I formed an LLC!

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I formed an LLC!

Postby mango » Tue May 26, 2009 6:14 am

Hi all, I finally did it. I formed an LLC as the first step toward starting my eBay store. I just mailed the paperwork to the Secretary of State yesterday. Here's what's funny: it took about 10 minutes. Seriously. I used 'LLC MAKER' (instant download) by Anthony Mancuso (available in at http://www.nolo.com). It has the proper paperwork and instructions for all 50 states, and (yippee) he's a lawyer. There are many more steps to take, but this is a big one! Oh, and I got my employer ID number from the IRS, too. You can fill out the form online at http://www.irs.gov and get the number instantly. :D
'Living is a form of not being sure, not knowing what next or how.
We guess. We may be wrong, but we take leap after leap in the dark.'

-- Agnes de Mille
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Re: I formed an LLC!

Postby Unity » Tue May 26, 2009 7:21 am

Hi Mango, Where are all the banner icons I want to put on here for you?. This will have to do instead :mrgreen: :D :) :wink: :lol:
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Re: I formed an LLC!

Postby JeannetteLS » Tue May 26, 2009 7:29 am

Yay, Mango. Congratulations. That's just wonderful.
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Re: I formed an LLC!

Postby DJCNOR » Tue May 26, 2009 8:55 am

I'm impressed. Congratulations! But I know what you mean about some legal things really being easiy to do if someone provides you with the right templates. I did my own Virginia divorce some 30 years ago now. It was really simple at that point with few possessions and no children. He got the car, I got the stereo (which tells you something about the quality of each), and we lived apart for a year (which neither of us minded in the least). It cost me $33. D
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Re: I formed an LLC!

Postby mango » Tue May 26, 2009 7:20 pm

Thank you all! Lots more hoops to jump through, but I'm on my way! (And I just might use that divorce strategy!)
'Living is a form of not being sure, not knowing what next or how.
We guess. We may be wrong, but we take leap after leap in the dark.'

-- Agnes de Mille
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Re: I formed an LLC!

Postby sallypz » Sat Jun 06, 2009 8:16 pm

AHA..... Thanks for the website info on LLC. I went to form one in 2004, didn't quite have the paperwork right. Dig get my EIN number....life stepped in and things got too busy....(I got hit by a Hurricane)...but now am ready to try the business again...Don't think that website was available back then...at least I didn'tknow how to locate it.. Again, Thanks sallypz (Moxie Me)
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Re: I formed an LLC!

Postby MyPasswordIsInvalid » Mon Jun 08, 2009 2:08 am

mango wrote:I used 'LLC MAKER' (instant download) by Anthony Mancuso (available in at http://www.nolo.com). It has the proper paperwork and instructions for all 50 states,
Congratulations. That download seems to be a really good resource.
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Re: I formed an LLC!

Postby merk » Fri Aug 28, 2009 10:37 am

mango wrote:Hi all, I finally did it. I formed an LLC as the first step toward starting my eBay store. I just mailed the paperwork to the Secretary of State yesterday. Here's what's funny: it took about 10 minutes. Seriously.
Hey mango, What are the advantages to forming an LLC? I dont really know a lot about it and I'm just wondering if it's worth doing.
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Re: I formed an LLC!

Postby sallypz » Fri Aug 28, 2009 11:00 am

Here's the name of a easy to read little book I found on the bargain counter some years ago on business tax deductions, titled, "422 Tax Deductions for Business & Self Employed Individuals" by Bernard B. Kamoroff. . I hope it's not out of print. Read it through , it talks about many things that are tax deductable that you might not immediately think of as deductable There is also a book out by Diane Kennedy (actually I think she has more than one book out)..I think the title is something like "10 Secrets the Super Rich use to Write off More Tax Deductions than you do" that is also a good book on tax deductions. Her book is a little more technical than the other one but her stuff is well worth reading...and now that you have a business you can deduct the cost of both books, too...Diane Kennedy also has a web site: www.taxloopholes.com. The things suggested in both books are not 'cheating' on your taxes by any means...just some good, little known, deductions. sallypz (MoxieMe)
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Re: I formed an LLC!

Postby merk » Fri Aug 28, 2009 11:53 am

I dont know if i make enough money on the side for it to be worth the extra trouble - i assume i have to keep records of all these expenses that I would deduct? I dont think i have a whole lot of expenses associated with the work i do on the side. I'll check on amazon for that book.
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Re: I formed an LLC!

Postby mango » Fri Aug 28, 2009 12:27 pm

Hi merk, The biggest advantage of an LLC, for me, is that any liability issues are limited to the company, and therefore can't be passed through to me (so, it protects my personal assets if I get sued). Since I deal with flea and tick prevention products, and since all companies are fallible, including Merial and Bayer, I would stand an excellent chance of being sued along with them if, for instance, they produced a faulty batch of the product and it harmed some animals. The other advantage, tax-wise, is that an LLC is a pass-through entity for taxation, which means that any income or loss from the business is included on my personal tax return (so there's no additional 'corporate tax return' to file). That means that any income or loss (plus the bountiful tax deductions of having a small business) can off-set any other income that I have (for instance, if I work at another job). I highly recommend any of the books written by Anthony Mancuso regarding choosing a business structure. Another indispensable book is called 'Home Business Tax Deductions,' by Stephen Fishman. If you're not at risk of being sued for anything, it might be best to be/stay a sole proprietor. No corporate dues ($200 per year in NC), and it's still a pass-through entity at tax-time.
'Living is a form of not being sure, not knowing what next or how.
We guess. We may be wrong, but we take leap after leap in the dark.'

-- Agnes de Mille
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Re: I formed an LLC!

Postby merk » Fri Aug 28, 2009 1:42 pm

I'm pretty clueless when it comes to taxes and business. I try to ignore it all as much as possible and hope it ignores me :) I was going to say i doubt i could be sued, but then again some of the sites i host have online stores and i suppose if the server were to down for an extended period they could claim they lost revenue. But i think that's unlikely, especially since i have backups of everything. I make maybe a 7th or 8th on the side of what i make at my full time job. Maybe if i get more business it might be worth becoming an LLC.
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