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MY ideas and logo is ready to go but what do I do to start my company? Inc, LLC, ???? what should I do?
Im eady to go... but wait...How do I start my company? LLC, INC, or what
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Hi Mac,
LLCs and corporations (selecting sub-chapter S status) are fairly similar in that income (and loss) pass through to the owners. It's really hard to say which is better for you, as there are many factors that might go into making the decision. Best thing to do is go to your state's Corporations Division website. They'll have plenty of info there. If you're not comfortable or unsure after that you might want to consult your accountant, CPA or tax attorney.
LLCs and corporations (selecting sub-chapter S status) are fairly similar in that income (and loss) pass through to the owners. It's really hard to say which is better for you, as there are many factors that might go into making the decision. Best thing to do is go to your state's Corporations Division website. They'll have plenty of info there. If you're not comfortable or unsure after that you might want to consult your accountant, CPA or tax attorney.
It was explained to me as such.
If your business is going to be you working alone then your probably ok with just getting a sole proprietorship business license.
If your business is going to employ workers then you may want to consider an LLC. You can do this as either a single member LLC or a multi-member LLC depending on if you have a partner or not. A single member LLC will allow you to continue to file on the same tax forms as a sole proprietor or individual.
The options going up from there really only make things more complex and costly as a startup. Those would be the things you need to talk with your CPA about.
I opted for an Single Member LLC for one of my businesses and a sole proprietorship for my other.
The LLC was easily setup through legalzoom.com for around $350 if I remember correctly. Then you need your business licenses.
The SP requires only business licenses. Be sure you look into getting your licenses as a manufacture if your going to be creating a product for sale. They fees with those seem to be a lot less than the normal retail licenses.
Just my 2 cents.
Dustin
If your business is going to be you working alone then your probably ok with just getting a sole proprietorship business license.
If your business is going to employ workers then you may want to consider an LLC. You can do this as either a single member LLC or a multi-member LLC depending on if you have a partner or not. A single member LLC will allow you to continue to file on the same tax forms as a sole proprietor or individual.
The options going up from there really only make things more complex and costly as a startup. Those would be the things you need to talk with your CPA about.
I opted for an Single Member LLC for one of my businesses and a sole proprietorship for my other.
The LLC was easily setup through legalzoom.com for around $350 if I remember correctly. Then you need your business licenses.
The SP requires only business licenses. Be sure you look into getting your licenses as a manufacture if your going to be creating a product for sale. They fees with those seem to be a lot less than the normal retail licenses.
Just my 2 cents.
Dustin
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