saw that if I am the only member it becomes a Single Member LLC meaning that I file the business taxes in with my usual taxes. I'm a little confused about how the whole thing works.

So my questions are; If I do the SMLLC, will the company still be it's own person in a matter of speaking, will I be able to open a bank account with the company name, basically will I be able to do just about everything the same as an LLC would, just have to file differently?

Thanks in advance!
 

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Hey guys. So I was all ready to set up my LLC until I saw that if I am the only member it becomes a Single Member LLC meaning that I file the business taxes in with my usual taxes. I'm a little confused about how the whole thing works.

So my questions are; If I do the SMLLC, will the company still be it's own person in a matter of speaking, will I be able to open a bank account with the company name, basically will I be able to do just about everything the same as an LLC would, just have to file differently?

Thanks in advance!
LLC are a "pass through entity" so however your business is setup is how you will pay taxes. For example if you are a sole proprietorship then will pay taxes that way. LLC deals more with protection, but does not mean you are 100% protected.
 

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Hey guys. So I was all ready to set up my LLC until I saw that if I am the only member it becomes a Single Member LLC meaning that I file the business taxes in with my usual taxes. I'm a little confused about how the whole thing works.

So my questions are; If I do the SMLLC, will the company still be it's own person in a matter of speaking, will I be able to open a bank account with the company name, basically will I be able to do just about everything the same as an LLC would, just have to file differently?

Thanks in advance!
I just formed a Single Member LLC for my company here in NY. Last week I opened up a business account. To open a business account you need to:
1. Proof/documentation on your LLC
2. Federal Tax ID # which you apply for after getting your LLC

So far everything is the same. I was told the only difference is in the filing of taxes. May be different in other states.
 

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Discussion Starter #4
MICKEYRAWZ said:
I just formed a Single Member LLC for my company here in NY. Last week I opened up a business account. To open a business account you need to:
1. Proof/documentation on your LLC
2. Federal Tax ID # which you apply for after getting your LLC

So far everything is the same. I was told the only difference is in the filing of taxes. May be different in other states.
That's what I'm hoping for, because I'm probably going to be filing for it within the next two days. Did you file yours on your own? I'm thinking about using legalzoom, but filing for the fed. tax id on my own. I was thinking about putting my parents in the LLC as 5% owners, but them that just creates a more questions for me.

Thanks a lot for the info guys!
 

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That's what I'm hoping for, because I'm probably going to be filing for it within the next two days. Did you file yours on your own? I'm thinking about using legalzoom, but filing for the fed. tax id on my own. I was thinking about putting my parents in the LLC as 5% owners, but them that just creates a more questions for me.

Thanks a lot for the info guys!
Yeah I filed for it on my own. However every state is totally different in how you go about getting an LLC. In NY you have to file the articles of organization and also put a legal notice in 2 newspapers once a week for 6 consecutive weeks stating your organization of an LLC. I did everything online including the tax id #. I also have my mom on as sole owner for credit reasons.
Good luck!!
 

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If all you want is a checking account with a business name I recommend you look into filing a Fictitious Business Names or DBA. It's much cheaper and simpler than doing an LLC. (It cost me $70 and it was done in a week.)
 

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If all you want is a checking account with a business name I recommend you look into filing a Fictitious Business Names or DBA. It's much cheaper and simpler than doing an LLC. (It cost me $70 and it was done in a week.)
Well that's not all I want to do, I want to write stuff expenses off and be secure also.
 

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Sounds like you got some bad information, you don't have to have from an LLC to write business expenses off your taxes.

I'm not sure what you mean by "secure". The main benefit of the LLC is "limited liability" so you need to determine what potential liabilites you have. As a t-shirt printer I would think the most you would be liable for is the cost of a botched shirt job if you had an unhappy customer. So pretty minimal.

Either way I recommend you take a couple hours at the library and understand the different forms of registering a small business before dropping $ on an LLC you might not need. (I find the NoLo books to be really helpful.)
 
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