bert23 Posted April 20, 2006 Share Posted April 20, 2006 We are just starting & have alot of customers. i am not looking to do this full time. has anyone done the buisness thru a LLC. or what is the best route to go . we wnat the protection & tax help . please please let me know THANK YOU !!! Quote Link to comment Share on other sites More sharing options...
Barb_513 Posted April 20, 2006 Share Posted April 20, 2006 I have an LLC. If you search the topic of how to get something like this started has been talked about many times and there is a lot of good information. Quote Link to comment Share on other sites More sharing options...
Crafty1_AJ Posted April 20, 2006 Share Posted April 20, 2006 Bert, I don't know what to think about LLC's anymore. First, my accountant recommended I form one. Next time I have an appointment, he's totally backpedaling and saying it isn't a huge deal??? That it's good for thus and such situation, but not good for thus and such. To be honest, I left kinda confused. LOLI am clueless but hope others will jump in. Of course, things are a bit different state to state, I've heard. I'm hoping someone will jump in here and set me straight! LOL Quote Link to comment Share on other sites More sharing options...
RobinInOR Posted April 20, 2006 Share Posted April 20, 2006 Waters Gulch is a LLC. In Oregon it was pretty easy to do a single person LLC - about the same as doing a regular sole proprietorship/doing business as/assumed name.Every state has different LLC laws, though, so you've got to check them out for yourself. For example, CA is really expensive w/ yearly minimum taxes. And the laws will be different if you're on your own vs if you have a partner.Supposedly the LLC separates your business property from your private property. But, from things I've been reading, it's pretty easy for a lawyer to break through and in the case of a judgement against you, to get at your personal property. So I don't think it's as good a liability protection as people think it is. Unless you do it as a partnership with others. But on your own.... eh... Quote Link to comment Share on other sites More sharing options...
Beth-VT Posted April 20, 2006 Share Posted April 20, 2006 Robin that's my understanding as well. An LLC does NOT protect your personal assets. It will protect your employees from any personal liability, but you, as the owner of the company, can still have your personal assets at risk. Quote Link to comment Share on other sites More sharing options...
islandgirl Posted April 20, 2006 Share Posted April 20, 2006 I am also an LLC, disregarded entity. As Robin said, it separates your personal property from you business's. Quote Link to comment Share on other sites More sharing options...
daniedb Posted April 20, 2006 Share Posted April 20, 2006 We are an S-corp. I really can't tell you much about the differences, but I believe that we have a little more protection of personal assets vs. an LLC in our state. However, if someone really wanted to get at our stuff through the biz, I've read that it's not hard. So, insurance is the way to go, no matter what kind of biz you decide to have. Quote Link to comment Share on other sites More sharing options...
AngelaVA Posted April 20, 2006 Share Posted April 20, 2006 Talk to a good business law attorney. They can guide to as to which form your business should take. An S-Corp is for smaller corporations and having a corp. will give you much more protection than a sole prop., but you must adhere to certain guidelines to keep that protection. Again, a good attorney should be able to tell you which will be best for you. Quote Link to comment Share on other sites More sharing options...
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