| From | Message |
i3fusionguy
8/18/2010
15:02:22
|
 Subject: Incorporating
IP: Logged
Message:
Heres the deal - I have a project coming up, and in order to do it proerly, I need to form either a corp or LLC tfor asset and liability reasons. Don't worry DT, its nothing involving printers/copiers. I plan on two employees.
Given all of your experience as Indies, what is the best route away from a sole propritership?
|
Clickman
8/18/2010
17:08:27
| RE: Incorporating
IP: Logged
Message:
look a the "simple" AKA small company 401K ask your tax guy which is best S corp may be best for one man show.
yearly fees and file requirement to a minimum would be my goal
|
Desert Tech
8/18/2010
18:40:59
|  RE: Incorporating
IP: Logged
Message:
no worries here
If protection of personal assets is what you need, go LLC. An S corp is great for tax strategy but gets involved
I can give you the name of the guy that did my LLC if you want.
|
Keith
8/19/2010
06:39:17
| RE: Incorporating
IP: Logged
Message:
An LLC (limited liability) is usually done when you have partners (example a property owned with others). If you are a sole proprieter you need to set up a sub chapter S corporation. LLC or S will protect your personnal assets either way. With a Chapter S you take a salary and any income from the business is taken as a capital gain on your personnal taxes since you will own 100% of the companies stock.
The annual fee is $150.00 to $200.00 (if you pay it on time). A lawyer usually charges about $500.00 to do the initial paperwork. Once you Incorporate you will need to make your monthly tax (941) deposits and file your uct-6 (qtrly) on time or pay a penalty.
|
Desert Tech
8/19/2010
06:55:35
| RE: Incorporating
IP: Logged
Message:
You can also do an LLC as a sole owner. Basically you get the advantages and protections of an LLC but still file as as self-employed.
|