- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Better to form an LLC or keep it personal
Posted on 9/20/13 at 9:23 am
Posted on 9/20/13 at 9:23 am
I have been selling products on ebay for a few years now and just this year started selling alot more product. I'm wondering about taxes would I be better off forming an LLC or keep the ebay store personal? At what amount of money would you form an LLC? Thanks for your time. R. Head
This post was edited on 9/20/13 at 9:24 am
3
Posted on 9/20/13 at 9:29 am to Richardheadtigah
just selling on ebay? no other website or storefront? do you use a personal paypal account or a business account?
more importantly: how much liability do your products pass on to you. in other words, can one be defective and injure someone? do you ever make a massive sell which could possibly cause significant financial harm to yourself if you had to eat the transaction for some reason?
more importantly: how much liability do your products pass on to you. in other words, can one be defective and injure someone? do you ever make a massive sell which could possibly cause significant financial harm to yourself if you had to eat the transaction for some reason?
Posted on 9/20/13 at 9:38 am to Richardheadtigah
Creating an LLC typically won't change your taxes. It is a flow through entity, therefore, any gains or losses will be reflected on your personal return.
You could choose to file as an S-corp under the LLC to potentially minimize some taxes on distributions vs. salary. But I would only do this if you were making a relatively good amount of money over your annual "salary" from selling online.
You could choose to file as an S-corp under the LLC to potentially minimize some taxes on distributions vs. salary. But I would only do this if you were making a relatively good amount of money over your annual "salary" from selling online.
Posted on 9/20/13 at 11:07 am to Richardheadtigah
Well, you are really pinching pennies over about $75 either way.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News