Question How do you operate legally (LLC, sole prop, partnership, etc.)?

Do you run your business as a

  • Sole Proprietor

    Votes: 1 100.0%
  • LLC

    Votes: 0 0.0%
  • S-corp

    Votes: 0 0.0%
  • Partnership

    Votes: 0 0.0%

  • Total voters
    1

LeeDrozak

Community Leader
Re: How do you operate legally?

Alyssa,

I operate as a sole proprietor. However, I am starting another company that will a LLP as three will be three partners and we felt this was the best route for us to go legally. I looked into making My Office Assistant an LLP but for now I will leave it as is and let me accountant decide when I should make the move.
 

AmyBRVA

New Member
Re: How do you operate legally?

I have been working at a sole proprietor for several months now, but looking into the filing of an LLC. I am trying to figure out a budget for those costs.
 

kimblake2

New Member
Re: How do you operate legally?

I haven't gotten that far yet, but would definitely think an LLC would be a good choice for me.
 
Re: How do you operate legally?

Just wanted to quickly recommend a site for operation.
http://www.incsmart.biz they operate out of Las Vegas, NV
I have spoken with David and Michael and I do know they are currentlly seeking a Registered Agent for the state of IL if anyone is interested?
 

debw241

New Member
Re: How do you operate legally?

Here I go showing my stupidity - but I am in Illinois and gotta ask... Registered Agent?
 

HouseGirl

New Member
Re: How do you operate legally?

For liability purposes we counsel all our clients to at least consider an LLC (and get good insurance coverage).

However what most of our clients don't understand is that an LLC is not a recognized tax entity and unless otherwise timely elected to be taxed as (for instance) a Subchapter S Corporation they will in fact default (under state law) to be taxed either as sole proprietor (if a single member LLC) or as a partnership (if a multi-member LLC).

Since there are advantages and disadvantages to all entity types we also counsel all of our clients to seek competent legal counsel.

That being said we've found an LLC to generally be the most flexible business type for our small business clients as they can make elections to change the recognized tax status as their business grows and changes.

Leslie
 

erikalb

New Member
Re: How do you operate legally?

LLC has worked for me in my jewelry business and will most likely use LLC for my VA business
 

Prime VA

New Member
Re: How do you operate legally?

I am operating as a sole proprietor for now. I may incorporate or become an LLC as the company gets larger.

Teresa Jensen
primevirtualassistant.com
 

bean411

New Member
Re: How do you operate legally?

I run my business as a sole-proprietor right now but I would like to either incorporate or become a LLC as soon as posible to protect myself and family.
 

HMHarris86

New Member
Re: How do you operate legally?

I plan to run my business as an LLC, based on the information I've recently learned. Still trying to gain knowledge though
 

ClassicConcierge

New Member
Re: How do you operate legally?

I wondered what others thought about an S Corporation - my accountant has advised me to go this route - because of federal taxes. My concern is spending money setting that up right at the beginning while I am still small and part time? Any others gone that route?
thanks,
Carol
 

The Perfect Word

Community Leader
I've operated as a sole proprietorship for all of my 15 years in business. I have thought about changing to an LLC in the past and may look at it again in the future.
 

By the "BYTE"

New Member
I started as a sole proprietor and am moving to an LLC. I decided against the S Corp., with the LLC I do not have to have any additional persons in the business, issue stock etc. For me the price of the LLC in Illinois is substantial vs the S Corp so I am incorporating in Nevada and will be a foreign corporation which will save me a substantial amount of money.

Good Luck

Dashya Ferguson
By the "BYTE"
 

Netta-VA

New Member
Tax law in my country dont let LLC or other type of company to operate from home, plus i am totaly new in this work so i will go for Sole Proprietor.
 

AGDAdminServices

New Member
I had thought that the Sole Proprietorship was good to start. It has also been the easiest I think. Good to know that I was not alone in my thoughts. I did research it on the SBA.com though.
 
I am registered in the State of Florida as a FICTITIOUS NAME. Is that not the worst name? It makes it sound so fake :eek:. I realized recently that this gives me no legal rights to the name of my company! It is $50/year to keep this active.

Advice: check out how to register to have legal rights to your company's name. I think I need to check on this myself.
 

Malaika

New Member
I will be starting off as a sole proprietorship and then hopefully somewhere down the line the plan is to change to a corporation provided that things go in the right direction.
 
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