to LLC or not to LLC?
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- jennik13
I am a freelance web/graphic designer like most of you. I have gotten mixed opinions of whether or not to LLC myself and wanted to know the opinion of the Newstoday crew...so what is it- to LLC or not to LLC?
- ********0
LLC
- ********0
But shouldn't you talk to your accountant? (mine told me - LLC)
- jennik130
my old one said no llc, but he also didnt estimate my 2004 taxes correctly. my new one says llc.
- ********0
depends on how much you make
if you make above the mark (depending the state), then yes but some cases, it may not be favorable. i remember when i did freelance, i didnt LLC / Corp cause after deductions, i was below the fold and was able get more off cause of that.
- ********0
you can LLC for less than $200 bucks these days via the Internet or some small Law Firm, etc.
There are many tax breaks and advantages to it
- bulletfactory0
i would look into your state tax laws..... there are tons of breaks that you can/may be elligible for if you llc or inc than if you're just han solo.
- jennik130
this accountant seems to think getting and llc is 1200 in nyc bc you have to pay for some kind of newspaper ad as well.
other than taxes, its important bc of liability issues.
does anyone have a great accountant in nyc?
- ********0
He's f*cking ripping you off..
- inkblot0
JazX is right - he is ripping you off...
Every state is different as far as the pro/con. In California there is an $800 per year tax to have any kind of corporation.
I dont know any accountants in NYC - but I know a great lawyer who could probably refer one...
- asprin0
Related question...
What would you advise if I worked freelance for 8 months and was employed for 4 while freelancing on the side?
I've never LLC'd.
- ********0
Rip off. My accountant did it for me in New York for $300 bucks...
- ********0
aspirin - it really depends on what your take home is..talk to an accountant. If you work for yourself there is no better investment...
- jennik130
tick - i need the name of your acct!
apparently the reason its so expensive is the required annoucement in 2 ny publications.
- pagepapa0
if you think you will gross more than 100k within a few years do an SCorp filing.
You should also.. even if you do an LLC which is better finacial protection than not ... register your name across the US. Its easier to move your company and do business across multiple states that way. The LLC should be no more than $500 .. the S Corp under $1k.. these are inexpensive opportunity costs of doing business. As important as legal software.It should not be a question of whether or not to be a legit company but what are the benefits of your options. The S Corp has some real benefits when you start to actually make a net profit. You will be a Corporation with the S Corp filing just like the man.:)
You might also get an accountant or tax attorney .. Better to establish a small realtionship that burgeons .. rather than make frantic calls after the Govt calls.
Also dont forget to get a business tax id.. You will need to know what type of company you will have ( LLC or S Corp etc) to do the filing ( $25 online) .. Oh and get a business bank account if you dont already. hope this helps.
- ********0
Rip off. My accountant did it for me in New York for $300 bucks...
TheTick
(Oct 26 05, 12:30)ding ding ding... that sounds about right to me. LLC costs about $250 and then the accountant takes $50 for filling out a measly form that takes him 20 minutes.