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 LLC.?

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Bmxdog

  • Total Posts: 3
  • Joined: 12/15/2012
  • Location: Merrimac, MA
LLC.? Tue, 12/18/12 8:47 AM (permalink)
Hey everybody im new to these forums and have been trying to start my hotdog cart operation for some time now it seems like every corner I turn thes anew road block. Ive been told i need to form a corporation it seems like an LLC. Is what I should form but i have no idea how to or if that is really what i need it seems very confusing. Did anyone else come across this problem, what do you guys suggest I do it seems mush easier to form a sole proprietorship but Im curious what other hotdog vendors did?
 
#1
    YOAman

    • Total Posts: 50
    • Joined: 10/31/2011
    • Location: priest river, ID
    Re:LLC.? Tue, 12/18/12 10:04 AM (permalink)
    An LLC is a good way to go because it protects your personal assets in the event that you get sued or something like that. However, a sole proprietorship is a much easier way to get started. Thats what I did and what im sure most of the others did. To start a sole proprietorship is free and easy and can be done over the internet where as starting an LLC usually requires an attorney. Id just stick with a sole pro. for now.

     
     
    #2
      chefbuba

      • Total Posts: 1952
      • Joined: 6/22/2009
      • Location: Near You, WA
      Re:LLC.? Tue, 12/18/12 10:44 AM (permalink)
      An llc does not require an attorney, it is a very simple procedure, a one page form that can be filed online with the Secretary of State. Do some research.
      I just looked for MA, a bit spendy at $500 vs the $200 in WA with $69 annual renewal.
       
      #3
        Bmxdog

        • Total Posts: 3
        • Joined: 12/15/2012
        • Location: Merrimac, MA
        Re:LLC.? Tue, 12/18/12 1:24 PM (permalink)
        Yea i thought $500 was a little steep ill look more into it and see how difficult it is, but thanks alot theres a ton of good information on this site.
         
        #4
          jcheese

          • Total Posts: 739
          • Joined: 3/5/2011
          • Location: Fieldale, VA
          Re:LLC.? Tue, 12/18/12 3:35 PM (permalink)
          Go with the SP and have good insurance unless you have a lot of assets of public record.
           
          #5
            MetroplexJim

            • Total Posts: 3705
            • Joined: 6/24/2007
            • Location: McKinney, TX
            Re:LLC.? Tue, 12/18/12 8:14 PM (permalink)
            jcheese


            Go with the SP and have good insurance unless you have a lot of assets of public record.


            "ENTITIES"
             
            By the nature of my investments I have no choice other than to play that expensive game.
             
            The $400 - $500 formation costs are just the beginning. 
             
            For each of my Delaware "entities" there is an annual $250 "franchise tax" + $50 to my DE registered agent.  My CPA charges me $275 - $350 for each annual "corporate" return before they begin charging me personally for "bringing them all together".
             
            jcheese is right:  a good "umbrella" policy is much cheaper.  And you life will be much simpler.
             
            #6
              Chicnscoop

              • Total Posts: 291
              • Joined: 2/18/2011
              • Location: Andover, CT
              Re:LLC.? Thu, 12/20/12 5:13 PM (permalink)
              If you have an LLC the taxes are against your ss# - you don't have to pay the income tax a second time if you cut yourself a paycheck. Each state charges different for a business entity tax or not. For safety sake and that noone can touch my personal assets if sueing the business a LLC is the only way I go in business.
               
              #7
                Foodbme

                • Total Posts: 9548
                • Joined: 9/1/2006
                • Location: Gilbert, AZ
                Re:LLC.? Thu, 12/20/12 11:34 PM (permalink)
                Every State is different.
                A good CPA should be able to advise you as far as the tax side goes.
                Lawyers will tell you you need one so they can collect a fee for setting one up for you.
                And then there's always www.legalzoom.com
                 
                 
                #8
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