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Posted by Glenn on November 29, 2006, 7:14 pm
Back when I incorporated, I was a full corporation. There was
talk of an "S" corps but so far just talk. I have never heard of
a LLC. New things every day.
> Finding the keyboard operational
> moo@anonamoo.com entered:
>
>> Im a sole proprietor right now which is slightly insane
>> i am insured for almost a million and I have only been taking
>> jobs
>> with people I know since i started my own business about 2
>> years ago
>> and left employment of someone else's company
>>
>> Basically I moved and I never really got into the business side
>> as an
>> employee.
>>
>> I do have contracts that state no warranty unless an extended
>> warranty is paid for and a limitation of liability clause (not
>> more
>> then Labor paid to date for any reason).
>>
>> So I am thinking about going LLC because its the next step up
>>
>> Although I have been reading that in this state they can still
>> come
>> after personal assets even if its not gross negligence.
>> basically the
>> judge decides if you are personally liable in the case of a
>> small
>> company. I am guessing they probably always side against the
>> owner.
>>
>> After talking to one guy i met that is in about the same
>> situation as
>> me I figure its going to cost me at least another $1k a year if
>> i can
>> do most of it myself and as he suggested maybe more like $4K
>> for corp
>> fees and legal and tax prep, business registration every year.
>>
>> considering I am a 1 person business and this can all be worth
>> nothing if a judge finds I am personally liable anyway its
>> ticking me
>> off a bit but anyway
>>
>> Do any of you guys do your taxes yourself?
>> I do my own by hand right now and its not bad.. no turbo tax...
>> Do you have any tips to lower my costs for accounting and
>> record
>> keeping or anything???
>>
>> im more or less running on a shoestring just making it right
>> now and
>> I dont want to get screwed because someone thinks the cabinet i
>> installed is a ladder to change a light bulb.
>>
>> I would rather not LLC even but I guess I probably have to.
>
> I am not in the construction business but this is the gist of
> what I learned when we incorporated. One, talk to some lawyers.
> Not just one, several. Make sure that they have experiance with
> very small businesses.
> Also talk to several accountants. Again find those who know what
> to do with very small businesses.
> Since most of these folks will give a free consultation treat it
> like a class in incorporating. Also, you will be getting
> information pertaining to your state.
> For the record, we have a corporate attoreny that charges us a
> small retainer. I think it's $250 or whatever he gets a hour. If
> we don't use him, it gets rolled over for the next year. Our
> accountant's firm only does small businesses and sometimes calls
> us to check in. He doesn't charge for those calls BTW. He gets
> an estimated ammount for all the quarterly taxes, payroll taxes,
> fees, etc. I never have to worry about paying corp. things on
> time. He takes care of it.
> One other thing, before you get hooked in to TurboTax, which is
> a great program, find out what your accountant uses.
> Bob
>
> --
> --
> Coffee worth staying up for - NY Times
> www.moondoggiecoffee.com
>
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