• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Anyone set up an LLC?

SandEagle

SandEagle

Lifer
thinking of starting up my own tech company. what are the generic steps to get started? i want to avoid paying a lawyer for this. do i need an EIN before or after filing? what were your overall experience setting it up? hassle? easy?
 
EIN is $20 or so.

SubChapter-S Corporation was the way to go when I did it. Less, regulation etc.

Dunno about LLC.

-John
 
All of your decision making depends on your state and how they define each type of organization. The website for your state government will provide introductory information and the necessary forms for the EIN. Costs vary by state. There are several books at your library that can help your decision making.

LLP - Focused on service liability issues for service oriented professionals such as doctors, lawyers, and computer technicians.
LLC - Focused on product liability issues for a company that sells a product.
 
Depending on what you are planning to do, a sole proprietorship might be worth checking out. Incredibly easy to set up, and probably close to free depending on where you live. You can always at a later point become an LLC
 
Sole Propritorship, is the one question that tax forms always ask.

Big red flag.

But hell, taxes are one big red flag after another.

So is liability, and the only reason to do subchapter s, llc or llp, is the lawyers want to scare you about liability.

-John
 
just check out sites like legal zoom and see what they require. it should be somewhat simple

best advice I can give you is to ignore zorkorist, hes just an annoying troll who doesn't know what he's talking about
 
Scouzer said:
Do you really have to chop up your posts in order to artificially inflate your post count?
Click to expand...

I'm glad I'm not the only one who gets pissed off about this. I want to punch him in the groin for every unnecessary post. Then another groin-punch for each time he signs off his post.
 
1. Use state website to search for unused business name.
2. Submit application to local city + $25.
3. Receive LLC form in mail a few weeks later.

Simple.
 
Legal Zoom charges a lot more than finding the downloadable application from your local government website and submitting it yourself.
 
Itll most likely be in mich. Interesting on llp vs llc....... Not selling products, just providing technical consulting at the moment
 
For those claiming to go with a sole proprietorship, you can do an LLC and file your taxes as a sole proprietorship. Technically, the IRS does not recognize an LLC for filing purposes. Based on your state, an LLC can be set up for a sole proprietorship, partnership or even corporation. It's not the same for all states.

The LLC is only the legal form for asset protection, it's not the filing form. So, if you want personal asset protection and are going to be a sole proprietor, form an LLC. You can still file your federal taxes as a sole proprietor, so you can take any losses against ordinary income. If you don't form an LLC and you are a sole proprietor, your personal assets are subject to liability.
 
slayer202 said:
I like that :thumbsup:

LLC has been the popular choice recently, but it seems like S-corp, at least for tax purposes, is the better option, and that link seems to reinforce that
Click to expand...

Yup, tax wise, S-Corp lets you keep a bit more. I forget the exact %, but dividends rock 🙂.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top