Registering myself as LLC

I have been giving the idea of registering as llc a lot of thought lately. I currently own 26 websites, and should make mid xx,xxx this year. I guess it varies from state to state, me being from Ohio, just looking for some inputs.

Knowing that you only need to screw up once, and get sued, etc I want to protect my assets and wonder if filing as an LLC would serve this? What do other webmasters do?

Also, if this is a good idea, what steps need to be taken?

 

Delaware LLC or Nevada ... best is Delaware - Go with a s-Corp

 

Do you have any details on how do go about it? Do I need a lawyer?

 

you can do it online for 99 dollars for a normal corporation or 299 for an s-corp

Dont buy all the other junk .. I can tell you how to get everything else easy and free .. just get the base package

Google Delware Corporations 99

 

I was wondering if this is something that webmasters feel they need to do?

 

I would recommend an LLC, it is better if you are a one man shop, it will protect your personal assets as well as easier on the taxes. You have to file both as an individual and as a company and make sure you pay your 1040-ES every 3 months.

I would go with an LLC for sure.

 

Is that something that I need a lawyer for? Any idea how to get the ball rolling?

 

It's a complex subject and if you are serious about it, you need to allocate significant time to educate yourself. A lawyer can quickly set something up for you, but that may or may not be what you need. Lawyers are more valuable when you can tell them what you need; not ask them what you should do.

I would suggest looking at some books from Nolo Press, read them thoroughly, and then make plans accordingly.

 

I just recently filed an LLC in delaware (I am in Indianapolis) with the company corporation. I think they over charged me but I now have my EIN (employee indentification number) and have opened up a company bank account with Chase bank and have a company credit card. The registration cost me $350 but that price was the same that many companies were charging.

 

I just incorporated myself and it was only $450. It does protect your assets.

 

A Delaware LLC should cost you about $250. I personally wouldn't pay any company to get me an EIN or any of that other stuff...its very easy to get it yourself. That's where these incorporation companies make their money. I've seen some of them charging $99 to get you an EIN when in reality you can download the form yourself from the IRS, fill it out, fax it to them, and they'll have you an EIN in a few hours. It's not really rocket science. For true protection though I'd recommend getting a PO Box or something similar (MailBoxes, Etc. or the like).

 

I agree with Golfboards. I did have this company perpare my EIN and it cost an additional $25. I like the post office box idea too.

 

Has anyone heard of the Delaware LLC that you can have multiple assets under 1 llc umbrella and each is protected individually.. essentially like having "mini" llc's under your umbrella LLC? I heard about it once but can't find anything on it (meaning it's probably not existent!) seems to be the best way to go instead of opening an LLC for every site!

 

Ok I just found it.. it's called a Delaware Series LLC - what this means is you can have 1 LLC created and then created 'series" for each business you have AND you are protected between series so one series can't have access to the other in regards to liability...

 

Shoemoney is an s-corp, so that must be a reasonable option. At least for the big money members of this board.

 

Correct me if I amwrong, but there is a huge differene in the 2.

An s-corp is a tax designation for corporations that allows you to pay less in taxes; while an LLC protects the individual from liability.

I could be wrong.

For those that have Delaware corps, do you file state taxes for Del or your home state or both?

 

You're correct. An LLC is a type of corporation (Limited Liability in this case) and "S-Corp" is a tax designation. You can file with the IRS as an S-Corp or as a Partnership - each has its' advantages and disadvantages depending on what you need personally. Your CPA would always be the best one to talk to to figure out your designation. Mine actually had me change my designation this year. One of the big differences is the self-employment tax.

 

There must be some good e-books and some good forums out there that cover this in much greater detail. I have heard that Nevada offers more features and benefits in their inc plans than delaware but Nevada corps are regarded as slightly more seedy than delaware corps. One nice thing about corps is you can do 10 year income averaging and save a bundle on income taxes. Don't quote me though but it does sound very useful and intriguing. Not a bad world to open up for $99 as long as you know what you are doing.

 

Hey guys.

I did the LLC route 2 months ago. It is beyond easy.

Check your state business website (mine was something.virginia.gov). Print out the encorporation/filing form for LLC/S-Corp, ect. Attach check for $100.

2 weeks you will get your papers back. Call up the IRS, get your EIN, takes 10 minutes.

ball is then rolling. LLCs as far as i know protect you up to what you invest in your business. So you get sued and you invested $1000, the most you can get taken for is $1000 personally. Corps are different.

Don't waste money with a lawyer, talk to an accountant if anything to decide what best suits you for taxes!

 

i agree with others don't waste money on lawyer talk with a good CPA and they will help set you up for much cheaper!