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Old August 26th, 2013, 01:01 PM   #21
busyfixin
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Are you guys competing in the Tummystick Challenge?
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Old August 26th, 2013, 01:05 PM   #22
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PM'd
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Old August 26th, 2013, 01:19 PM   #23
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I started with a DBA and went to a C corp with the subchapter S amendment. This worked OK for a bit, but then I found out about corporate taxes and the miles of redundant paperwork. I finally switched to an LLC because it is better for my business as far as taxes and paperwork.
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Old August 26th, 2013, 02:36 PM   #24
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I typed it all out, then reconsidered and sent you a PM. Too many experts in The Pub.
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Old August 26th, 2013, 03:17 PM   #25
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I'm an LLC, therefore you should be too. Hope that helps. :)
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Old August 26th, 2013, 03:48 PM   #26
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I wanted to set up and LLC but then I realized I didn't GAF. So I called my lawyer and told him to GTFO and he was like WTF, GFYMF.
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Old August 26th, 2013, 05:14 PM   #27
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Im going to go LLC for what im planning to do. Thanks for everyones help....good info on here.
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Old August 26th, 2013, 07:20 PM   #28
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Quote:
Whenever a corporation or LLC transacts business in a particular state, it must register with that state. This means that it has to pay taxes in that state and file reports, just as if it was actually formed there, so if you are operating a “local” business that caters to customers that mainly live in the state you reside in, it generally would not make sense for you to form your corporation or LLC in a different state only to then need to register in your home state anyway. While there are exceptions, in most cases, you might as well just form your entity in the state in which you live and keep things easy on yourself! Why have the extra fees, taxes and paperwork? It makes no sense!
http://www.myllc.com/which-state-to-form-llc.aspx
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Old August 26th, 2013, 07:51 PM   #29
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My business is an LLC. Its a piece of cake to do, costs hardly anything and makes taxes a breeze. If you have a job outside of the business, you will only pay taxes on the business profits your household income is not lumped in with it. That keep you from getting screwed over by the State
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Old August 27th, 2013, 06:31 PM   #30
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My business is an LLC. Its a piece of cake to do, costs hardly anything and makes taxes a breeze. If you have a job outside of the business, you will only pay taxes on the business profits your household income is not lumped in with it. That keep you from getting screwed over by the State
did you setup your llc yourself? Several people are telling me this is not that hard to setup
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Old August 27th, 2013, 06:56 PM   #31
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Originally Posted by barry1me View Post
did you setup your llc yourself? Several people are telling me this is not that hard to setup
It isn't. I set mine up myself as well.
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Old August 27th, 2013, 08:30 PM   #32
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Yes i did do mine, myself
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Old August 28th, 2013, 06:32 AM   #33
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Originally Posted by phittie1100 View Post
I typed it all out, then reconsidered and sent you a PM. Too many experts in The Pub.
I really wanted to see what you were going to say. I spent a lot of time with some people that charge a lot per hour to tell me my latest venture should be an s-corp. I of course haven't filed my taxes yet, but I'm interested to see how this works out.
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Old August 28th, 2013, 12:08 PM   #34
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Originally Posted by GreaseMonkey View Post
If you don't know anything on the subject, how do you know I'm wrong?
I know enough on the subject to know how to choose for my own business ventures. You don't know nearly enough about barry1me's business to give advice on how he should do it. Which leads right into your vague advice that doesn't answer his question properly (because you don't have enough info to do so).
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Old August 29th, 2013, 01:07 AM   #35
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Lawyer and a tax guy for sure, my brother in law found out the hard way, make sure they are reputable. He set his business up as an S corp, on the advice of a trusted friend. He has complications with his diabetes now and has lost most of his vision in one eye. He cannot file for disabilitiy because of the S corp. He never even considered that being a problem to face down the road.
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Old August 29th, 2013, 07:50 AM   #36
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Quote:
Originally Posted by clarkstoncracker View Post
I really wanted to see what you were going to say. I spent a lot of time with some people that charge a lot per hour to tell me my latest venture should be an s-corp. I of course haven't filed my taxes yet, but I'm interested to see how this works out.


LLC vs S Corp
The MI LLC statutes give you almost the same protection for your home and family that a corporation would. An LLC is simpler to set up and maintain, especially if you are the only owner/member. A single member LLC does not file a separate tax return, just an additional form called Schedule C attached to your personal return. A single member LLC with no employees also does not have to deal with employment tax forms.

However, Schedule C is one of the most abused, and therefore the most audited, ways to file your tax return. When you add a second member, the LLC will file either a Form 1065 or Form 1120, and all that shows up on your personal return is the net result. Far less audit risk.

If you plan to have employees, there are good arguments for considering a corporation from the beginning, and making an election to be treated as a small business corporation, "S-Corp" or "Sub S Corp".

PS go find an attorney and a tax guy ASAP.





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