Does anyone here have an LLC?

Discussion in 'Business & Tax Advice' started by PBNSurprise, Jun 10, 2018.

  1. elocin

    elocin Regular Member

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    I have a couple in Florida. But all s-corps...

    I have to look into Delaware and see how the taxes compare fro inc's/llc's/
     
  2. MikeyMikey13

    MikeyMikey13 Elite Member

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    In the UK, the equivalent to an LLC, is actually much worse off for anyone turning over less than 25-30K a year. And is way more paper work, accounts cost more, etc.
     
  3. pinkpower123

    pinkpower123 Junior Member

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    Let us know what you decide. It is def a good idea and its only $200.
     
  4. theRevolt

    theRevolt Jr. VIP Jr. VIP

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    Are you Florida resident if so you won't really it get much benefit out of it since you have to register your out-of-state LLC here as well
     
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  5. supermex

    supermex Jr. VIP Jr. VIP

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    I have an UG, which is the German version of a limited company. Taxes and tax advisors are annoying though...
     
  6. elocin

    elocin Regular Member

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    Thanks for confirming….
     
  7. theRevolt

    theRevolt Jr. VIP Jr. VIP

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    Make sure to consult an accountant as I can just give you my opinion ;)
    Having said that, single member LLC makes no difference in my opinion anyways. It is just pass-through, then as FL resident no state tax so nothing much left. The yearly fee, but without looking that up I am pretty sure there is one as well.
     
  8. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    For me it wasn't a good move. My clients liked me, not a corporate brand. It was all me. So I started a LLC and was a waste of money.
     
  9. Stavro

    Stavro Registered Member

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    The point of an LLC is purely for banking/liability, it has nothing to do with your branding. If you wanted to do business as "Barto Simpsono", you would just file your LLC papers as "Barto Simpsono LLC", and nobody besides your bank and accountant would even know the LLC exists.
     
  10. theRevolt

    theRevolt Jr. VIP Jr. VIP

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    Well, likely they would fall into a category when you read only individuals no agencies for project bids ... As he would have to invoice them as Bat Simpsono LLC they would see the LLC and probably assume he is now too big and not the personal touch anymore (at least how I'd guess, I have never faced that. LLC is literally just as sole proprietor since you even have to use your individual SSN for W9, only if you file as scorp for taxes or true scorp could it matter in my opinion)
     
  11. Rankerr

    Rankerr BANNED BANNED

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    Nice try, Uncle Sam.
     
  12. HenryHavoc

    HenryHavoc Jr. VIP Jr. VIP

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    This guy knows his stuff. I own an LLC, but I file paperwork with my taxes to be taxed as an S Corp. It prevents me from being double taxed on SSI and whatnot.

    It takes about 15 minutes to set up an LLC. I have a biz bank account and then I pay myself a salary from that account.
     
  13. Stavro

    Stavro Registered Member

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    If you file a DBA attached to your LLC, you can do business as any name you want, without any corporate suffix.

    For individual clients who don't go through one of my businesses, the invoices read Stavro Lastname, the checks are made payable to Stavro Lastname, and the bank accepts checks for Stavro Lastname. For local business clients, all the above is paid to TownMarketing. And for those who buy through my store, they pay MyBrand.

    What none of these clients know (unless they dig into the fine print) is that they are all paying the same company, UnrelatedCorporateName LLC.
     
  14. theRevolt

    theRevolt Jr. VIP Jr. VIP

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    Yeah, you can file to be treated as S-corp when you open the LLC (think 60 days after,but don't quote me on that), or every new year until sometime in Feb (again don't quote me haha). Just have to pay yourself a "reasonable" salary, so based on how complex stuff gets you really might want to see a good accountant.

    LOL, what substance y
    True, never think of that as I prefer doing everything under the LLC, filing for a new one for other stuff etc. (as otherwise, your multiple DBA could jeopardize the benefit of limited liability, again generalization so each case is likely different here )
     
  15. elocin

    elocin Regular Member

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    Just keep in mind if you want to make either corp an s-corp for tax reasons make sure the amount of stock you create for the corp when initialy filing meets the criteria for a s-corp. The first time I incorporated in Florida I created too many shares and wasn't eligible for the s-corp status. So I had to pay and amend things when I could have avoided that if I had known in the beginning.
     
  16. Stavro

    Stavro Registered Member

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    My example was a little oversimplified (I have separate LLCs for each type of business), but I did clear everything with my lawyer before setting up the DBAs.
     
  17. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    I understand. In hindsight you're right. But I did this 20+ years ago and I was younger and dumber. So Barto Simpsonio opened "Super Tech Stuff Brand LLC" looking to gain more clients by being a "proper institution", then I learned an important lesson in this business, since I did SEO and stuff that is very customized and personal my name was worth more than the LLC and opening it only increased my expenses in the end - along with government leeches who came by to check papers and shit. So I closed the LLC and nothing changed, same business.
     
  18. stressfreehost

    stressfreehost Jr. VIP Jr. VIP

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    I have a S Corp, but that is for tax purposes, which is really what any company formation is for anyways and protection of the owners. You'll also need to get a Tax ID, that should help get good suppliers for your dropshipping sites.

    Some other things you are going to need:
    * An accountant, find a good one because they will save you money at the end of the year.
    * A lawyer, right now legalzoom can get your LLC formed. But you'll need a lawyer to go over documents and give advice moving forward from time to time.
    * Money to pay taxes. Once you've filed your LLC and are doing business under that name, you can't hide what the business is pulling in anymore even if it is the smallest amount. If you're not going to be doing over 5k or so in sales in the year, and can use your SS# instead of a Tax ID/LLC/INC filing, do that instead.
     
  19. Sephrata

    Sephrata Jr. VIP Jr. VIP

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    Are you a US citizen/resident?
     
  20. Hyperive

    Hyperive Junior Member

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    Yes I have my LLC set-up in WY. That state is super business friendly. The paper-work was simple, did it online pretty quick. I could have almost done it in my sleep. It seemed like the right thing to do moving forward in business. Many of my collegues agree LLC is the safest type of business, over a corporation or sole prop. I have not been more pleased. Good Luck to you.