I have contemplated applying for Limited Liability Company (LLC) status for
some time and am not sure of what to do. For example, is having a Federal Tax
ID/Sole Proprietor status just too risky in the 'sue' society we live in
today?
The filing fee with the state is the initial $25.oo fee plus $100.00. If my
understanding is correct, there will be a annual fee of $50.00 to keep LLC
status.
Any suggestions or comments would be appreciated from business owners or
anyone with experience concerning this matter.
kmurray | Community Moderator |
9/7/2012 - 4:28 pm
Hi, For advice, you can also get in touch with a local Small Business Development Center or SCORE, two of SBA's resource partners. They're located across the country andprovide free business counseling and answers. Visit SBA Direct to find your local SBA resource partners by entering your zip code. Good luck!
I publish a website that provides, geepers, about 30,000 words of free
content about llcs, why and how you set them up, and so on. Per the community
forum rules, however, I can't provide that URL to you however. So send me a
private message and I'll forward you the link.
BTW, you can also locate that site by looking at site referenced in my sig or
probably by googling on my name and the phrase "limited liability company".
A final comment: I think that an LLC is often a great choice in a situation
like yours... and not so much for the liability reasons you reference but for
the tax benefits an LLC can provide.
Good luck!
Stephen L. Nelson, CPA, Author QuickBooks for Dummies, Redmond, Washington
kmurray | Community Moderator | 9/7/2012 - 4:28 pm
SeattleCPA | Window Shopper | 9/7/2012 - 10:16 am
content about llcs, why and how you set them up, and so on. Per the community
forum rules, however, I can't provide that URL to you however. So send me a
private message and I'll forward you the link.
BTW, you can also locate that site by looking at site referenced in my sig or
probably by googling on my name and the phrase "limited liability company".
A final comment: I think that an LLC is often a great choice in a situation
like yours... and not so much for the liability reasons you reference but for
the tax benefits an LLC can provide.
Good luck!
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