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FirstRoundPick
Member since Jan 2013
149 posts

Forming an LLC

My wife has had an idea of starting a new small business for quite a while now, and we're really starting to get the ball rolling in some of the implementation of her idea.

My question to all of the business gurus on the money talk board is would it be in our best interest to form it as an LLC?

Any feedback would be greatly appreciated.


rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22788 posts

re: Forming an LLC
An LLC will generally limit your personal liability. However, in your case, most lending institutions would require a member to personally guarantee any debt anyway.

For tax purposes, I'll let someone like poodlebrain opine for the more definitive answer, but I think you have the option to be taxed at the organization level or pass through to the pesonal level.
This post was edited on 1/4 at 8:26 am


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78406 posts

re: Forming an LLC
yeah, you can elect to file as an s corp with an llc and be taxed at personal level


NaturalBeam
LSU Fan
Member since Sep 2007
13213 posts

re: Forming an LLC
Probably a good idea, but what type of business is this and what is most important to you? Liability exposure, tax treatment, etc.?

If you do set up an LLC, it's incredibly easy to do - you can do the whole thing online at the Secretary of State's website in about 5 minutes - it's $75 to file Articles of Incorporation and maybe another $25 to secure the name (not sure about the last part).

You need to decide whether it will be a member-managed LLC or a manager-managed LLC though - that's about the only immediate decision to make.


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13806 posts

re: Forming an LLC
quote:

yeah, you can elect to file as an s corp with an llc and be taxed at personal level


What I do. This allows me to be a W2 employee. I still have to pay taxes on profit for the year.


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