Are you incorporated?

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ltn1dr

ltn1dr

Call me Andy
Jun 27, 2006
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Washinton D.C.
a2-network.com
I just ordered like 2 books on how to write an operating agreement for the LLC I'm making, although the state of Virginia doesn't even require me to have an operating agreement.

I was just wondering how many people here are actually incorporated and have a separate, taxable entity for their web businesses.
 


Charlie said:
Slightly different format in the UK, but yes I work as a Limited Company format
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Its been really horrible having to figure out how to do it all myself, for some reason my mom wanted me to do it all alone even though she's opened up her own S-Corp by herself and knows how to do it all.
 
theNOTO said:
Biz filings is a great place to form your LLC online. Prices vary by state but are generally pretty reasonable if you are willing to do some of the work.

http://www.bizfilings.com/
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And I'm actually very willing to do the work, those online places are quite expensive. Virginia state price to filing a LLC is only $100 on the dot, so in total I would have spent $140 ($40 in books) for forming my company.
 
Dave said:
i don't do anythin thats been mentioned in this thread as i have no idea wat any of it means :p
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Well basically, you want to be incorporated or something similar to protect your money. If someone sues you, everything you own is liable. If you have a separate entity, or company, or something, then only the things under that company's name can be held liable.
 
I have an LLC that I set up about six months ago. I had a lawyer do it though, it wasn't terribly expensive to do (this is in Ohio).
 
ltn1dr said:
for some reason my mom wanted me to do it all alone even though she's opened up her own S-Corp by herself and knows how to do it all.
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Cool strategy! A great way to force you to learn ;)
 
Ive been looking into this as well, just deciding on how I went to set up the business. I think I'll have a lawyer do it though, as its one of those things I can see coming back to bite you in the ass. Luckily my sister in law is a lawyer, so hopefully itll only cost me dinner :)
 
I was incorporated as a LLC, but I dissolved it and am currently restructuring as a S-Corporation. Better from a taxes standpoint.
 
I have done many llc for offline businesses. I do most of them now through Legal Zoom. For about 350 in CA I get everything and in about 10 days. You can do it for less and wait longer.

Dan
 
I am. In Indiana you fill out a form, stick out ~$90, and wait a week or two. That's all it takes.

As far as how I do my taxes, my additional income has always been so small, I just listed under my personal taxes. This year, I might be filling separately because I could potentially pass $10k.
 
DebtScams said:
I am. In Indiana you fill out a form, stick out ~$90, and wait a week or two. That's all it takes.

As far as how I do my taxes, my additional income has always been so small, I just listed under my personal taxes. This year, I might be filling separately because I could potentially pass $10k.
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Yeah, I hope to pass $10k this year as well. But my biggest check from Yahoo! (little under $2k) came under my mom's S-Corporation.

In VA, its only one form too, but since I have a partner for all my sites who gets 50%, I need to make an operating agreement to to clarify things.
 
I used http://www.legalzoom.com (USA) and I recommend doing some sort of incorporation if only to protect yourself. If you don't own your home may be it does not matter... but the last thing you want is to get sued and loose your personal assets too. For me and my partners a LLC was the best fit. Its not absolute protection for your personal assets but it is better then zero.

As for doing the paper work. I started doing it myself in VA and quickly got confused. It may be easier in other states. I used LegalZoom (link above) and I believe I got a good value for my $400. By my calculations I could have done it myslef for about 50%.
 
I operate as a sole proprietor and also a part of a 2 person partnership.
An LLC in NY costs $500 per year but being a sole proprietor doesn't cost anything.
 
Yeah but as a sole proprietor you take liability for everything. Setting up an LLC or corp protects you somewhat

I run my sites under an LLC. As far as taxes go it's a little bit of a gray area but right now you can more or less get away with passing through the profits and not face double taxation
 
Payton said:
Yeah but as a sole proprietor you take liability for everything. Setting up an LLC or corp protects you somewhat

I run my sites under an LLC. As far as taxes go it's a little bit of a gray area but right now you can more or less get away with passing through the profits and not face double taxation
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The tax part - that depends entirely on your state laws.

The liability part - absolutely true. I am liable for everything my business is involved in, but there's very little that my business does so I'm not too worried.
 
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