Cheapest way to start your LLC

[Roparadise]

I rather pay a lot less taxes. I think it's achievable with us corp/llc.
And own country llc will really not help me getting us bank account

Look at getting one in Bulgaria,tax rate is 10% there,which is alot less then taxes in us.

 

[Narrator]

If you live in Florida you can register on their site (sunbiz.org). $70 for corporation, $125 for LLC and $50 for DBAs (but you have to make an announcement in a newspaper). I never needed a registered agent.

Cheers!

 

[TNphoneman]

Just having a corporation registered in Nevada does not prevent you from paying yoour local state taxes. This is especially true if you have ofline customers. If you have a customer in say texas and you live in Texas but are registered in nevada, you have to register the company in Texas as a foreign corportion. This is why it is sometimes better to just register in your own state because filing fees are going to be the same as registering in your state in the first place.

If you register in another state, that does not automatically make you legal in every state.

Check the regulations for your state before assuming that Nevada is the way to go. Like for me, I would pay to register in Nevada and then pay to register in Montana (which is cheaper than Nevada). Now if you want Anonimity then registering in Nevada is the way to go.

Foreign residents can own corporations in any state. You will have to check with that state to see which format will work. For instance in Montana a foreign entity can not have a share in an S corp. Those little things will trip you up.

As far as a registered agent goes.... All they want is a live body within the state that they can deliver the summons to.

 

[TaxMan]

Texas state automatically created my EIN number.

The State of Texas does not issue EINs, you need to apply with the IRS. I do a alot of tax planning with small businesses and cutting corner is not always the best idea.

 

[TaxMan]

Just having a corporation registered in Nevada does not prevent you from paying yoour local state taxes. This is especially true if you have ofline customers. If you have a customer in say texas and you live in Texas but are registered in nevada, you have to register the company in Texas as a foreign corportion. This is why it is sometimes better to just register in your own state because filing fees are going to be the same as registering in your state in the first place. TRUE

If you register in another state, that does not automatically make you legal in every state.

Tax Free Nevada is all people hear.
Texas has the highest fee for forming a LLC or any other type of enity but you still need to register in Texas to do business in Texas.

 

[teeniegenie]

Guy knows his stuff...right on from my perspective.

Just having a corporation registered in Nevada does not prevent you from paying yoour local state taxes. This is especially true if you have ofline customers. If you have a customer in say texas and you live in Texas but are registered in nevada, you have to register the company in Texas as a foreign corportion. This is why it is sometimes better to just register in your own state because filing fees are going to be the same as registering in your state in the first place.

If you register in another state, that does not automatically make you legal in every state.

Check the regulations for your state before assuming that Nevada is the way to go. Like for me, I would pay to register in Nevada and then pay to register in Montana (which is cheaper than Nevada). Now if you want Anonimity then registering in Nevada is the way to go.

Foreign residents can own corporations in any state. You will have to check with that state to see which format will work. For instance in Montana a foreign entity can not have a share in an S corp. Those little things will trip you up.

As far as a registered agent goes.... All they want is a live body within the state that they can deliver the summons to.

 

[Roparadise]

Tax Free Nevada is all people hear.
Texas has the highest fee for forming a LLC or any other type of enity but you still need to register in Texas to do business in Texas.

Is that only for offline businesses? What If I have a Booking company and I move to Romania,give up U.S. citizenship since I have Irish as well,register a LLC in Bulagria(10% tax there) And I have a virtual office in texas. Could I get in trouble with the state of texas,or is there nothing they can do?

 

[teeniegenie]

Why would you want to keep a VO in Texas if you are going to become an ex-pat and move to Romainia (or anywhere else outside the US). Becoming an ex-pat and keeping a US office don't really jive together...

Is that only for offline businesses? What If I have a Booking company and I move to Romania,give up U.S. citizenship since I have Irish as well,register a LLC in Bulagria(10% tax there) And I have a virtual office in texas. Could I get in trouble with the state of texas,or is there nothing they can do?

 

[Roparadise]

Why would you want to keep a VO in Texas if you are going to become an ex-pat and move to Romainia (or anywhere else outside the US). Becoming an ex-pat and keeping a US office don't really jive together...

Because I want to have access to the U.S. market,internet speed of Romania,and low taxes of Bulgaria.

 

[TNphoneman]

Guy knows his stuff...right on from my perspective.

Thanks, I am not a lawyer but I did stay at a Holiday Inn one time.

No really, a god book to read is one of the Rich Dad series (I know some people do not like RK but this was not written by him) it is called own your own corporation. It does a really good job of explaining what each business entity is and how it interacts with other types of business entities. Maybe that is where I read about the s-corp.

I suggest that you all familiarize yourself with business entities before you go and start one.

 

[alexja83]

This is great information. Thanks to all for sharing.

 

[Roparadise]

Im glad the op made this thread,i always thought that getting a llc was alot of paperwork, and i needed a lawyer to do it. Im getting a nevada one in august or early september.

 

[jonnyquest]

If I live in the state i'm registering,do i still need a agent?

Yes you need a registered agent, but name yourself on the forms.

Lots of State Governments have their own incorporation/LLC services where you
don't have to pay any third-party fees. The difference is you need to do everything
yourself while you can use a 3rd party and not hassle with it

JQ

 

[Bostoncab]

NEVERMIND! I didn't actually read the OP I just skimmed it.. apologies for being a dumb ass!


I just set up a corporation. I filed online directly with my state (Massachusetts) I went inc. route because the filing fee was cheaper than LLC..no I am not kidding.

I think you may be wrong about taxi id number. I filed for that on line with the IRS for free. NO CHARGE.

I actually got 3 for free.. 1 for the inc. 1 for my campaign finance account and one for a dba I already had up and running.

 

[xoxxx]

the form to apply for an LLC is 2 pages long and has like 5 boxes. If your not able to figure out how to file an LLC yourself you shouldnt be doing it in the first place..

 

[Bostoncab]

there was a great BHW thread about how to build corporate credit. I bookmarked it and when I went back to read it ...GONE!

I don't suppose anyone has it?

 

[asiriusthoth]

Good stuff... just remember if you aren't experience in running a business, read everything you can. There is a lot more than just registering a LLC business. There are tax issues, member issues, documentation issues... just be prepared for it all.

 

[Graemyx]

Very, VERY interesting. I was looking at making an LLC in my state and yeah, it was looking to be ~$300 filing it myself directly to the Sec. of State (including the express fee). this looks a lot more interesting.

 

[jonnyquest]

NEVERMIND! I didn't actually read the OP I just skimmed it.. apologies for being a dumb ass!


I just set up a corporation. I filed online directly with my state (Massachusetts) I went inc. route because the filing fee was cheaper than LLC..no I am not kidding.

I think you may be wrong about taxi id number. I filed for that on line with the IRS for free. NO CHARGE.

I actually got 3 for free.. 1 for the inc. 1 for my campaign finance account and one for a dba I already had up and running.

Check out marking as an S-Corp as well... S Corp might have a better tax advantage to you because it gives you the protection of assets but doesn't necessarily cause a Double Taxation ... I did that in my state and it worked out real nice .. also start applying for credit with Visa MC and Amex...they will readily give it to you and usually at least $3-5K each card

JQ

 

[EmpireQuality]

LOL!!! I wouldn't go within 100 miles of those guys...just my opinion.

and whys that?
where did you go to get your LLC fully established?