Jodi in Ohio Posted August 9, 2007 Share Posted August 9, 2007 I am filling out my forms for registration here in ohio and I am still stuck with wondering if I should go LLC or individual? Could anyone tell me there preferences and why? Just curious. I really need to make a decision and get the ball rolling.Thanks! Quote Link to comment Share on other sites More sharing options...
BLSoaps Posted August 9, 2007 Share Posted August 9, 2007 We filed for LLC, well, DH did, so don't ask me how to do it, cuz I have NO idea! LOL! We did it to separate the business from our personal stuff. While an LLC doesn't prevent a lawsuit against you directly, they have to name you in addition to your business. Basically, if someone were to sue you over something, they most likely would only sue your company. If you're an LLC, then your personal assets are protected. If they name your business AND you, then they can go after both.I hope that all made sense! Quote Link to comment Share on other sites More sharing options...
LaVida Posted August 9, 2007 Share Posted August 9, 2007 For the reasons Soaper has stated I filed an LLC. I also was advised by a lawyer to do the same.... It was a pretty simple process. The down side (which is a minor thing) is that there is a $100/year per member, as well as there being a $10/3 year biennial statement fee. Fortunately for me I am a SMLLC (single member Limited liability co.) so I am view as a sole-propietor for tax purposes only. Go ahead, go LLC! Quote Link to comment Share on other sites More sharing options...
RobinInOR Posted August 9, 2007 Share Posted August 9, 2007 I'm a LLC as well - it's easy in Oregon for single members - name, address, and $50/year. Wasn't that much more expensive than a DBA. I keep it as separate from my personal life as possible - the separate bank account, the business plan, yearly notes on progress, new product introductions..Now I guess I need my annual members meeting - shall I take myself to Tahiti? Tax deductible, right? Quote Link to comment Share on other sites More sharing options...
Carriegsxr6 Posted August 9, 2007 Share Posted August 9, 2007 Now I guess I need my annual members meeting - shall I take myself to Tahiti? Tax deductible, right? :laugh2: Quote Link to comment Share on other sites More sharing options...
LaVida Posted August 10, 2007 Share Posted August 10, 2007 ^.... I should take my "staff" to Hawaii next year.... :highfive:(woops I meant "viewed" and "sole proprietor").... Quote Link to comment Share on other sites More sharing options...
kandlekrazy Posted August 10, 2007 Share Posted August 10, 2007 We formed an LLC before we even started. Even though 2 of us live in CA, 1 partner is in AZ and it was much cheaper there so that's where we formed it. Quote Link to comment Share on other sites More sharing options...
Luci Posted August 10, 2007 Share Posted August 10, 2007 I'm another with an LLC since late last year. I found that I needed a tax id and just did everything at once. I really don't remember what the fees were here in SC. The whole thing took less than 20 mins at the computer with my brother (he's one of my attorneys). Quote Link to comment Share on other sites More sharing options...
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