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re: Creating an LLC for beach condo
Posted on 5/10/24 at 10:03 am to Sunnyvale
Posted on 5/10/24 at 10:03 am to Sunnyvale
quote:
Still trying to figure out how it structure for tax gains into a llc
There's no benefit tax wise really to have it as an LLC over your social security. Business expenses are business expenses. Depreciation will be the same. I'm not a CPA, but making an LLC won't save you money in taxes over being personally owned and operated. Its more for organization and for liability.
BUT, you need to 100% have a business bank account where you place some money in the beginning as either a loan or as equity into the business. Then operate 100% of the finances out of that one single account. If you forget your business card at home, write yourself a check back for that exact amount you spent.
DON"T INTERMINGLE EXPENSES AND INCOME. NOT ONCE.
Get very strict about this. Pay yourself a dividend where there is profit from your business account to your personal account, then spend it from there.
One potential savings is direct deposits into a retirement account from your business account. Get with a CPA or look into that further yourself.
2
Posted on 5/10/24 at 2:23 pm to baldona
People get hung up on "forming" an LLC. It's an online form, which takes 20 minutes to fill out and is so easy a Rummel grad could do it.
But if you don't know why you're forming the LLC, or how to structure everything, just having the SoS certificate isn't going to do much for you. For example you can form it as an Louisiana LLC, sure. But do you know how to register it to do business in Alabama? All of a sudden you're dealing with two states' llc laws, not one. And maybe that makes sense or is no big deal, but it is a step you have to research and think through. There's a bunch of stuff like this.
To be clear - none of this is incomprehensible or unmanageable once you know what you're looking for. The unknown unknowns would nevertheless cause me to at least call an Alabama lawyer or two and ask.
But if you don't know why you're forming the LLC, or how to structure everything, just having the SoS certificate isn't going to do much for you. For example you can form it as an Louisiana LLC, sure. But do you know how to register it to do business in Alabama? All of a sudden you're dealing with two states' llc laws, not one. And maybe that makes sense or is no big deal, but it is a step you have to research and think through. There's a bunch of stuff like this.
To be clear - none of this is incomprehensible or unmanageable once you know what you're looking for. The unknown unknowns would nevertheless cause me to at least call an Alabama lawyer or two and ask.
Posted on 5/11/24 at 2:55 pm to baldona
CPA...Bert Sanders Orange Beach
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