I have created many LLC's in my time. It's definitely worth the money to CYA (Cover Your Assets). For LLC's its not a matter of extra taxes, as the income passes through to the principals of the company, Inc's its a different story. Best advice is have an attorney draft your LLC or Inc. etc, after you have consulted with your accountant to make sure which option is the best for you personally. Make sure to ask tons of questions during the process and then after you file your first LLC with professional guidance you can now start creating companies yourself.
Forming a LLC?
I've been asking around and getting mixed feelings from everyday people, but I wanted to ask people that are in the t shirt business.
Once you've got all the requirements for starting the business, how many have taken the next step and formed an LLC or corp, or any of those? Is it really worth the extra money and taxes?
thanks to all who reply
Once you've got all the requirements for starting the business, how many have taken the next step and formed an LLC or corp, or any of those? Is it really worth the extra money and taxes?
thanks to all who reply
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Hi Ryken,
if you are serious about conducting business you need some kind of formal entity if only to protect your personal assets from any possible liability that comes with running a business.
Taxes are unavoidable, and operating a legitimate entity will enable you to write off many expenses.
Setting up an llc is not prohibitively expensive and you could either do it yourself or pay an accountant or online provider like legalzoom.com.
Many supplier demand a tax id and business license # before they will do business and offer the best wholesale prices.
You could do business as a DBA on your own account, i suppose it's a personal choice.
Good Luck
Ian
if you are serious about conducting business you need some kind of formal entity if only to protect your personal assets from any possible liability that comes with running a business.
Taxes are unavoidable, and operating a legitimate entity will enable you to write off many expenses.
Setting up an llc is not prohibitively expensive and you could either do it yourself or pay an accountant or online provider like legalzoom.com.
Many supplier demand a tax id and business license # before they will do business and offer the best wholesale prices.
You could do business as a DBA on your own account, i suppose it's a personal choice.
Good Luck
Ian
Don't use legalzoom.com!!! Just my opinion. In Indiana I can do it all online via the secretary of state's website for $89. Or I could use legalzoom and spend $238. LLC's have gotten really simple to file and create over the past few years.
awesome, thanks to all of those who replied. it definitely makes my decision a little easier...
I will definitely check into the forming an LLC through the Sec of State website.
I will definitely check into the forming an LLC through the Sec of State website.
1 - 5 of 5 Posts
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