Setting Up A Llc Or Similar Company

[Raider Nation Fisher]

How much cash and work is required to set up a LLC or other form of company? I'm getting ready to take my Master licence test. The licence is issued to a company, but under my name. I can transfer it anywhere I go. I can also allow different companies to work under my license. For a fee payable to me. By putting it under a company I own I get complete control over what I do with it. As opposed to it being issued to my employers company. So I'm wondering the cost required to set up something. I intend to stay where I am work wise. So I'm not planning on going all in on my own right now.

[mrmacwvu1]

Depends state by state. Our firm here in WV will set one up for someone for 150 dollars.

Do it though. It is worth every penny.

[deaknh03]

Yes, LLC is the best way, in my opinion. Contact a lawyer that specializes in that, and they will take care of it for around $150, like mrm said. You can also do it yourself, but I looked at the forms and there's too much legal mumbo jumbo to risk it.

[Root beer]

Please name it Deathstar, LLC

[Raider Nation Fisher]

Please name it Deathstar, LLC

I want to so BAD!! That would be freaking awesome!!!!!!

I just can't see my partners going for it. Deatstar electrical contractors LLC. or Deathstar contractors LLC. Its got a nice ring to it. :D

[SirSnookalot]

If you own and operate your own company it's a good idea to protect your personal assets by incorporating, as an hourly employee it's not needed.  You may be putting the horse before the cart, depending on how much equipment you own and what the gross income is.  I might set up a DBA first, converting to an LLC is just a matter of some paperwork and fees, can be done quickly.  Not being a tax expert, I would recommend if you do incorporate to consult a CPA as well, you will responsible for both corporate and personal income tax, doesn't mean the total tax for both filings will be more but could be.

[Fishing Rhino]

If you own and operate your own company it's a good idea to protect your personal assets by incorporating, as an hourly employee it's not needed.  You may be putting the horse before the cart, depending on how much equipment you own and what the gross income is.  I might set up a DBA first, converting to an LLC is just a matter of some paperwork and fees, can be done quickly.  Not being a tax expert, I would recommend if you do incorporate to consult a CPA as well, you will responsible for both corporate and personal income tax, doesn't mean the total tax for both filings will be more but could be.

 

You may find you will need a public accountant to do your corporate taxes.  In addition, you may find that you have to pay a minimum tax to the state, regardless of profit or loss.

 

If memory serves, an accountant has to file your federal quarterly, or annual reports. 

 

In any case, I believe you will find there are ongoing expenses to incorporating or becoming an LLC.

[Raider Nation Fisher]

You may find you will need a public accountant to do your corporate taxes.  In addition, you may find that you have to pay a minimum tax to the state, regardless of profit or loss.

 

If memory serves, an accountant has to file your federal quarterly, or annual reports. 

 

In any case, I believe you will find there are ongoing expenses to incorporating or becoming an LLC.

I'll get with my accountant tonight and find out. Never thought about asking him about all this.