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Should I make an LLC now

Discussion in 'Business & Tax Advice' started by magichim, Feb 29, 2016.

  1. magichim

    magichim Junior Member

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    Hi guys,

    First of all I am a college student and I am hungry for success! However as you could understand my current position in life limits me, its not like I am going to go drop a quarter mill on websites. I have acquired 2 domain and will start testing methods and will probably be buying more domains. Would anyone recommend forming an LLC now to put all of my ventures under? I am in Virginia U.S. and I don't think it is terribly difficult or expensive to make an LLC. I have already been sued once and it was not fun (not business related). I understand I don't have many assets to protect but I would want to separate my budgets a little easier by making a separate entity to pour money into. Also I think I could take advantage of tax loss harvesting this way.
     
  2. redarrow

    redarrow Elite Member

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    What a LLC sorry i am a Londoner.


    do you mean a legit licence company

    most company have got over 50 enployees
    why not a sole trader or a ltd business.

    if your screed of being sued you might consider
    giving up internet marketing.

    layers are always searching fir ways to legitly get us im sues one
    way or another.
     
    Last edited: Feb 29, 2016
  3. klesl

    klesl Registered Member

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    I started an LLC in Nevada and I live in another state. I think it cost around $700 after all the fees
     
  4. Galleta

    Galleta Regular Member

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    Limited Liability Company
    https://en.wikipedia.org/wiki/Limited_liability_company

     
  5. magichim

    magichim Junior Member

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    Limed Liability Company (It limits the total liability to the business entity). Unlike a sole proprietorship which the business owner can be held personally liable for outstanding debts. These are just two common business types a small business owner would create in the U.S. Having no business entity makes you personally liable for anything that goes wrong with your business directly, for example if you get sued. Sorry I forgot this is an international website, I should have specified.
     
  6. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    You are probably a little ahead of things creating an LLC at this point. One of the main benefits is to protect your personal assets and unless your sites are going to be doing harm to others in one way or another or create a large amount of expenses I don't see a need and would not to that myself.

    The tax benefits are negligible at this point as well in that there is little to no revenue.

    But, if you will sleep better at night having everything under the umbrella of an LLC then by all means it makes sense as there is value in that kind of comfort.

    I don't know what the Commonwealth is like as to a foreign entity LLC but you can get one done for under 100 in a few different states such as Wyoming. Some States make it expensive for you to operate an business in their State using a foreign LLC though so you need to look at that if you go that route.
     
  7. magichim

    magichim Junior Member

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    I believe in my state (VA) I could do it for under $200.
     
  8. amoon

    amoon Jr. VIP Jr. VIP

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    well before to start business in any form, LLC...or others, you will need a business plan, that plan will give you the answer
     
  9. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    And if he did do harm and it was just a single person LLC(himself) he can still be sued and lose personal assets.
     
    • Thanks Thanks x 1
  10. magichim

    magichim Junior Member

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    Just for the record, you all can rest assured I plan to harm no one.
     
  11. Rough

    Rough Newbie

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    Go ahead and do it, don't let some uni assignments and exams hinder you from success. IF you're the type that doesn't like studying, i'd say go ahead, but still spend some time on your studies and make sure you pass your exams and get your degree.
     
  12. Br4mz

    Br4mz Registered Member

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    Basically a limited company
     
  13. loedown

    loedown Jr. VIP Jr. VIP

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    This is true, but if you start spending a good bit of money on tools/hosting/domains etc. It's easier to have the protection. I personally use an S Corp over an LLC.
     
  14. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    More information on the High Protection myth


    http://www.watsoncpagroup.com/kb/Liability-Protection-Fallacy-of-an-LLC_168.html
     
  15. SEO1337

    SEO1337 Jr. VIP Jr. VIP

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    You're a Londoner? Drop the BS man, that English is the worst I've seen.
     
  16. artemis42

    artemis42 Regular Member

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    Till you have enough money to start a proper company (Private Limited, or Inc.), an LLC works just fine. It's cheaper to start, and lets you rest easy at night. Since you've already established you're not going to be harming anyone, you could do it without an LLC, but this is Planet Earth we're talking about, there's bound to be a few no good doers trying to mess things up. Even if it doesn't benefit you or help with tax, get it for the peace of mind. Peace of mind>Everything else. Shifu out.