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What do I need to do to get an LLC? How does it work with taxes?

G

GoingUp

Lifer
Going to be doing some side work for businesses in Graphic Design. Theyre obviously going to be reporting my work as a business expense so I will have to report the income to the federal govt. I have been thinking of getting an LLC. What do I need to do to get one in Michigan? How does it work come tax time?

Any information is helpful!

Thanks!
 
you'll have to register with the secretary of state and pay franchise fees. depending on what those are, you're not going to have any savings whatsoever.

edit: only a couple grand, don't bother.
 
You might not need to register an LLC for a couple grand. Especially since i think you have to drop a couple hundred on the reigstration. You might want to just file it under contractor, but i forget which form you fill out during taxes. UNless you plan on doing it full time in the future, then you probably should register the llc .
 
Originally posted by: yobarman
You might not need to register an LLC for a couple grand. Especially since i think you have to drop a couple hundred on the reigstration. You might want to just file it under contractor, but i forget which form you fill out during taxes. UNless you plan on doing it full time in the future, then you probably should register the llc .
Click to expand...

Not full time. I just think I have the potential to make up to about $5,000 per year.
 
Originally posted by: yobarman
You might not need to register an LLC for a couple grand. Especially since i think you have to drop a couple hundred on the reigstration. You might want to just file it under contractor, but i forget which form you fill out during taxes. UNless you plan on doing it full time in the future, then you probably should register the llc .
Click to expand...

Schedule C
 
Originally posted by: Gobadgrs
What about doin an LLC to help me with my legal protection against getting sued?
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right, thats a good reason for registering an LLC, to protect your assests. But if you think you will do work, protect your neck with a good contract, and don't pull any copyright infringment, then you should be fine without one <$5,000. if your heart is set on it, i think a quick google search will tell you what to do. you dont really need aside from a name and a few hundred bones.
 
i dont know how it works in other states...but me and my bud have an LLC...we paid 75 bucks on top of the cost for reg. business license...tax benifits are a combination of partnership and corp. you have to determine if your gonna go ccorp or scorp
 
Originally posted by: dartworth
Please save our eyes and and no more of your flash sites...

:|


btw...it cost $50 to form an LLC in MI ARTICLES OF ORGANIZATION

more info...

all this info is readily available, you just have to search a bit.
Click to expand...

If the customer wants flash, thats what they get.

To the other posters:
I'm most concerned with getting an LLC to protect my personal assets from getting sued. Sure they could sue and put the LLC out of business, but I would be able to protect my personal assets like my home. I don't plan on copyright infringement or anything stupid, but sometimes in business things go wrong and I don't want to lose my ass over it.
 
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