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re: Starting an LLC
Posted on 2/2/16 at 4:06 pm to Amblin
Posted on 2/2/16 at 4:06 pm to Amblin
What state are you in? I set up LLCs for clients regularly in NJ. All I need to file with state is a certificate of formation. I then prepare an operating agreement detailing the provisions for running the company. NJ requires a separate registration with the state for tax reporting. There is a difference between formation and registration (at least in NJ). Need to state type of business, number of employees, etc. for the business registration.
You will also need an EIN. The EIN application will ask how many employees the business has or will have.
Your son may want to consider classifying his workers as independent contractors instead of employees. Makes it a little easier tax wise.
He probably should talk to an accountant.
You will also need an EIN. The EIN application will ask how many employees the business has or will have.
Your son may want to consider classifying his workers as independent contractors instead of employees. Makes it a little easier tax wise.
He probably should talk to an accountant.
1
Posted on 2/2/16 at 4:23 pm to Amblin
I have been in the lawn biz for 12 yrs this year,my advise is to first get with your tax person, if you don't have one get one, they will point you in the right direction and get you a tax ID number. Once you get this you will need GL insurance and also workers comp if you will have people working for you. You will also need commercial ins to cover pulling your lawn trailer.my tax person does all my filings for me and tells me what receipts to keep and such. Once you learn all this you can do it all on your own if you like.
Posted on 2/2/16 at 4:32 pm to Tiger Ryno
quote:
There is a man named W on here who is an expert on LLCs
:hifive:
Posted on 2/2/16 at 4:36 pm to Amblin
get a lawyer
Posted on 2/2/16 at 4:41 pm to Amblin
Your son has always done good work for me, hate to see that he's selling out. I don't trust Big Business with my petunias
Posted on 2/2/16 at 4:43 pm to Tiger Ryno
quote:
here who is an expert on LLCs
I just fell out my chair at the barber shop.
Posted on 2/2/16 at 5:11 pm to EvrybodysAllAmerican
quote:
Because Uncle Sam likes to spend other people's money? Income tax (state and federal), self employment tax, payroll tax, possibly sales tax, probably some city or parish business licenses, occupational licenses, etc. Seriously, if its a high school kid, summer job type business, just making a few thousand, keep it off the grid. If he's trying to make it a career or a long term business, then he'll eventually have to, but id wait until i had no other choice and needs to start deducting business expenses, etc. Keep it simple and keep the government out of it as much as possible.
Well yeah, but this is based on information that we didn't know at the time. I'm an attorney who forms LLCs all the time, so I know the issues, but it seemed like you were basing your opinion on unknown info.
Posted on 2/2/16 at 5:26 pm to Amblin
Ask a lawyer instead of a bunch idiots on an anonymous message board
Posted on 2/2/16 at 5:45 pm to DBU
Good grief... you don't need a damn lawyer to set up an LLC. It takes about 5 minutes on the Secretary of State website... someone posted the link early in the thread.
Posted on 2/2/16 at 5:52 pm to BoostAddict
quote:
Good grief... you don't need a damn lawyer to set up an LLC. It takes about 5 minutes on the Secretary of State website... someone posted the link early in the thread.
Exactly. I think I spent $35 to set up my LLC in MS. It was so damn easy. Just get a Nolo book on the subject.
Posted on 2/2/16 at 5:55 pm to MSTiger33
quote:
You will also need an EIN. The EIN application will ask how many employees the business has or will have.
This. It's also easy to do online once you form the LLC, which is easy to do online as well. It's $70 filing fee in FL.
Usually setting up as an S Corp is easiest for tax purposes, but an accountant may be the best to give advice on this OP. It seems like classifying any workers as independent contractors would not be the best from a liability standpoint and for being able to obtain a work comp exemption.
Posted on 2/2/16 at 6:01 pm to Amblin
quote:
and business for liability
It depends on the business. We do cabling in data centers and our general liability policy has to be for $3 million minimum.
Posted on 2/2/16 at 6:53 pm to Mo Jeaux
Well yeah, but this is based on information that we didn't know at the time. I'm an attorney who forms LLCs all the time, so I know the issues, but it seemed like you were basing your opinion on unknown info.
[/quote]
You don't need a lawyer to set up an llc.
shite! People pay you to do it?
How much do you charge?
I shoulda went to law school.
This post was edited on 2/2/16 at 7:07 pm
Posted on 2/2/16 at 7:15 pm to CherryGarciaMan
quote:
You don't need a lawyer to set up an llc.
shite! People pay you to do it?
How much do you charge?
I shoulda went to law school.
For something like the OP, no you don't need a lawyer. However, for larger operations it would be smart to have a lawyer to set the LLC up the way you want as far as what provisions you should have in your operating agreement, etc.
Posted on 2/2/16 at 7:43 pm to CherryGarciaMan
quote:
I shoulda went to law school.
Instead you are an English teacher?
I'm glad I don't depend on you geniuses to help me.
General liability is not expensive and you can always increase your coverage down the road should one particular client require it. Workers comp isn't too bad either, just classify your workers correctly. Keep all documents, receipts etc...buy and learn Quickbooks and you can take care of all payables, receivables and payroll yourself. Pay your 940-941 on time.
And most importantly consider after doing all of this your actual cost of overhead and adjust up your current pricing to clients to reflect this % as well as your profit. Take care of your business, be professional and always do what you say you will do even if it costs you money, be honest and you will get as much business as you ever want. Good luck.
Posted on 2/2/16 at 8:31 pm to CherryGarciaMan
quote:
You don't need a lawyer to set up an llc. shite! People pay you to do it? How much do you charge? I shoulda went to law schoo
Lol. The LLCs I set up are not for a couple of dudes cutting grass. I work with hedge funds and private equity funds. Managers set up LLCs to act as a general partner to funds and management entities and co-investment special purpose vehicles, and have operating agreements with multiple classes, vesting rights, profits interests etc.
This post was edited on 2/2/16 at 8:33 pm
Posted on 2/2/16 at 8:55 pm to Martini
quote:
you are an English teacher?
Quit in 2010.
Ended up in DC legalizing drugs.
Failed at that too.....
Now I live on the beach and run nonprofits while paying off my student loans via insurance brokering.
Posted on 2/2/16 at 9:50 pm to Amblin
The first time I started one I went straight through SOS website.
LINK
i just had a friend of mine who is an attorney do all the legal stuff for me, but there are websites you can use that makes it easier to file.
Others might think you don't have to do so, but I would recommend talking with an attorney first (I wouldn't go out of my way to talk with one, but if you have a friend or associate you can get some time with to explain the proper way to do things).
LINK
i just had a friend of mine who is an attorney do all the legal stuff for me, but there are websites you can use that makes it easier to file.
Others might think you don't have to do so, but I would recommend talking with an attorney first (I wouldn't go out of my way to talk with one, but if you have a friend or associate you can get some time with to explain the proper way to do things).
Posted on 2/2/16 at 9:52 pm to OweO
Would an llc benefit 2 rental properties? Couldn't one write up to a certain amount of losses yearly?
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