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thecoldone06
08-20-2007, 07:09 PM
I have been coming up with a business plan that I intend on carrying out. My question is whether or not I should officially make it a business. Should i look into making it an LLC or just pick a name, put it on a card and start handing those out. What are the advantages/disadvantages of having an LLC?

zboomerz
08-21-2007, 01:24 AM
I am making my business an LLC when it starts in a few weeks.I just filed the articals or organization and finishing the taxes.You just never know what ppl's intensions are and you would be glad you took the extra time and little bit of money to better protect yourself.

tkrabec
08-21-2007, 02:47 AM
I'd talk to an attorney and an accountant have them explain, the differences and how they apply to your situation.

gsp
08-22-2007, 05:14 PM
I have been coming up with a business plan that I intend on carrying out. My question is whether or not I should officially make it a business. Should i look into making it an LLC or just pick a name, put it on a card and start handing those out. What are the advantages/disadvantages of having an LLC?

Taxes and liability, mainly.

Also looks good when you're dealing with business customers, as they (in my experience) prefer to deal with another business rather than just some guy off the street.

There's quite a bit of paperwork involved and a few hundred dollars in costs, which might not be worth it if you're only dealing with residential customers.

As mentioned though, speak to an attorney or accountant (or read up online) about the benefits of each type of company structure.

thecoldone06
08-22-2007, 05:26 PM
Thank you for all the replies. My main concern is primarily what to put on a business card. If you are not technically a company, are you legally able to put some sort of name on a business card or do you just put your name, email, phone, etc? If you are not a company, do you retain all money received and then just pay taxes by counting that as income? Basically I'm just asking what most of you do if you do not have a company set up.

rurbaniak
08-22-2007, 05:47 PM
Thank you for all the replies. My main concern is primarily what to put on a business card. If you are not technically a company, are you legally able to put some sort of name on a business card or do you just put your name, email, phone, etc? If you are not a company, do you retain all money received and then just pay taxes by counting that as income? Basically I'm just asking what most of you do if you do not have a company set up.

I'm not sure where you are from, but here in Michigan, this is the basics of how it is done: http://www.michigan.gov/medcguide/0,1607,7-149-9268---,00.html

So in this case, your first step would be to goto the County Clerk and register your business name. Then how you handle it from their will depend. If you want to handle this as a business, and seperate the taxes, and what not, this is the way to go.

zboomerz
09-03-2007, 07:16 PM
I have been doing a lot of reading with sole proprietor and llc.S/p is much easier to set up and less paperwork to deal with but it can make you and your business liable if you accidently kill someone in a car accident going to a job or if you worked on a computer and A little one came up and somehow got into a computer from a loose screw and got hurt etc.I know these are far fetched but should be understood.You could get liablity insurance to cover you and is relativly affordable.LLC on the other hand gives you a liability wall between you and you business.If Your company gets sued you will not suffer personal finacial resposibility and your liabilty insurance (if enough) will cover the suit.Protection is very important because you never know what peoples real intents could be.Taxes are another area that could have beneifits depending on your setup.I do believe you get much more tax beneifits from a llc.If you work full/part time you can keep you taxes seperate which could be a good thing,as well as medical insurance.You can hire yourself as an employee and get 100 or nearly 100 % beneifits I mean there is alot of tweeks you can do with an llc that is worth the time to investigate.I am still researching my own sitution and am going to talk to a accountant so do some research and you can find alot that may beneifit you. good luck.