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are LLC's save to use

Discussion in 'Business & Tax Advice' started by Altinorda, Jun 15, 2017.

  1. Altinorda

    Altinorda Registered Member

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    are LLC's Save to use, cen you get a tax vat number with it, what are the cheapest llc's?
    do i have to pay monthly?
     
  2. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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  3. toml3030

    toml3030 Elite Member

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    It's safe to use as long as you file the required paperwork and tax return. It's not safe in the long run if you make a profit and don't follow the law because tax authorities will want to know why your LLC gets deposits and don't file taxes.

    yes

    Of the popular ones, the cheapest ones are Wyoming LLCs operating out of Wyoming. It's under $200 to set up. HOWEVER....if you operate out of a different state, you have to file in both Wyoming and whatever state you operate out of.

    LLC forms and taxes are filed yearly, but if you have to pay sales taxes you may have to file every 3 months to pay.
     
  4. headspace

    headspace Newbie

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    You don't need to pay anyone except the state for an LLC. I have several LLC's in Texas. Just google how to file for LLC and your state. Youtube shows u how to do it wonderfully. Then goto your secretary of state website. In Texas it cost roughly $300. If I were to pay legalzoom it would have cost me $500 and what do I get for that nothing...absolutely nothing. If you can tell a lawyer your info then you might aswell type it in yourself its that easy. Plus you will incur alot of logins/pass credentials.

    ITIN
    Its recommended to wait until you get your LLC in hand. Why? because some have registered for an ITIN under a name.LLC and then the LLC name they wanted was taken. Your state should also have an LLC data base. To see if your LLC is like someone else, But if your like Texas everything is automated. So I got the LLC then applied for the ITIN at the IRS,gov site. you will have it in less than 5 mins.

    I recommend you hire a CPA local then just learn how they did your taxes and then do them yourself if possible. Don't be to prideful pay a CPA if compiling your taxes gets to time consuming.
     
  5. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP

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    you get an EIN with LLC, but single member LLCs are taxed as an individual and the returns are filed in the name of the member. The EIN can be used to open a bank account in the business' name. If you need a separate tax account for your business you will need a C corp, or if you're a US citizen you could go with an S Corp.

    Delaware costs $300 a year, and Wyoming and Nevada cost $50 and 25 a year if I'm right. On top of the state fees there is a Registered Agent fee, and the RA should be able to help you register the company.

    There is no state tax or filing requirements for WY and NV

    And for filing Annual Returns with IRS, you could do it yourself with one of the many accounting software available online. I use zoho books that generates everything for me and I only need to key in the numbers on my 1040 and file. Just be sure to disclose everything properly and pay your taxes.
     
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    Last edited: Jun 21, 2017
  6. headspace

    headspace Newbie

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    I'll look into that software. Does it do payroll? Thankyou!

    Also I said ITIN in my last post. I meant to say EIN
     
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  7. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP

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    I'm not very sure about payrolls, never had to use it as I hire only freelancers and pay them as external consultants. You should check out zoho. com /books for a full list of features