[Cialug] Starting an LLC

[Dave J. Hala Jr.]

Generally speaking, you can use some boiler plate forms to make the
S-corp filing or just pay an attorney.

The tax thing is a pain. I don't mess with it, I just pay the accountant
to handle the payroll and taxes. Its money well spent. Its generally not
that expensive either. I don't need that headache. 

The question you want to ask yourself is: Should I spend my time making
money or doing taxes?

:) Dave


On Thu, 2008-09-11 at 12:49 -0500, Kenneth Younger wrote:
> Lately and generally, S corps are the best method for setting up small
> companies. They have all the advantages of a C corp, without having
> the double-taxation issue. Generally, the only restriction is on the
> number of employees you can have - and the last time I remember
> discussing this with my Accounting prof, that maximum was like 50 - 75
> or so.
> 
> There are all sorts of fun schemes you can set up for paying yourself
> from the company, things like dividends (which are taxed at a lower
> rate - sometimes). If you are good friends with any accountants or
> lawyers that deal with these types of things, they would be the best
> to talk to.
> 
> The only downside it generally provides is around tax time - filing
> taxes when you set up these crazy structures can become baffling,
> usually requiring a tax accountant to help.
> 
> -Kenny
> 
> On Thu, Sep 11, 2008 at 6:04 AM, Dave Weis <djweis at internetsolver.com> wrote:
> >
> > On Wed, 10 Sep 2008, Colin Burnett wrote:
> >>
> >> I remember this coming up at a recent meeting but I don't remember who
> >> it was.  What do you need to do to start an LLC?
> >
> > Depending on why you are forming it an S or C corporation may be a better
> > idea. The biggest benefit is that the owner's health insurance was
> > completely deductible as opposed to an LLC.
> >
> > Another benefit is that when you are getting a loan of any kind you can say
> > you are an employee of a company and you will get a lot less questioning
> > than if you tell them you own your own company. That's a bit of free advice
> > that I learned the painful way :-)
> >
> > dave
> >
> >
> >
> > --
> > Dave Weis
> > djweis at internetsolver.com
> > http://www.internetsolver.com/
> >
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-- 
___
Dave J. Hala Jr.
President OSIS, Inc.
www.osis.us