Anyone created a LLC for personal business?

[88m3]

Hmm if anyone in NYS knows about the process or where to start let me know.

http://www.dos.ny.gov/corps/llccorp.html

Seems confusing and fee after fee...

@Suicide King do you suggest any websites to walk me through it/ simplify the process?

 

[Suicide King]

Hmm if anyone in NYS knows about the process or where to start let me know.

http://www.dos.ny.gov/corps/llccorp.html

Seems confusing and fee after fee...

@Suicide King do you suggest any websites to walk me through it/ simplify the process?

I'm in Florida and I just used Florida's website, takes less than 10 minutes, I have 2 companies operating in Florida the past 7 years.

Looking at NY website it pretty much has similar requirements to Florida, only difference is the public notice requirement.

 

[88m3]

I'm in Florida and I just used Florida's website, takes less than 10 minutes, I have 2 companies operating in Florida the past 7 years.

Looking at NY website it pretty much has similar requirements to Florida, only difference is the public notice requirement.

Cool, I'll do some more reading and touch base with my lawyer on taxes.

Anyone else wants to chime in, I'm here. Also can pm or skype

 

[Beegio]

Subs forreal.

Anybody in here deal with S-Corps?

LLC vs. S-Corp

From a perspective of experience, if someone could be so kind as to share this knowledge, I'd be much appreciative.

 

[Brooklynzson]

Go to Sunbiz.org to get your LLC, Its like $260 in FL, I can't rememeber the actual amount, but I know its not more than $300. Then go to the IRS.gov to get your EIN, open an account with chase(you get a free safety deposit box, free printed checks for bus or personal account. There's other benefits that I can't remember right now).

Then go to Ups store and get you a mailbox (You might want to do this first, Sunbiz charges you like $10-$20 if you need to change your address after the fact, the only time its free is when you file your annual report. They charge you for that, so its nothing extra to update your address), A UPS mailbox is the only "po box" that you can use for your business address, you're not allowed to use the ones from the USPS. Its about $260 or so, and they give you 3 months free, so you're good for 15 months. Your address wont be xxx xxx p.o box 555, it'll be xxx xxx # 888. So it looks official like a office or unit number.

Save all your receipts or make copies and expense as much as you can come tax time. You can use Turbo tax online to do you business and personal taxes together. You just follow the steps and input all your info. Its $100.00

 

[88m3]

Go to Sunbiz.org to get your LLC, Its like $260 in FL, I can't rememeber the actual amount, but I know its not more than $300. Then go to the IRS.gov to get your EIN, open an account with chase(you get a free safety deposit box, free printed checks for bus or personal account. There's other benefits that I can't remember right now).

Then go to Ups store and get you a mailbox (You might want to do this first, Sunbiz charges you like $10-$20 if you need to change your address after the fact, the only time its free is when you file your annual report. They charge you for that, so its nothing extra to update your address), A UPS mailbox is the only "po box" that you can use for your business address, you're not allowed to use the ones from the USPS. Its about $260 or so, and they give you 3 months free, so you're good for 15 months. Your address wont be xxx xxx p.o box 555, it'll be xxx xxx # 888. So it looks official like a office or unit number.

Save all your receipts or make copies and expense as much as you can come tax time. You can use Turbo tax online to do you business and personal taxes together. You just follow the steps and input all your info. Its $100.00

Thanks a lot man, I'll get on that right away.

also bump for further discussion

 

[newworldafro]

tell me why I should start and LLC??
what are the benefits??
the drawbacks?
and what type of busineses can be LLCs??

 

[Sensitive Blake Griffin]

tell me why I should start and LLC??
what are the benefits??
the drawbacks?
and what type of busineses can be LLCs??

You have limited liability as opposed to unlimited liability that a sole proprietorship or a partnership will experience. The tax advantage of an LLC is that if you QUALIFY you can be treated for tax purposes as a proprietorship or partnership as opposed to a real corporation. Being treated as a partnership as opposed to a C-Corp allows you to avoid double taxation that corporations experience. Also, some states allow an LLC to have centralized management and other aspects of a corporation like continuity of life and ease of transferability. Anyone can form an LLC but you're going to want to check your state laws because depending on what business you're trying to run you may not be protected by limited liability. The drawbacks being that you're not a corporation, meaning you can't really have stockholders or generate capital through those stockholders.

there is a lot more depth to these things so you're going to want to do your research. I'm in advanced corporate taxation right now in college.

 

[ill]

Bump

 

[Atsym Sknyfs]

Subs forreal.

Anybody in here deal with S-Corps?

LLC vs. S-Corp

From a perspective of experience, if someone could be so kind as to share this knowledge, I'd be much appreciative.

like the other 2 yr old post above stated.. LLCs are better for tax purposes if you're a single person.
LLCs can carry over onto your personal taxes.. S-Corps (especially NY pays quarterly taxes) on top of you doing your personal taxes.

 

[Sensitive Blake Griffin]

You have limited liability as opposed to unlimited liability that a sole proprietorship or a partnership will experience. The tax advantage of an LLC is that if you QUALIFY you can be treated for tax purposes as a proprietorship or partnership as opposed to a real corporation. Being treated as a partnership as opposed to a C-Corp allows you to avoid double taxation that corporations experience. Also, some states allow an LLC to have centralized management and other aspects of a corporation like continuity of life and ease of transferability. Anyone can form an LLC but you're going to want to check your state laws because depending on what business you're trying to run you may not be protected by limited liability. The drawbacks being that you're not a corporation, meaning you can't really have stockholders or generate capital through those stockholders.

there is a lot more depth to these things so you're going to want to do your research. I'm in advanced corporate taxation right now in college.

2+ years later I don't remember any of this shyt

 

[88m3]

I went with an LLC and had my lawyer do it, it either cost 1000 or 1500 to set up.


One of the best moves I ever made.

 

[GetitGone]

Crazy thread

 

[FluffyCorleone]

2+ years later I don't remember any of this shyt

shyt was probably written by an altered conscious. Lizard alien confirmed.

 

[Sensitive Blake Griffin]

shyt was probably written by an altered conscious. Lizard alien confirmed.

lol I guess cramming for exams could be considered an altered state of consciousness