LLC

what would be a good reason for doing an LLC other than 'potential' tax benefits.. and escape from personal liability?

from what i understand that if you are the only member of your LLC you are treated as a sole proprietor and therefore do not see as many tax benefits..

my goonz dont seem to be motivated as i am and i plan on going alone, and given the fact that forming a LLC in my state is so fukkkin expensive, ($500) i wanna be sure that it would be worth it for me.

there is also alot involved with things such as an operating agreement, articles of organization annual filings etc, that i dont necessarily think is worth it to me.

does anyone have a label that isnt an LLC? how is that working for you?

An S-corp would work better if you're doin a solo, has the same tax benifits ( with an LLC you would file as an an S-corp anyway) and is cheaper + / - $300

I got an S-corp when you start doing major work in this day it'll be a must investors and other companies don't like messin with LLCs cause it doesn't protect their interest. Scorp in GA is only 100bucks to incorporate then like 40 to do ur notice of inc. then like another 50 for a business license.... get a PO Box!!!

wow. good sh!t

EMFinite wrote:what would be a good reason for doing an LLC other than 'potential' tax benefits.. and escape from personal liability?

from what i understand that if you are the only member of your LLC you are treated as a sole proprietor and therefore do not see as many tax benefits..

my goonz dont seem to be motivated as i am and i plan on going alone, and given the fact that forming a LLC in my state is so fukkkin expensive, ($500) i wanna be sure that it would be worth it for me.

there is also alot involved with things such as an operating agreement, articles of organization annual filings etc, that i dont necessarily think is worth it to me.

does anyone have a label that isnt an LLC? how is that working for you?

Luckily you asked this question and I found it. I have quite a few different companies and I will try to help you out right here:

First off, you might want to think about forming a Delaware Corp for some tax benefits. I will assume your sh#t is hot and you will be get large amounts of cash. There is some significant benefits from the point of Business Law for this state. They even have a special court just for business cases. Next, you will need to contact the Sec. of State at the Capitol to get a form for "Foreign Corporations" (LLC are still considered a Corp if your wondering) so you can operate your newly formed business in your state except if your in Delaware of course.

Don't discount the value of personal liability protection. You wouldn't want a situation where you sampled a track and the artist gets pissed and sues you. You don't want him to get damages and then have recourse to your personal assets.

Lastly so you get more benefits from your LLC make sure your pay yourself a salary that is direct to your name not another company. With direct payments to your name you will be building a history that will help you alot in the future when you go to a bank for a loan. They are weird about "self-employment". You want to seem like just an employee for a company you own even though you own and control it. Trust me on this one.

Hope this helps.

.02
-Dal