Help Please, Business Ques.

braznyc · ‎01-08-2008

I'm sure this is off topic, and I'm sorry but I've come to rely on these forums so much.

As quick as I can...

I'm self-employed, and I'm trying to find good links about the pros and cons of becoming an LLC, my uncle who is an attorney mentioned to me over the weekend that it was a good idea to think about it, since I do have clients, and I am rebuilding my credit. He's not a "business" attorney but he was just giving me friendly family advice, I suppose. I know I've seen topics about Business credit, and I'm not really interested in that, but I was wondering if anyone had any decent/accurate links they could share to help me understand the pros/cons and if I really need to do this. He says I'm not protected as a sole prop, and I know this, but I honestly never saw a reason (on a totally uninformed level) to go beyond sole prop. I have made more money in 2007 as an independent contractor, and one of my clients is asking me to do "more" consulting in a larger capacity, which goes beyond our contract, he even suggested the LLC thing to me, before we move forward.

Thanks for any links/suggestions.

Anonymous · ‎01-08-2008

Hi braz. First place I'd start is your state Secretary of State's website; secondly, the IRS' site. My state's site is fantastic and am assuming NY's will be very useful too. Also, a bunch of great info via google, sorry can't point to any right now. I formed my biz as an LLC several years ago and am very glad i did. Best of luck!

TryingVeryHard · ‎01-08-2008

Yes, you have no protection being a SOLE PROP. I myself have raked $5000 tax + $2000 misc expenses. I shouldered them all. I should have considered LLC or S-Corp.

Hope this link helps

http://www.nolo.com/article.cfm/objectID/ED01121A-B4BF-498A-8BC0DBD121A0C869/111/182/245/FAQ/

braznyc · ‎01-09-2008

Thank you both so much! I will do exactly what you two suggested, see I knew if I asked here I'd get honest and objective answers. My uncle was saying the same thing about the taxes I'm paying @ Tryingveryhard. I'm so glad I found you guys, because honestly it's the best here!

Anonymous · ‎03-24-2008

I Recently started a LLC with the state of Oregon. I am trying to establish credit for the Business and my personal credit is under repair after a BK in 2006. any suggestions would be very apperciated.