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October 27th, 2008, 05:28 AM #1To incorporate or not?
Ok, Im completely new to internet marketing and online business. I'm currently working on a few projects that are promising.
I was wondering, should I create an LLC or corporation?
Or should I just worry about it once I start making money?
Just a little confused about whats going to be the best for me?
October 27th, 2008, 07:23 AM #2
- Join Date
- October 11th, 2008
Which type of corporation (llc, C corp, etc.) depends on a few factors...
Which State you live in, how much money will flow through the corporation, etc.
The changing Government climate and the potential "flux" in tax regulation/rates will make a difference as well.
Generally speaking, (remember, I'm NOT a lawyer), you can always start with an LLC and then convert it to a full C Corporation when it's advantageous to do so. But if your goals are fairly high, I would seek the advice of your family attorney and CPA (NOT a common tax preparer).
October 27th, 2008, 08:21 AM #3
I think that a single-member LLC (with its simplified tax reporting - on your personal return) is the best way to start.
You may also find this thread of help: http://forum.abestweb.com/showthread.php?t=108806
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October 27th, 2008, 07:22 PM #4
I have always recommended going full protection and tax advantages of a "C" corporation. I like to keep my personal and business information separate.
October 28th, 2008, 02:19 AM #5Originally Posted by MeeMaw
Just wondering because right now its seems that creating an LLC would be the easiest and cheapest.
October 28th, 2008, 02:57 AM #6
- Join Date
- May 31st, 2006
- Houston TX
October 28th, 2008, 09:15 AM #7
My Sub S was pretty easy to create also.
I'd really base it on what your long term goals are.
1. Are you dabbling and experimenting for right now but will throw in the towel if it all comes crashing down? Then leave everything as is and do it under your SSN. You can still have a company name, business cards, etc. Plenty of people here do it under their own SSN.
2. Are you diving into this and will make it work because this is part of a good long term strategy for you and your lifestyle? Then plan for your success now and form a Sub-S corporation (Or LLC, etc) . Get the correct form and file for a tax ID number from the government.
Don't fret on your original question too much. Anything you pick now can always be changed. And you will find lawyers/tax advisors that prefer all types of companies.
October 28th, 2008, 08:00 PM #8
- Join Date
- February 7th, 2006
BtteryFuelPatric pretty much summed it up. However, I highly recommend consulting with a busness attorney as to which type of entity your busness should be if you are going to be doing extensive online marketing.
Good luck with your ventures!
October 29th, 2008, 09:41 AM #9
The reporting requirements are less and there are fewer expenses with an LLC. If you do not follow all of the rules for a corporation, your can lose your legal protection.
An LLC is a separate entity.
You can apply to have an LLC taxed as an S-Corp, which gets taxed at your personal rate. If you income gets pretty high, it is usually advantageous to convert to a corporation.
It might be a good idea to talk to a CPA. He or she can give you the best advice from a tax perspective.There's good, fast and cheap. Pick any two.
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November 3rd, 2008, 10:40 PM #10thanks
thanks for the advice everyone... I think as soon as I start making some real money I'll start off with the LLC.
Unfortunately I don't have the money to talk to a CPA or Lawyer!
One step at a time,
November 3rd, 2008, 11:49 PM #11
Originally Posted by M2Lim84
- Join Date
- January 4th, 2006
I incorporated my C-Corp myself. It is very simple. There are plenty of information on the State of Secretary (depends on what state you're at)website.
The only reason I hire a CPA is to do my annual tax return. You can do tax yourself too.
June 19th, 2014, 07:52 AM #12
- Join Date
- January 18th, 2005
- jacked by sylon www.sylonddos.weebly.com
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