PATZPW 14 Report post Posted July 21, 2005 how many of you are LLCs? what is the overall benefit, and what did it cost and how did you go about it? Share this post Link to post Share on other sites
0 Celeste 341 Report post Posted July 21, 2005 We are.....love it since the Company stuff is separate from us personally until tax time :) We get the loss on our taxes (or the income if we want) I did our paperwork, filing was only $125 for NC. Annual report fee is $200. Celeste Share this post Link to post Share on other sites
0 Chappy 138 Report post Posted July 21, 2005 You should really talk to an accountant about it, but as Celeste said, it benefits greatly at tax time. Keep all business expenses seperate. But there are of course lots of 'crossover expenses' that can be put on company expenses. Then at tax time all gains or losses go to personal 1040. You will have to decide on which way to file though. The IRS gives you the choice. As an subchapter S or as a corporation. The obvious choice is a subchapter S, as thats where the benefits above come in. Share this post Link to post Share on other sites
how many of you are LLCs? what is the overall benefit, and what did it cost and how did you go about it?
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