Sole Prop vs LLC

[Apollo Creed]

Did you all set up an LLC off rip or waited until you were profitable?

Ive heard some folks say it aint worth it initially because you arent making real money to write things off and not just be scene as a hobby.

 

[OfTheCross]

Did you all set up an LLC off rip or waited until you were profitable?

Ive heard some folks say it aint worth it initially because you arent making real money to write things off and not just be scene as a hobby.

If you're doing something that someone can sue you for do the LLC. If not, a Sole Prop is fine

 

[Apollo Creed]

If you're doing something that someone can sue you for do the LLC. If not, a Sole Prop is fine

People sue for anything nowadays thats what had me leaning to LLC. So it seems small scale the legal protections is the benefits more so than anything tax related?

 

[Ethnic Vagina Finder]

For tax purposes if it’s just you then you will still get taxes as a sole proprietor. 15.3%.

But once you have an LLC and get an EIN, you can do more. If you owe the state or government, you can hide your money in a business bank account and they can’t touch it.