You are not my accountant. I am a 1099 contractor that works for a consulting company. I am meeting with my accountant next week to form an LLC for 2015. I will be getting paid for the month of December at around the same time. I will open a separate bank account for the corporation, but I will not be able to do it in time to have my first 2015 payment deposited into it, so it will get sent to my personal bank account as it does now. Will this cause any problems in 2016 when I'm doing my 2015 taxes? Or does it not really matter? [more inside]
I'm forming a company around an app, with myself as the sole investor and shareholder -- and my lawyers (based in CA) have advised me to go with an S-Corp instead of an LLC to avoid paying an extra $2k for New York's ridiculous "publication requirements" for LLCs. What's the catch though? I mean if this works, why doesn't everyone do it?
I have some specialized expertise in a niche engineering market. I have a fulltime job but am thinking about moonlighting as a consultant in the US. Questions about the business aspect below. [more inside]
Currently I live with family in Hew Hampshire and have registered an LLC this year here in NH at my parents' address. I'm moving just south of the border in MA, only 20 minutes away. Do I need to relocate my business? Seems like it costs more to register a business in MA. Tax-wise I believe it will be the same because NH based software businesses operating in MA will be taxed a sales tax starting this year.
I'm planning on starting both a nonprofit and a business (LLC or C-Corp) before the end of summer, and I'm uncertain as to my ability to write off expenses. Each would be run with a small (<5) group of investors/friends. [more inside]
Is it possible to convert my LLC to an S-Corp to avoid paying $10,000+ in 2013 self-employment taxes? [more inside]
I would like to register a single member LLC for the purpose of selling a software I developed and other programming related services. I was quoted , by a lawyer, 600 dollars on top of state registration fees. For consultations they charge around 400 an hour. There are several services I saw online where you pay for a monthly subscription and they claim you get free or cheap access to lawyers , and the LLC registration there is only 100 dollars (legalzoom, rocketlawyer,nolo etc) I could also fill out and send out the forms myself, but then I have to worry about the operating agreement etc. So, one idea I had was to bargain with the lawyer to include some hours of discounted consultation if I used them for the initial registration. But I am open for suggestions!
I've recently started working on a couple of software projects that I hope will generate income in 2014. I'd like to form an LLC, but I'll probably end up doing that closer to completion since it's so expensive. Because my old laptop just wasn't up to snuff for development work anymore, I decided to purchase a new laptop a few weeks ago. Now I'm worried that I may have missed out on a sizable tax deduction. Assuming I can't take the laptop off my taxes in 2013 (no LLC, no revenue), is there any way I'll be able to deduct a purchase made in 2013 as a business expense in 2014?
Hello, I am currently developing a small food business. I am interested in selling my food on weekends at outdoor markets across the city. I think this is a good way for me to get my feet off the ground and see how people respond to my product. What I can't quite figure out is if it is too soon to start thinking about registering the company name and logo? If so, would I register my small business as a LLC business or corporation? I am a bit confused. Would someone be able to help? Thank you!
I am finally about to graduate from a program to be a professional dog obedience instructor. I am completely clueless about what steps to take to start a business, legally at least. You are not my lawyer... but do I need one? [more inside]
YANML. I know this. I have an LLC registered with the State of Massachusetts that I meant to dissolve a couple years ago but never got around to and forgot about. A couple days ago, I received a letter from the state saying that I had to a file report and pay a $500 fee last year. Is there any way I can tell them I wanted to dissolve it before that and start the dissolution process, thereby avoiding the filing fee?
Hi - my partner decided to leave our LLC and now we need to evaluate how much is it worth. It's a spa business with two of us performing most of the services in a rented location. Lease agreement is up in October 2013. Each of us serviced our own clients - she's got her Clients. I got mine clients. Any suggestions or rules of thumb approaches for how to estimate our service business value so we can arrive at a fair buy-out price? Appreciate all the help!
I'm working on a few apps and I'd like to form an LLC. What complicates matters is that I plan to travel the world for the next few years, meaning that all my work will be done from my laptop with no stable office and no employees other than myself. I'm currently based in California. What are some good resources to help me figure out the best way to establish my business, both financially and legally? [more inside]
After you've incorporated, what are the daily, monthly, and yearly behaviors and fees associated with having an LLC? [more inside]
I have a good idea for a web application, but I'm worried it might incur the wrath of a few specific larger companies. Would it be a good idea to create a business entity to protect myself from any personal liability I might be exposed to? [more inside]
I've been doing a fair bit of freelance work, and it's to the point now that I have to sub out certain tasks that are outside my area of expertise. I don't want to make my clients cut multiple checks if I can avoid it–want them to just deal with me to keep it simple and neat. However, I do not want to be on the hook for income that is actually going to a sub. What to do? [more inside]
I'm going to be producing a low-budget feature film, and hopefully more in the future. I'm considering setting up a company via LegalZoom or similar and just want to know if there are any "gotcha"s before I start. [more inside]
Within the last year or two I'd read an article on Slate or Salon or some similar web site where the authors set up their own corporations (possibly LLCs) in a few different jurisdictions and compared the ease, speed, cost, etc. Now I want to find the article again and my Google-fu is failing me. [more inside]
We're looking to obtain the best credit card possible for a 5 person band with minimal expenses and income. We're an LLC incorporated in NYC. Band expenses typically include food, gas, merch supplies (shirts, blank CDs etc) and the occasional cash withdrawals, but the big anticipated purchase is a van (used -- no more than $5k). Suggestions for checking accounts also welcome...
Consultant, LLC for Tax Savings? [more inside]
I'm a proposal writer and editor who has decided to go the independent contractor route and set up my own LLC. Should I just use my own name, or come up with some other company name? [more inside]
My friend owns a property jointly with several other family members. What are his options for 1) limiting his liability 2) optimizing the legal/tax situation for hypothetically putting capital improvements into the property and 3) optimizing the legal/tax situation for transferring ownership when a part-owner passes away or sells their interest? [more inside]
I run a electronic music blog and we are in the works of snagging some pretty big deals. A number of my partners mentioned forming an LLC. While our profit is low, we are potentially entering some big contracts in the future and need some credibility and protection. What is the most basic, simple form of corporation we can form? [more inside]
Will I have to undergo a credit check in order to form an LLC and open a business checking account for that company? [more inside]
Asking business question about setting up LLC and tax savings [more inside]
What is the catch here. Business creating a seperate LLC for company cars. [more inside]
In which county should I locate my New York state LLC? Does it matter? Details inside... (and let's get this out of the way: I know you are not my lawyer) [more inside]
Is it worth forming a single person LLC for moonlighting and other tips for LLCs? [more inside]
I've read How to pick an accountant for your online business and I'm ready to find a CPA, but a little lost on where to start. Online searches tell me who is good at SEO, but not who is good at tax advice. The few people I know with similar work situations are still doing their own taxes. I was comfortable doing that before, but my tax situation has grown complicated this year. So I'm looking for recommendations from people in similar situations. [more inside]
Hints, tricks, or hacks for moonlighting, freelancing, or consulting especially in regards to setting up a LLC and setting fees? [more inside]
I'd been wanting to form a corporaton for a long time. So many benefits it seems:
track business expenses for income-tax deductions
protect assets against law-suits
gain credibility for certain transactions
But all the gory details are getting me down... [more inside]
How do I turn an LLC into a nonprofit? You are not my lawyer, but maybe someone has some helpful advice. Formed an LLC to operate a hackerspace since it was the path of least resistance. We have never been profitable, we now want to go the 501(c)3 route. How do we accomplish this cleanly and legally? We're in New Mexico if that helps.
What would a lawyer do that I wouldn't know to do in setting up a single member LLC in Florida? I want to be smart but also want to save money on what appears to be a fairly simple task. [more inside]
We're moving our tiny LLC to a new state. How Do? [more inside]
I am soon starting a job for a small business that forms LLCs. What do I need to know? [more inside]
My father and I are interested in buying and splitting an investment property 50-50. What are the sort of legal arrangements we should be looking into to lower tax burdens and maximize buying power? LLC? Trusts? Who should we be talking to about this? [more inside]
Can I change my LLC in video editing to a music publishing company? What forms do I need to fill out and who would I need to notify?
1099 form issuance refused. what to do? [more inside]
Suing my contractor. Insurance companies want to enter mediation to settle, but contractor won't supply them with necessary info for them to investigate and move forward. Now what? [more inside]
As a hobby, my friends and I create alcoholic-infused cupcakes inspired by cocktails and shots. Friends, family members and relative strangers have been egging us on to start selling them. We've been reluctant to do so, for all the obvious reasons, but now we're considering a very, very small-scale word-of-mouth/online ordering business. What do we need to know in order to avoid getting sued, fined, or going bankrupt? [more inside]
My LLC is going legit January 1st in Michigan. I'm a brand new business owner in an economically depressed state and I'm starting to turn a profit which means dealing with taxes and the IRS. I'm young, I don't know anything about business taxes, and I'm somewhat frustrated at how painful this is for a new business owner who just wants to pay his fair share. I have an accountant who I know is really good, but I need to know kind of the general picture of what is happening so I can stay on top of things. I don't want to throw it all on the accountant and I want to be proactive. [more inside]
My roommate and I are planning to register an LLC (a web startup) in Pennsylvania. We live in Philadelphia and work from home. We were told that if we register the LLC at my roommate's parents' house in the suburbs, we can avoid paying the higher city taxes. [more inside]
Lawyer people: I am a lawyer licensed in Illinois and have started to do some solo practice work. Do I need to form a LLC? Why? [more inside]
How best to assume more control than the other members of an LLC? [more inside]
AmericaFilter: What experiences have people had with setting up L3Cs to make films or film companies? (And for those from the UK, what experiences have people had with setting up community interest companies to make films or film companies?)
Could these "Membership Shares" certificates have any tangible value? [more inside]
What prevents companies from simply screwing everyone and paying off their owners debt free? [more inside]
I run a website that in recent years has started to generate a lot of income. I earned around $13,000 in 2009 with $9,000 in expenses (mostly server bills). Most of that 13k was taxed at 28% however, and my expenses were subject to the 2% rule. I was dinged with a nasty tax bill this year that I want to avoid next year. I'm wondering if forming a LLC makes sense from a tax perspective for me. I live in Maryland by the way. [more inside]
Can a member of an LLC (filing as a partnership) also be an employee of the LLC? Details inside. [more inside]
We formed a LLC. We bought a piece of equipment for the LLC. Why can't we write off the entire cost of the equipment on our 1065? [more inside]
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