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LLC for business

Discussion in 'Business Fundamentals' started by sefh, Dec 18, 2009.

  1. sefh

    sefh Senior Member
    Messages: 439

    Howdy All,
    I'm looking into starting a business. I seen a website on here to obtain LLC. I can't find it. Can someone post the website for it. Thank you
  2. terrapro

    terrapro PlowSite Veteran
    from MI
    Messages: 3,912

  3. chrissoda

    chrissoda Junior Member
    from Chicago
    Messages: 4


    Talk to your tax guy. I went ahead and filed for the LLC in Illinois and then spoke to my accountant. He told me that it really didn't matter if I was an LLC or a sole Prop. I know the Sole Prop. is cheaper but I figured the LLC might be a better route for me. Your also going to need an EIN number from the IRS. It's simple to get and takes about 5 minutes. you can print a copy of it when your done.
  4. terrapro

    terrapro PlowSite Veteran
    from MI
    Messages: 3,912

    You are right it doesn't effect your taxes if you use it as a "pass through entity".

    An LLC is for seperating you from your business liability both debt and physical. Although you can sue anyone anytime for anything it still gives an extra layer of security.
  5. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    Talk to your tax adviser. There may be some taxes coming which will apply to LLCs but not Sole Props. Discuss with him/her also about LLC designation protecting you from lawsuits. There is a lot of misunderstanding with this.
  6. sefh

    sefh Senior Member
    Messages: 439

    Thanks for the advise. I'll talk to my tax guy after the holidays and we'll see what he says.
  7. ABsnow

    ABsnow Member
    Messages: 32

    I believe a single member LLC is filed with your personal taxes, so the finances are the same as a sole prop. However an LLC separates liability, so if there was an incident, it would make it harder, not impossible, for someone to sue you for your personal assets. I set up my LLC in October, $50 more than the sole prop route. I did not hire a lawyer, but several people have told me to get legal advice so everything gets setup correctly. It was just a matter of filling out a form here in Ohio. I also believe the single member LLC does not require an EIN, but I have one anyway since its free.