setting up a LLC

[Steve S]

I have been in this business part time for about 3-4years as a owner/operator. I originally set up my business as a sole proprietor. Should I have set this up as a LLC? I f that is true, what is involved in setting up my business as a LLC
thank you
Steve S

 

[Bryan Irvin]

The laws probably vary from state to state, but in SC, its just a matter of paying a fee (I think it was $95 here) and filing a couple papers with the Secretary of State. Keep in mind, once you're a LLC, if you run your business from your home, you cant use that as a tax deduction any longer.

 

[Jim Martin]

You need to get with YOUR state to become a LLC

For us it was filling out a 2 page document and paying the fees.........

running a newspaper notice and that was all we had to do

your state could be different

A LLC just gives you a little extras liability
however if the person that is suing you has Johnny Cochran for a attorney.......is ain't really going to make a difference

 

[steve frasier]

From the little bit I have talked to my CPA about it

I believe the biggest differences are how you pay yourself and what deductions you will have

I also think that the bigger you are are the better it is to be a LLC, but the lawyer will always chase the money, best chance for him/client to get paid

your best answers would come from a CPA, he may talk you out of it or into it

 

[Fon Johnson]

It is my understanding that a LLC is best for real estate, and you should for a corporation for tax and protection purposes in a business. You should talk to a good CPA and attorney regarding the laws in your state, and what will be in your best interest.

 

[davegillfishing]

we are a s-corp for the carpet business...but are a llc for our real estate dealings.
talk to your cpa before you do anything.
dave

 

[Ken Snow]

Yep, talk to your cpa and att. We have a bunch off llc's for our properties and a leasing co, but our operating business is an s-corp.

Ken