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Pwned
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230 Posts
Discussion Starter · #1 ·
Seeing there are quite a few business owners on this site I figured this would be a good place to ask this questions.

I currently own two businesses but they are both partnerships, and I am looking into a LLC for my e-commerce site that I will be launching soon.

Is there a do it yourself site or a good place to go to get a LLC business setup?

Any advice/tips would be great. Thanks for the help in advance.

Matt
 

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Premium Member
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4,095 Posts
Consider a S-corp over an LLC. This way you don't pay such a high rate in personal taxes. With an S-corp, you would be a share holder and you would have a W-2 at the end of the year. Makes things MUCH easier to file with the Government every year. You should definatly pay the $300 to have a Lawyer do it for you. They can also tell you the advantages of the S-corp over the LLC.
 

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I'm not old, honest...
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31,014 Posts
Consider a S-corp over an LLC. This way you don't pay such a high rate in personal taxes. With an S-corp, you would be a share holder and you would have a W-2 at the end of the year. Makes things MUCH easier to file with the Government every year. You should definatly pay the $300 to have a Lawyer do it for you. They can also tell you the advantages of the S-corp over the LLC.
x2 on all the above plus this one. I went with an S-corp for just the reasons listed by brimy.
 

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.........................
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18,556 Posts
Yuppp

Consider a S-corp over an LLC. This way you don't pay such a high rate in personal taxes. With an S-corp, you would be a share holder and you would have a W-2 at the end of the year. Makes things MUCH easier to file with the Government every year. You should definatly pay the $300 to have a Lawyer do it for you. They can also tell you the advantages of the S-corp over the LLC.
x2 on all the above plus this one. I went with an S-corp for just the reasons listed by brimy.
x3

:thumb:
 

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Chrome Trucker Chicks Rul
Joined
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3,217 Posts
Consider a S-corp over an LLC. This way you don't pay such a high rate in personal taxes. With an S-corp, you would be a share holder and you would have a W-2 at the end of the year. Makes things MUCH easier to file with the Government every year. You should definatly pay the $300 to have a Lawyer do it for you. They can also tell you the advantages of the S-corp over the LLC.
x2 on all the above plus this one. I went with an S-corp for just the reasons listed by brimy.
x3

:thumb:
x4

I went S corp for both companies.
 

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Pwned
Joined
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230 Posts
Discussion Starter · #10 ·
Cool sounds like a S-Corp is the way to go. Now does anyone have any good recommendations on a good lawyer either in the Grand Rapids or Kalamazoo area? Thanks again guys.

Matt
 

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Premium Member
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1,983 Posts
x5 on the S-Corp - a single-member LLC is a little cheaper to set up and maintain, and it also has simpler tax filing requirements at the end of the year - just an extra page or two attached to your personal return. An S-Corp will not save you income tax $$, but it can save you FICA taxes over choosing an LLC, and based on your net profit can easily pay for the added hassle of payroll tax returns and preparing the corp tax return.

An attorney will cost you more money than setting it up yourself, but you generally get what you pay for.

[insert legal disclaimer here about giving tax advice to strangers over the Internet]
 

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Registered
Joined
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5,173 Posts
x5 on the S-Corp - a single-member LLC is a little cheaper to set up and maintain, and it also has simpler tax filing requirements at the end of the year - just an extra page or two attached to your personal return. An S-Corp will not save you income tax $$, but it can save you FICA taxes over choosing an LLC, and based on your net profit can easily pay for the added hassle of payroll tax returns and preparing the corp tax return.

An attorney will cost you more money than setting it up yourself, but you generally get what you pay for.

[insert legal disclaimer here about giving tax advice to strangers over the Internet]



:sonicjay::sonicjay::sonicjay::sonicjay::sonicjay:

Like that will stop anyone from blaming you :teehee::teehee::teehee::teehee::teehee::teehee::teehee::teehee:
 

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Yea, I can weld that
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84 Posts
Llc

That's great! Michigan Department of Economic Growth is the site at Mich.gov. Believe it or not, these people are very helpful in starting a new business.They have a vested interest to help you business to succeed (Tax income). On the LLC front, all you will have to do is apply for a tax id and DBA listing. The filing fees are cheap.You can even have an adviser walk you through the process and bounce ideas and advise. No problem at all, good luck!!!!!
 

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Pwned
Joined
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230 Posts
Discussion Starter · #18 ·
That's great! Michigan Department of Economic Growth is the site at Mich.gov. Believe it or not, these people are very helpful in starting a new business.They have a vested interest to help you business to succeed (Tax income). On the LLC front, all you will have to do is apply for a tax id and DBA listing. The filing fees are cheap.You can even have an adviser walk you through the process and bounce ideas and advise. No problem at all, good luck!!!!!
cool i will look into that, I will be also selling wholesale on the site so $1,000's of dollars in trees and if something was to happen that is out of my control I would want to be protected is all.

Do you have a link to more info or any contact info on this?

Thanks for all the help.

Matt
 
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