ESABLISHING AN LLC.
Out of context: Reply #1
- Started
- Last post
- 15 Responses
- harlequino0
I did this in CT. I wouldn't do it again if given the chance. I disolved it less than 2 years later. The thing is, as a freelancer, the benefits don't amount to much, and actually create more problems. The big reason for an LLC is that if you go under, or file Ch. 11, the debt stops at any personal assetts. But working in design, you don't have the same debts, equipment, and inventory as say a plumbing company.
Also, you have t be careful about filing your taxes, that you don't pay twice (ie pay your business' taxes, and then your own).
Overall, i din't get the best guidace, but i leared that i did not benefit at all, and ultimately paid more in taxes as an individual.
I realize you may have very different goals, but whatever you do, do a fll business plan first, and talk to a lawyer. If you are not wlling to shell out a few bucks for the legal advice, you probably shouldn;t be doing this. Good luck!