How much is taxes

[Flipx99 5,000+ posts]

LLC is as yall say "teh win"

You pay taxes like sole propietorship (a plus)

You are only liaable for value of company (like a company)

Limited Liabilty Corporation...you may have to pay some registration for this however.

If you are doing installs or whatnot I would reccomend. It limits what they can sue you. IE they can't take your house and stuff (unless you are an idiot and listed it as an asset of the company for a writeoff)

 

[Flipx99 5,000+ posts]

sellin usamps... yea
the amount of money these things cost, it will only be time that the IRS will be lookin my way.

I would suggest calling a CPA in your area. They will help for costly fees but not as costly as not paying taxes correctly. I don't know the tax code for your specific area, but they would. I can try to help what I can but...I am only a senior finance major, no CPA. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

 

[flakko 5,000+ posts]

so the only diff between sole prop. and LLC is the liability issues?

 

[flakko 5,000+ posts]

I would suggest calling a CPA in your area. They will help for costly fees but not as costly as not paying taxes correctly. I don't know the tax code for your specific area, but they would. I can try to help what I can but...I am only a senior finance major, no CPA. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

do you think calling business lawyers will help me? cuz i have access to them.

 

[Flipx99 5,000+ posts]

They would help you better than this forum.

LLC-Sole Propietorship --you are correct to my (limited) understanding. However, mostly people who might get sued for malpractice and things along these lines get LLC. I would suggest the sole propietorship. If you were doing installs that if went incorrectly and car burned up you would be sued, then LLC. But since you are just selling, SP should do just fine.

 

[flakko 5,000+ posts]

okie dokie ill call teh buziness attourney tomorrow then //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

you all have been a lot of help! any other advice, feel free to chime in

thanks yas

 

[bimma85 5,000+ posts]

They would help you better than this forum.
LLC-Sole Propietorship --you are correct to my (limited) understanding. However, mostly people who might get sued for malpractice and things along these lines get LLC. I would suggest the sole propietorship. If you were doing installs that if went incorrectly and car burned up you would be sued, then LLC. But since you are just selling, SP should do just fine.

X2. Being the paranoid one I am, I'd still prolly go LLC. Chances are if anything ever happened it would be usamps that was liable not you... but there are hella scandalous foks that are waaayyyy too "sue happy".

Either way hit me up with some prices whenever you get up and running //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif.

 

[flakko 5,000+ posts]

LMK wat you want... im selling rite now!

i just got swc204 an MD2 //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[Randy Savage 5,000+ posts]

LLC is as yall say "teh win"
You pay taxes like sole propietorship (a plus)

You are only liaable for value of company (like a company)

Limited Liabilty Corporation...you may have to pay some registration for this however.

If you are doing installs or whatnot I would reccomend. It limits what they can sue you. IE they can't take your house and stuff (unless you are an idiot and listed it as an asset of the company for a writeoff)

Aren't LLC's mainly used for government use?

 

[Flipx99 5,000+ posts]

No, actually it's mostly doctors any other porfessionals that can get sued...for enourmous amounts of money (ie malpractice)

Why would the government establish LLC when they can grant controlled monolpolies (water, electric, cable, etc) for much cheaper. the first government business that comes tomind is the post office.