Proposal
-
Personal liability vs Business liability, essentially.
-
@black3dynamite said in Proposal:
@scottalanmiller said in Proposal:
First question is always... over or under $600/year?
Why over or under $600/year?
That's when the US assesses taxes on third party labour.
-
@DustinB3403 said in Proposal:
@black3dynamite said in Proposal:
@scottalanmiller said in Proposal:
First question is always... over or under $600/year?
Why over or under $600/year?
It a valuation to see if it's worth setting up a business, getting insured etc.
Most likely just the cost of getting a LLC started on average. Insurance is not a big concern.
-
@JaredBusch said in Proposal:
@DustinB3403 said in Proposal:
@black3dynamite said in Proposal:
@scottalanmiller said in Proposal:
First question is always... over or under $600/year?
Why over or under $600/year?
It a valuation to see if it's worth setting up a business, getting insured etc.
Most likely just the cost of getting a LLC started on average. Insurance is not a big concern.
That as well. In most states, minimal LLC cost is in the ~$600 vicinity. Plus some annual costs. In Texas it is $650. Some states are low like $300. But if you are earning around $600 one time, you don't want it all to go to incorporation.
Insurance definitely not viable in this range (if any.)
-
@scottalanmiller said in Proposal:
@black3dynamite said in Proposal:
@scottalanmiller said in Proposal:
First question is always... over or under $600/year?
Why over or under $600/year?
That's when the US assesses taxes on third party labour.
Pretty sure this isn't true. My tax guy told me you are required to declare all taxes, but as a 1099 employee (freelance contractor) the company isn't required to give you a 1099 (i.e. tell the government about them paying you) until they pay you $600 or more.
-
@Dashrender said in Proposal:
@scottalanmiller said in Proposal:
@black3dynamite said in Proposal:
@scottalanmiller said in Proposal:
First question is always... over or under $600/year?
Why over or under $600/year?
That's when the US assesses taxes on third party labour.
Pretty sure this isn't true. My tax guy told me you are required to declare all taxes, but as a 1099 employee (freelance contractor) the company isn't required to give you a 1099 (i.e. tell the government about them paying you) until they pay you $600 or more.
You are correct, you are supposed to manually report that. It just isn't reported on paperwork automatically.
-
@scottalanmiller said in Proposal:
@Dashrender said in Proposal:
@scottalanmiller said in Proposal:
@black3dynamite said in Proposal:
@scottalanmiller said in Proposal:
First question is always... over or under $600/year?
Why over or under $600/year?
That's when the US assesses taxes on third party labour.
Pretty sure this isn't true. My tax guy told me you are required to declare all taxes, but as a 1099 employee (freelance contractor) the company isn't required to give you a 1099 (i.e. tell the government about them paying you) until they pay you $600 or more.
You are correct, you are supposed to manually report that. It just isn't reported on paperwork automatically.
And you have rule followers like me that report all of my LLC's income even if it didn't receive its 1099 form.
-
Filing to create an LLC in CO appears to be $50. Based on some previous statements I was expecting it to be more. Are there typically extra steps that will bump up the cost or are we just cheap?
-
Filing to create an LLC in CO appears to be $50. Based on some previous statements I was expecting it to be more. Are there typically extra steps that will bump up the cost or are we just cheap?
Georgia is cheap. I'm pretty sure my annual registration is around $50. The initial registration was $100 maybe.
-
@EddieJennings said in Proposal:
Filing to create an LLC in CO appears to be $50. Based on some previous statements I was expecting it to be more. Are there typically extra steps that will bump up the cost or are we just cheap?
Georgia is cheap. I'm pretty sure my annual registration is around $50. The initial registration was $100 maybe.
You have to register annually?
-
-
@DustinB3403 said in Proposal:
@EddieJennings said in Proposal:
Filing to create an LLC in CO appears to be $50. Based on some previous statements I was expecting it to be more. Are there typically extra steps that will bump up the cost or are we just cheap?
Georgia is cheap. I'm pretty sure my annual registration is around $50. The initial registration was $100 maybe.
You have to register annually?
Yeah. And I confirmed, the annual registration is $50. I do recall the initial registration (business formation) being a little more.
-
Yeah. Original filing fee is $100 for Georgia.
https://georgia.gov/popular-topic/corporations-llcs-and-limited-partnerships -
-
I don't actually see a renewal cost for CO. Not sure if we don't have one or I'm just missing it.
https://www.sos.state.co.us/pubs/info_center/fees/business.html#BIZ
-
I don't actually see a renewal cost for CO. Not sure if we don't have one or I'm just missing it.
https://www.sos.state.co.us/pubs/info_center/fees/business.html#BIZ
I would assume that they do.
Here is what Illinois says about it.
-
Seems pretty likely there would be some form of renewal. I do spot a fee for filing a periodic report which is only $10. I'll have to dig in a bit more and see what else might apply.
-
$50 with no annual fee in Mississippi. Nationwide average is $127 as of 2016
Also... https://www.llcuniversity.com/llc-filing-fees-by-state/
-
@zachary715 said in Proposal:
$50 with no annual fee in Mississippi. Nationwide average is $127 as of 2016
Yeah Illinois dropped theirs from $400 in 2017
-
We had a local lawyer help us form ours and I don't remember exactly, but I think it might have cost around $200 give or take. So unless you feel comfortable doing it yourself or through LegalZoom, etc. that's an additional cost. Still not bad.
