establishing a small business - incorporate it or roll with an LLC?

[PhillyB]

So this is a complex topic because it's nebulous in a lot of ways. I can't be overly specific here because I'm still forming ideas, but the nuts and bolts is that a month and a half after getting fired from my job i've hit a creative renaissance that's been bursting at the seams for years. This has led to the explosion of countless creative endeavors, from screenplays to the publication of novels to production work on other projects, etc., and, currently, the decision to create a business to officially use as a platform for all of it.

Oh yeah and I'm drunk as fug from celebrating the successful defense of my master's thesis so there's that.

Anyway I want to start a small business with several purposes. One I want to cover my ass for my rental properties so if one of my tenants fugs poo up my ass isn't on the line, which would warrant an LLC, as I understand it. However this is an umbrella company, and I'd also like it to serve in name as well as in function to handle the production of a micropublisher, which basically means I'll develop an online publication service and as well as a specialty publication distribution network for hard copies of works, all geared towards a niche demographic that should make marketing and exploration a lot easier. My temptation here is to go as an Inc.

You business bastards should toss in here pretty much anything you've got. I'm looking to register one way or another within the next month, talking to realtors about office space now.

ps i'm drunk

[PandaPancake]

Isn't an LLC the same as incorporating? 

 

Now you're looking at the difference for taxes with an S Corp or a C corps. Use the LLC as a pass through unless you want mountains of paperwork for the same protection.

[PhillyB]

it's primarily a tax difference as far as i know. the llc basically limits your liability, something an s-corp doesn't do

but that's based on bullshit googling

[uncfan888]

I'm incorporated... don't know the difference between that and an LLC, though. I just wanted to make sure my ass was covered in case one of my drivers did something stupid

[PhillyB]

4 hours ago, uncfan888 said:

I'm incorporated... don't know the difference between that and an LLC, though. I just wanted to make sure my ass was covered in case one of my drivers did something stupid

what do you do?

[Panthro]

Really...it just depends on how you want to be taxed. If you're solo an LLC would pry be best. 

I would also set up my different business ventures as subs just to keep my finances under each one separate. 

Also look to other states that are more friendly from a tax and civil rights standpoint :)

 

[PhillyB]

2 minutes ago, Panthro said:

Really...it just depends on how you want to be taxed. If you're solo an LLC would pry be best. 

I would also set up my different business ventures as subs just to keep my finances under each one separate. 

Also look to other states that are more friendly from a tax and civil rights standpoint :)

 

what do you mean as subs? like form an LLC for each one? or is there a sub LLC option?

[Panthro]

3 minutes ago, PhillyB said:

what do you mean as subs? like form an LLC for each one? or is there a sub LLC option?

No form a parent LLC and have subs under them. I don't type out lots of  infor but there are some really helpful links

http://smallbusiness.chron.com/create-subsidiary-under-llc-3789.html

Also the SBA is a great resource

https://www.sba.gov/

I'll send you some more stuff when I can get my external hardrive in better working order

[pstall]

Legal zoom is your friend. Check out hyatt legal as well. Its a value add to some companies benefits. 

[uncfan888]

6 hours ago, PhillyB said:

what do you do?

My dad and I own a vending company 

[SmokinwithWilly]

Honestly man, check with an accountant. They may seem very close when you read the basics about each, but like Panthro said, it all depends on how you want to be taxed and what your intentions are inside your business. I would sit down and set up your business plan, then go talk to someone about it. You can set up the LLC or S corp yourself for about 150 bucks depending on the state you choose to establish it in, again, more tax considerations to take into account. You just want to make sure you get the one with the most protection for your situation, and with the way tax laws seem to change little bits here and there, it's damn hard to keep up sometimes. 

 

*edit* One more thing. Do not ask anyone from the IRS any questions about this. Before I set up my corp, I consulted the IRS because I wanted to make sure I was following the correct procedures with reporting and all that stuff. Long story short, I did it wrong. I called the IRS, told them who I talked to and when, and they told me I should have consulted a professional. I said I contacted you. No BS, the lady on the phone told me "that's your first mistake."

[h0llywood]

Depends on what you're trying to accomplish

My company is set up as an S Corp which basically limits double taxation (dividends). I'll post a breakdown of the differences shortly and what may be more beneficial for you.

[h0llywood]

http://m.bizfilings.com/?task=get&url=http%3A%2F%2Fwww.bizfilings.com%2Flearn%2Fllc-vs-corporation.aspx&width=360

Here's a quick link but let me go back through my business textbooks there is a great pros and cons table that I think is easy to understand. Let me dig for i

[h0llywood]

Question: what is the purpose of speaking to a realtor and getting office space? Is the type of business require space? Do you have room at home or in the garage?