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-> Working Women
amother
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 Tue, Nov 26 2024, 1:02 pm
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has anyone ever opened one up? is it something I can do myself? looking to start a business
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amother
Yolk
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Tue, Nov 26 2024, 1:03 pm
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Best to do this with an accountant. You'll need one anyways if you're starting a new business. Good luck!
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amother
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Tue, Nov 26 2024, 1:06 pm
| amother Yolk wrote: | | Best to do this with an accountant. You'll need one anyways if you're starting a new business. Good luck! |
thank you!! why is it best to do with an accountant? just curious really at the beginning stages here!
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amother
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Tue, Nov 26 2024, 1:21 pm
| amother OP wrote: | | thank you!! why is it best to do with an accountant? just curious really at the beginning stages here! |
Accountant here. You’ll want to set it up correctly for the best tax treatment and so you don’t mess yourself up.
In short, without knowing your situation at all, LLC is best if you’re not earning a lot and just want an LLC for technical reasons- like to look more professional, open a business bank account etc. You also have a limited personal liability if someone sues you (but it’s very limited and you’re not likely to benefit from that.) There generally is an annual filing fee. But your taxes are exactly the same as if you don’t file for an LLC.
Technically you can open a bank account by just filing a dba (doing business as) which is a little easier.
I’d say both of those are good if you’re looking at profits of less than 50k. If you have more, you’ll want to talk to an accountant about an S-corp and some other options.
Also, I’m assuming you’re a sole proprietor. If there are other people involved, you’ll want to talk about your options.
In general, if you’re financially savvy and you have the time, you could probably find out what you need by going to your state website (and Google.) if not, you definitely should reach out to an accountant to guide you.
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amother
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Tue, Nov 26 2024, 1:21 pm
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Sure you can create an llc on your own… if you need help just post here, and I’ll try to post the link where to create an llc
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amother
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Tue, Nov 26 2024, 1:28 pm
| amother Azure wrote: | Accountant here. You’ll want to set it up correctly for the best tax treatment and so you don’t mess yourself up.
In short, without knowing your situation at all, LLC is best if you’re not earning a lot and just want an LLC for technical reasons- like to look more professional, open a business bank account etc. You also have a limited personal liability if someone sues you (but it’s very limited and you’re not likely to benefit from that.) There generally is an annual filing fee. But your taxes are exactly the same as if you don’t file for an LLC.
Technically you can open a bank account by just filing a dba (doing business as) which is a little easier.
I’d say both of those are good if you’re looking at profits of less than 50k. If you have more, you’ll want to talk to an accountant about an S-corp and some other options.
Also, I’m assuming you’re a sole proprietor. If there are other people involved, you’ll want to talk about your options.
In general, if you’re financially savvy and you have the time, you could probably find out what you need by going to your state website (and Google.) if not, you definitely should reach out to an accountant to guide you. |
thank you so much for your reply this is very helpful! I wouldnt say im financially savvy but I did do research and the steps seem pretty basic as to how to file for one that's why im not sure if im missing something bc I have been told to go through an accountant. also im a licensed professional so does that mean I would need a pllc? does that change anything in terms of what you mentioned with taxes and all?
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amother
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Tue, Nov 26 2024, 1:29 pm
| amother Mustard wrote: | | Sure you can create an llc on your own… if you need help just post here, and I’ll try to post the link where to create an llc |
sure would love to take a look thank you!!!
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amother
DarkViolet
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Tue, Nov 26 2024, 1:32 pm
| amother Mustard wrote: | | Sure you can create an llc on your own… if you need help just post here, and I’ll try to post the link where to create an llc |
You would need to know OP’s state in order to provide a link. But really op you can just google for it, it’s easy. Probably on your state’s Secretary of State website.
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amother
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Tue, Nov 26 2024, 1:34 pm
| amother DarkViolet wrote: | | You would need to know OP’s state in order to provide a link. But really op you can just google for it, it’s easy. Probably on your state’s Secretary of State website. |
Right, don’t know why I assumed she’s in NY
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amother
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Tue, Nov 26 2024, 1:37 pm
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When you create the llc, don't forget to file with the new fincen beneficial ownership rules within the proper timeframe...
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amother
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Tue, Nov 26 2024, 1:44 pm
| amother Cornsilk wrote: | | When you create the llc, don't forget to file with the new fincen beneficial ownership rules within the proper timeframe... |
thanks! is this also for pllc?
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amother
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Tue, Nov 26 2024, 2:14 pm
I think for anything registered with a secretary of state to conduct business in the US
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amother
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Tue, Nov 26 2024, 2:30 pm
| amother OP wrote: | | thank you so much for your reply this is very helpful! I wouldnt say im financially savvy but I did do research and the steps seem pretty basic as to how to file for one that's why im not sure if im missing something bc I have been told to go through an accountant. also im a licensed professional so does that mean I would need a pllc? does that change anything in terms of what you mentioned with taxes and all? |
No
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