I am in Florida, if that helps. Which is better, Incorporating, LLC, or something else? How do you go about it? I have a small company that started as a home business, but now I am needing to hire employees so I need to kick it off right. Most of my business is online, but I do have some local clients, also. It's www.AwesomeWriter.com if that helps.
Your Uncle Dodge!
Favorite Answer
If your business is smaller/more personal with just you as an owner, I recommend the LLC route. If you're going to have more than 10 people or so, or a group management system, I recommend just incorporating your business. The benefits are similar.
A business/corporate lawyer can get you started. Yellow Pages time.
On a side note, I am curious as to what your business will be doing, with that e-mail address.
Anonymous
You do not need any of the above, simply start off as a sole proprietor, it's cheap and easy. The only real advantage to a LLC or becoming a Corp.is liability protection which it does not sound to me like you have to much to worry about right now. You can always do it later when you start to grow.I have owned and operated my own companies for 35 years, keep it simply. Hiring employees has nothing to do with LLC's or Corporations. Simply apply for a business license at the city hall you do business in, usually cost under $75 and open your own business checking account, order checks that you can pay employees with, the bank will help you.
Fake Name
I'm in Wisconsin. I'm also starting a new biz. I met with many advisers and they all recommended LLC.
Sole Proprietorship vs LLC (incorp..etc)
With Sole Proprietorship, if you screwed up (financially).. your personal record will be ruined (The End) With LLC, it will be your company that will take the blame, not you! You can always come back and start an another company!
LLC cost about $130 one time fee. I'm not sure if there's a yearly fee. If there is, shouldn't be more then $30 per year (check).
When it comes to tax filing, LLC would give you less trouble (easier)!
Some states require you to write 'agreement', which is your company's rules and regulations. (quite a work!) If you open a business checking account with LLC status. they will ask for it too.
Good luck!
Hot Betty J
An LLC is the safest way to go as it protects YOU the individual if (Hopefully NOT) business goes bad. A man I used to work for last year had several LLC's that failed and he just walked away unscathed.
?
Operating an S-Corp is much more complicated as it is considered a separate legal entity from its owners. My advice is to walk before you run. Start with an LLC. You can change to an S-Corp if you want to later down the line.