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What/where is the absolute cheapest or sanest way to form a LLC? It is not meant for hiring anyone, just want a separate business entity to do some things (consulting, providing services like web development -- and for separating out business costs like purchasing specific software that will never be used in a personal capacity, and colocation etc). Most of the links I find online are some form of affiliate or shill review stuff apparently. I assume Nevada or Delaware, and a registered agent?
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Jan 24, 2015 01:32
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| # ? Apr 27, 2024 03:13 |
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Just open a business account at your bank if it's going to be a sole proprietorship anyway. Unless your line of work makes you think you might get sued for a ton of damages and want to limit your liability. From a banking and tax perspective there is no advantage to an LLC since it is all taxed as personal assets and income. In AZ you can register a trade name for $10 as well which lets you open a bank account under the business name and transact as that name. I'm sure it's cheap in every other state too. Keep in mind, you can always form an LLC later if you need to but there's no sense rushing. If you insist, (again in AZ) forming an LLC is under $100 and most of the forms can be filled out without much legal input if it's a sole proprietorship. It's just more structured with paperwork.
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Jan 24, 2015 02:22
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The intent is that it's a wholly separate entity with separate accounts, the tax part is not really the problem, it's more that doing web development adn offering services online is a bit risky and it's more or less to limit personal liability
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Jan 24, 2015 02:25
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I am in the same boat completely, doing freelance web dev work and I chose the non-llc route for simplicity's sake. I chose to spend my time and money on a specific service contract. I'm curious to see what other's thoughts are on the subject. Good luck with the process! I've heard it's cheap and easy if you put in the effort on your own footwork through your State's appropriate offices. I would advise against legalzoom style services for this reason.
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Jan 24, 2015 02:44
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I'll be sure to post a bit when I figure some stuff out. I don't do long term contracts at the time, mostly higher volume, smaller amount/hours, so that's partially why I have this issue. I live in CA, which is one of the most (if not the absolute most) expensive places to form an entity in
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Jan 24, 2015 02:59
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I recommend forming your company in Delaware. http://corp.delaware.gov/howtoform.shtml It stupid easy, cheap, and you can do it online. You can even do it from most countries. When I did it, I paid a $50 application/processing fee.
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Jan 29, 2015 21:47
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Snatch Duster posted:I recommend forming your company in Delaware. Most companies are delaware companies iirc..do this
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Jan 30, 2015 01:42
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Tautologicus posted:Most companies are delaware companies iirc..do this I wonder if that would enable one to avoid the massive fees associated with a CA LLC? I wish I had known you could do it all online, that would have been a nice way to save $150/yr for my LLC! (Oregon filing fee)
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Jan 31, 2015 01:58
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SiGmA_X posted:Unless they have a reason not to be, they typically are! (Gross over generalization - but generally true lol) Yea, I was orginally going to form my LLC in CA but gently caress their taxes and fees.
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Feb 1, 2015 02:59
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Technically if you do business in CA you have to pay the state the minimum $800/yr franchise tax whether you're a CA corp or not.
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Feb 1, 2015 18:49
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How many houses do you have to own for renting for it to be stupid not to have an LLC? 3+? Should each house have it's own LLC? Or group them up cost value and have a multiple houses grouped in a few LLCs?
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Feb 1, 2015 22:05
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LolitaSama posted:How many houses do you have to own for renting for it to be stupid not to have an LLC? 3+? Should each house have it's own LLC? Or group them up cost value and have a multiple houses grouped in a few LLCs? I have no idea how this works with a umbrella policy, either... VVV I wondered if this was the case or not. SiGmA_X fucked around with this message at 23:45 on Feb 1, 2015 |
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Feb 1, 2015 23:16
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There's absolutely no point to you registering and and forming a Delaware LLC. The LLC will still have to file in California regardless because your actual business is done there. There's reasons why some corporations have their holding companies in Delaware, but you are not Chase Financial. Your LLC's income is going to be subject to California's taxes and minimum fees regardless of where the LLC was formed (because you, the sole owner and employee, live and work in California).
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Feb 1, 2015 23:22
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You might want to read up on the limits to your limited liability too. Not legal advice by any means but the heading Piercing the Corporate Veil may be of interest. http://www.nolo.com/legal-encyclopedia/personally-liable-llc-corporate-debt-bankruptcy.html In your case of a single person offering services a sole proprietorship is essentially unchanged by creating an LLC as far as I understand things. Of course IANAL though, I'm speaking from 2 liberal arts business classes and some curious reading on the internet. But it's worth informing yourself of the caveats if the goal is purely to limit liability for personal business dealings.
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Feb 1, 2015 23:34
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| # ? Apr 27, 2024 03:13 |
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Don't ask the internet. Find a local corporate or business attorney who specializes in start-up and ask them. If you're so worried about personal liability don't take the cheap way. Do poo poo right. 99.9% of the time the correct answer is to form the LLC in your home state. You'll have to pay the taxes and fees there anyways since you do business there so why pay more fees to another state, too? Still ask a professional. If anyone living in California really did form their LLC out of state thinking they would get around paying taxes and the $800 yearly fee that is not the case. I'd suggest contacting them before you get in too deep. They will find out and they will gently caress you. Hard.
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Feb 11, 2015 09:58
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