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establishing an LLC

PhillyB

By PhillyB,
in Huddle Lounge

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Happy Panther Grand Master

Happy Panther

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I have an LLC which is now an Scorp. Scorp along with a payroll service save me $5k or so a year in tax liability.

 

I left my job at 10:00 on a Monday and the LLC was set up by noon along with a website. Costs a few hundred dollars. Takes no time at all.

 

The annual filing is $200 and takes less than 5 minutes.

 

There are added costs due to added tax work at least for me.

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PhillyB Grand Master

PhillyB

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i won't really be getting any rental income until next year, at which point i will hopefully be expanded to three or four properties, so i'll probably establish an LLC late this year or early next, just to avoid the complications.

 

thanks everyone for the advice!

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stirs Grand Master

stirs

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I have done it.

 

It is not that difficult.  You do need to talk with your accountant so see which program is right for you (S corp for me) depending on what your plans are going forward.

 

Once you are established, you can keep all your expenses and income, etc on Quickbooks and then just take in the flash drive to your accountant whenever they need it.

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stirs Grand Master

stirs

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also if anyone wants to loan me about $600k i found a 100+ acre girl scout camp for sale near greensboro that would be fuging perfect for my commune

 

I think establishing a commune full of girl scouts is a bit risky, although certain folks here will probably sign up.

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RoaringRiot Community Regular

RoaringRiot

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You definitely want to do it.  Not only for income/tax reasons, but for protection against your personal property.  I have used Legal Zoom in the past when I've had partners in the LLC.  It's nice because it drafts an Operating Agreement and files everything with the state.  You're going to play around $350-$400 for them to do it for you.  If it's just you opening a LLC for your investments, then it's a simple form from the Secretary of State website and $120ish.  I've done both.  

 

Let me know when you get to that point if you still need some help.  

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pstall Newbie

pstall

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consider DPP programs if you use say wells or other heavy equipment stuff on the property. get a pass thru write off possibly.

 

 

i know we talked before about the commune. its so funny a couple of close friends of mine were wanting to do this about 3 years ago and are still considering it.

 

 

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