Limited Liability Corporation?

MarvinJr

Anybody out there had to go thru this?
............Buss. Lics. 12.00
............File for LLC 130.00
............Workers Comp Exemption 50.00

This is what I am planing on doing, for myself only. No employees.....just gonna sub work out from an old friend, and do some small jobs on my own.

Do the 3 things listed above sound like the right path?
Suppose to run around 200.00 for those 3 things. Just want to make sure that the LLC is the right path for my bussiness, or is this the wrong plan I have?

Grumpy

If you file the LLC yourself at your secretary of state, then that's about right, but you might make errors on the app. Filing an LLC through a lawyer will cost around $500 roughly.

Nathan

You can file for an LLC yourself in Florida online: http://www.sunbiz.org/

Its pretty easy

__________________
Nathan

"He is no fool who gives what he cannot keep to gain that which he cannot lose." - Jim Elliot

MarvinJr

Kool! Thanks.....I have been looking for that place. I was told I could do it online, but was waiting for my old boss to get home so he could email it to me. What a great site this is, very helpfull! :Thumbs:

Just the help I need to get my own bussiness off the ground.......cause all us Painters ain't so good with #'s! lol! I was lucky......a Boss I had in the past on and off for 10 years.....I learned alot about the bussiness end from him.

MarvinJr

In my reading I found a couple of places where it said my Lawyer should read over everything carefully. ? Do I have to get the LLC or is there some other route to go?

Mike Finley

Here is a simple chart about business entities.

http://earthlink.bizfilings.com/learning/comparison.htm

Here is one guys opinion combined with the facts.

http://www.redtechpress.com/incorpor...r_business.htm

Here is a business perspective.

http://birmingham.bizjournals.com/bi...09/focus9.html

Keep in mind it all comes down to 2 issues. Liability protection and taxes. Focus on those.

MarvinJr

Thanks again!

Grumpy

Mike those were great readings. Had I read them when deciding to INC or LLC, i'd probably had made the same decisions, but I'd have been more secure in that decision and less "Scared".

MarvinJr

In trying to file for my LLC, I ran into a question. Who is the Registered Agent? It asks for the RA and I am not sure who that is......I tried my name, but that wasn't correct.

hatchet

If you're incorporated in another state (home based in another state) you will need a registered agent in the "new" state to essentially vouch for you. If you're incorporating in your "home" state then you can be the registered agent, or don't need one at all.

__________________
Rich
WIT Construction Co.
Superior MT Contractor

MarvinJr

Thanks.

Martin

An LLC is basically (in My State) still a sole-propriteorship. The only major difference's is the Biz vs Personal assets are protected. If you have NO employees...that includes any one you may 1099 and not have a certificate of liability insurance on file for...then I'd just stay a Sole-propritor. If you have employees....W-4 or sub-comtracors (1099), pay workers comp, PAY pay-roll taxes(State, Fed., Social Security etc) then an LLC or INC is worth looking into. If you're 100% working on your own you really do not benefit TAX wise by LLC vs Sole-Propritor vs "INC." Status. Stay on your own. Sole-Propreitor! But then again...even on your own when you MIGHT have an ocassional "employee"...an LLC might be a good Idea. Be sure an retain a certificate of Liability Insurance on any person you plan on 1099'ing. They're cracking down on this!!!!!!!! Or take out a workers comp policy through YOUR agent on them...though that's to costly and hard to prove weather or not you had payroll...I don't advise that!

I'd be sure and have a legitamit atty. set-up your LLC...In my area they go for a single person LLC about $250.00 - $400.00. Stay single....hiring a wife to work part time and giving her a "Taxed" pay-check will give your biz a tax deduction on all of her's or A family members wages......Do a single-person LLC and save your money! To INC will cost you much more...even as a single share-holder...that and you'll pay two different taxes...Your personal...and you're BIZ tax...which is much more....How much Biz do you do? INC'ing might not be a grand Idea. Though your LLC has it's own 38# or EIN# you can file your own taxes under your own SS# and 1040 and schudule "C" form....The LLC EIN # is only for reporting and paying employyeee state,Fed.,SS taxes etc....

Do you have an accountant? I used an accountant for years...I now the what is.....I use Quickbooks Pro, and use an accountant only on a "Question asked basis".....Once you learn to do the BiZ taxes, monthly statements and balance sheets it's realy quite simple to run your own Biz...the only trouble is maintaing a family life as you come home from work and try and update your changes...(income/exspense's)...and...Also....be a father/wife...husband/wife...Mom or Dad and still set out and page through Blueprints bidding the next job....

I have found a perfect medium that works for me...though sometimes it gets overwhelming.... I enjoy it though. If it wasn't fun (and pay) I wouldn't do it!


-Martin