anyone know the cheapest way to form an LLC - Chicagoland Sportbikes
Chicagoland Sportbikes
 
Open Forum This forum is for all off-topic discussion.

Reply
 
LinkBack Thread Tools Display Modes
post #1 of 70 (permalink) Old 05-11-2011, 09:28 AM Thread Starter
Administrator
 
HDTony's Avatar
 
Join Date: Apr 2002
Location: Plainfield IL
Posts: 45,956
Location: Plainfield IL
Sportbike: A couple of pasta rockets
Years Riding: Since 1989
How you found us: In the beginning there was CLSB and Tony saw that it was good.
           
Send a message via AIM to HDTony
anyone know the cheapest way to form an LLC

ya like the title says.

Legal zoom is 800 bucks! of course most of that is state fees

what about another state, are there any advantages or set backs to opening in delaware or nevada?




HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

AirTek Heating & Air inc.
HDTony is offline  
Sponsored Links
Advertisement
 
post #2 of 70 (permalink) Old 05-11-2011, 10:13 AM
Registered User
 
Meulen's Avatar
 
Join Date: May 2002
Location: Romeoville
Posts: 19,186
Location: Romeoville
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
           
anyone know the cheapest way to form an LLC

Michigan is usually cheap to set up. But you may have to actually have an office there. Not sure how that works

Brian (F.K.A. Crazy)

Gamertag: CRAZY403


“You can’t escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


“Blessed are the young, for they shall inherit the national debt.”

-Herbert Hoover
Meulen is offline  
post #3 of 70 (permalink) Old 05-11-2011, 11:56 AM
Registered User
 
JRSMAIL's Avatar
 
Join Date: Aug 2003
Location: Johnsburg, Il
Posts: 9,428
Location: Johnsburg, Il
Sportbike: A weed wacker
Years Riding: Just started today as a matter of fact..
How you found us: A dream I had once
           
Send a message via MSN to JRSMAIL
Quote:
Originally Posted by MVRC51 View Post
I always do a C-Corp and apply for S-Corp status. Runs just under $200 if you do it yourself. I'd be glad to discuss this further offline if you wish.
This and your better protected as well.

Jon
MSF Instructor


<---- Useless

Always Stand For What You Believe In... Even If Means You Stand Alone...
JRSMAIL is offline  
post #4 of 70 (permalink) Old 05-11-2011, 12:16 PM
Addicted
 
eE jeremy's Avatar
 
Join Date: Apr 2006
Location: Woodridge, IL
Posts: 2,747
Location: Woodridge, IL
Sportbike: 09 Kawi ZX6R, 75' Yamaha RD250, '13 KTM 350 SX-F, '05 Yamaha Zuma
Years Riding: Not nearly long enough
How you found us: followed the squids
           
Send a message via AIM to eE jeremy
LLC is expensive in illinois, about $650 just goes to the state. I researched it quite a bit and just went with legalzoom.

Shitty Pass Racing #513
eE jeremy is offline  
post #5 of 70 (permalink) Old 05-11-2011, 12:17 PM
-= OuterSpace =-
 
OldSkoolMC's Avatar
 
Join Date: Sep 2002
Location: Homer Glen, MaDaFaKa!
Posts: 3,513
Location: Homer Glen, MaDaFaKa!
Sportbike: Yamaha YZ450
Years Riding: too many to keep track
How you found us: Shizzle
           
Quote:
Originally Posted by JRSMAIL View Post
This and your better protected as well.
How so?

The whole idea of an LLC is to protect your personal assets if being sued. Hence the name "limited liability"

Also, as far as accounting goes... LLC all the way. Easier doing taxes. Also not subject having the corporation taxed.

04 Yamaha YZ450F - Off-Road it, mang
06 Kawasaki BruteForce 750i
09 Yamaha Raptor 700r

- Mike - OldSkool - MC -
OldSkoolMC is offline  
post #6 of 70 (permalink) Old 05-11-2011, 12:20 PM
Bug
Ridiculously Good Looking
 
Bug's Avatar
 
Join Date: Apr 2005
Location: Gold Coast
Posts: 32,746
Location: Gold Coast
Sportbike: Sportbike?
Years Riding: No F'in Idea
How you found us: 4 & 6
           
Tony is going to live out his dream:

"Set up shop at the top of 4 Seasons and start an Escort Service for all the right reasons"

"Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming WOW, what a RIDE !!"
Bug is offline  
post #7 of 70 (permalink) Old 05-11-2011, 12:20 PM
Addicted
 
eE jeremy's Avatar
 
Join Date: Apr 2006
Location: Woodridge, IL
Posts: 2,747
Location: Woodridge, IL
Sportbike: 09 Kawi ZX6R, 75' Yamaha RD250, '13 KTM 350 SX-F, '05 Yamaha Zuma
Years Riding: Not nearly long enough
How you found us: followed the squids
           
Send a message via AIM to eE jeremy
Quote:
Originally Posted by OldSkoolMC View Post
How so?

The whole idea of an LLC is to protect your personal assets if being sued. Hence the name "limited liability"

Also, as far as accounting goes... LLC all the way. Easier doing taxes. Also not subject having the corporation taxed.
I agree

Shitty Pass Racing #513
eE jeremy is offline  
post #8 of 70 (permalink) Old 05-11-2011, 12:56 PM
The Halo hides my Horns
 
Lonely Raven's Avatar
 
Join Date: Jun 2007
Location: Bolingbrook, IL
Posts: 12,687
Location: Bolingbrook, IL
Sportbike: SV650
Years Riding: 1 year
How you found us: Google
           
Ask SilentAlero...doesn't he have like a dozen businesses?

aut cum scuto aut in scuto

http://www.firespeedtactical.com

My ZenFolio Gallery: www.LonelyRaven.ZenFolio.com
Lonely Raven is offline  
post #9 of 70 (permalink) Old 05-11-2011, 01:01 PM Thread Starter
Administrator
 
HDTony's Avatar
 
Join Date: Apr 2002
Location: Plainfield IL
Posts: 45,956
Location: Plainfield IL
Sportbike: A couple of pasta rockets
Years Riding: Since 1989
How you found us: In the beginning there was CLSB and Tony saw that it was good.
           
Send a message via AIM to HDTony
Quote:
Originally Posted by Bug View Post
Tony is going to live out his dream:

"Set up shop at the top of 4 Seasons and start an Escort Service for all the right reasons"





HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

AirTek Heating & Air inc.
HDTony is offline  
post #10 of 70 (permalink) Old 05-11-2011, 01:18 PM
Failed rehab
 
Rob, Esq.'s Avatar
 
Join Date: Aug 2005
Location: Indy
Posts: 14,908
Location: Indy
Sportbike: Striple
Years Riding: Dunno, awhile?
How you found us: DML
           
Send a message via AIM to Rob, Esq. Send a message via MSN to Rob, Esq.
Quote:
Originally Posted by MVRC51 View Post
A corporation also has limited liability. The same if not more so than an LLC if structured and maintained properly.

The S-Corp status makes your point mute. If taxes are easy, that means you aren't saving enough!
Moot. not Mute.

And S-corps have some tax advantages depending on how you structure them, but the reporting/accounting/regulatory requirements will be somewhat more burdensome.

Use the right tool for the job at hand.

T, if you're unsure which way to go, talk to a business entities/organization lawyer. They'll walk you through which will be better for your business plan.

Attorney-at-Law: Doing my part to contribute to the downfall of western society.
Rob, Esq. is offline  
post #11 of 70 (permalink) Old 05-11-2011, 01:27 PM
Failed rehab
 
Rob, Esq.'s Avatar
 
Join Date: Aug 2005
Location: Indy
Posts: 14,908
Location: Indy
Sportbike: Striple
Years Riding: Dunno, awhile?
How you found us: DML
           
Send a message via AIM to Rob, Esq. Send a message via MSN to Rob, Esq.
Quote:
Originally Posted by MVRC51 View Post
You're a lawyer, set Mr. T up for free!
If he wants to set up shop in Indiana, I got him covered for way less than $800

And he'll be able to legally carry here too.

Attorney-at-Law: Doing my part to contribute to the downfall of western society.
Rob, Esq. is offline  
post #12 of 70 (permalink) Old 05-11-2011, 01:32 PM
Failed rehab
 
Rob, Esq.'s Avatar
 
Join Date: Aug 2005
Location: Indy
Posts: 14,908
Location: Indy
Sportbike: Striple
Years Riding: Dunno, awhile?
How you found us: DML
           
Send a message via AIM to Rob, Esq. Send a message via MSN to Rob, Esq.
Quote:
Originally Posted by MVRC51 View Post
No offense against lawyers but if I were unsure of the proper structure I would consult a business tax accountant.
There's more to choosing a business structure than taxes. But yeah, they should be on the list of people to talk to, most definitely.

Attorney-at-Law: Doing my part to contribute to the downfall of western society.
Rob, Esq. is offline  
post #13 of 70 (permalink) Old 05-11-2011, 01:44 PM
Irony helps us play!
 
Arch's Avatar
 
Join Date: Jan 2006
Location: N'ville
Posts: 29,508
Location: N'ville
Sportbike: 2000 F4
Years Riding: Long enough to know better
How you found us: some hot MILF whispered it in my ear
           
Why bring others into the cut? Cash under the table, all the way.

Everyone Exaggerates

We're being taken for a ride... agaaaaaaain.....


Best Auto/Moto Insurance | Motorcycle Protection Today | FREE Trade-In Quote
Arch is offline  
post #14 of 70 (permalink) Old 05-11-2011, 02:07 PM
Registered User
 
MM Racing's Avatar
 
Join Date: May 2004
Location: Hoffman Est., IL
Posts: 4,527
Location: Hoffman Est., IL
Sportbike: Squat
Years Riding: More then one hands worth.
How you found us: Your Mother
           
Send a message via AIM to MM Racing
What are you selling that you are afraid of getting sued for?

Ian
MM Racing is offline  
post #15 of 70 (permalink) Old 05-11-2011, 02:17 PM
Irony helps us play!
 
Arch's Avatar
 
Join Date: Jan 2006
Location: N'ville
Posts: 29,508
Location: N'ville
Sportbike: 2000 F4
Years Riding: Long enough to know better
How you found us: some hot MILF whispered it in my ear
           
manwhore

Everyone Exaggerates

We're being taken for a ride... agaaaaaaain.....


Best Auto/Moto Insurance | Motorcycle Protection Today | FREE Trade-In Quote
Arch is offline  
post #16 of 70 (permalink) Old 05-11-2011, 03:09 PM
-= OuterSpace =-
 
OldSkoolMC's Avatar
 
Join Date: Sep 2002
Location: Homer Glen, MaDaFaKa!
Posts: 3,513
Location: Homer Glen, MaDaFaKa!
Sportbike: Yamaha YZ450
Years Riding: too many to keep track
How you found us: Shizzle
           
Quote:
Originally Posted by MVRC51 View Post
A corporation also has limited liability. The same if not more so than an LLC if structured and maintained properly.

The S-Corp status makes your point mute. If taxes are easy, that means you aren't saving enough!
I never said a corp doesn't have limited liability. But still wondering what exactly the "more so than a LLC" means. There isn't any "more" protection. Both are considered separate entities.

a single LLC membership will only require you to fill out a schedule C on your tax return. If your business is going to generate say 15k-20k a year as a side business then this is your best bet.

A lot more BS involved with an S-corp or C-corp.

04 Yamaha YZ450F - Off-Road it, mang
06 Kawasaki BruteForce 750i
09 Yamaha Raptor 700r

- Mike - OldSkool - MC -
OldSkoolMC is offline  
post #17 of 70 (permalink) Old 05-11-2011, 05:46 PM
Resident Slow guy
 
Ohfugit's Avatar
 
Join Date: Jun 2003
Location: Chicago
Posts: 6,771
Location: Chicago
Sportbike: 250x_Dirtbike Triumph_Tripled_955i 90_H-D_Bagger CR80_Mini_Motard
Years Riding: Street_LOOOOOOONG_Time Track Backmarker
How you found us: Google
           
Send a message via AIM to Ohfugit
Quote:
Originally Posted by Bug View Post
Tony is going to live out his dream:

"Set up shop at the top of 4 Seasons and start an Escort Service for all the right reasons"
Where real women come equipped with scripts and fake breasts

Ohfugit is offline  
post #18 of 70 (permalink) Old 05-11-2011, 09:41 PM Thread Starter
Administrator
 
HDTony's Avatar
 
Join Date: Apr 2002
Location: Plainfield IL
Posts: 45,956
Location: Plainfield IL
Sportbike: A couple of pasta rockets
Years Riding: Since 1989
How you found us: In the beginning there was CLSB and Tony saw that it was good.
           
Send a message via AIM to HDTony
Quote:
Originally Posted by MM Racing View Post
What are you selling that you are afraid of getting sued for?
LOL, nothing just starting my own business.




HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

AirTek Heating & Air inc.
HDTony is offline  
post #19 of 70 (permalink) Old 05-12-2011, 07:17 AM
IDK WTF TO PUT HERE NOW!
 
Lupi's Avatar
 
Join Date: Apr 2002
Location: Lakemoor, IL
Posts: 2,765
Location: Lakemoor, IL
Sportbike: The GF!
Years Riding: 3,201,394
How you found us: champ91
           
Send a message via AIM to Lupi Send a message via MSN to Lupi Send a message via Yahoo to Lupi
Talk to Geigel (TurboSpeedIII) I know he's got at least one maybe two LLC's he did on his own.

Ciao,
Lupi
Lupi is offline  
post #20 of 70 (permalink) Old 05-12-2011, 07:32 AM
Registered User
 
MM Racing's Avatar
 
Join Date: May 2004
Location: Hoffman Est., IL
Posts: 4,527
Location: Hoffman Est., IL
Sportbike: Squat
Years Riding: More then one hands worth.
How you found us: Your Mother
           
Send a message via AIM to MM Racing
Quote:
Originally Posted by HDTony View Post
LOL, nothing just starting my own business.
S-Corp has worked fine for me so far and I did it through the cyber drive site and pay an accountant to do my taxes. Granted I don't have more then 15k in revenue.

Ian
MM Racing is offline  
post #21 of 70 (permalink) Old 05-12-2011, 08:12 AM Thread Starter
Administrator
 
HDTony's Avatar
 
Join Date: Apr 2002
Location: Plainfield IL
Posts: 45,956
Location: Plainfield IL
Sportbike: A couple of pasta rockets
Years Riding: Since 1989
How you found us: In the beginning there was CLSB and Tony saw that it was good.
           
Send a message via AIM to HDTony
It is a side business, and will probably generate under 20k per year, but ya never know, if it works out well and takes off I wouldn't hesitate to quit my job and go full time.

Mainly ease of taxes, and liability protection for my family and possessions is my make concern. Want my house to be safe if the company gets sued for some dumb ass reason.




HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

AirTek Heating & Air inc.
HDTony is offline  
post #22 of 70 (permalink) Old 05-12-2011, 05:27 PM
Registered User
 
Join Date: May 2008
Location: Illinois
Posts: 8,696
Location: Illinois
Sportbike: ninja
Years Riding: since I was a kid
How you found us: K.I.T.T.
           
I think it was 1000 bucks to have an accountant do it, cant remember if hes a lawyer too. Got it done in Orland park area.


you also want to get a business lawyer if you will be getting seriouz. to write up contracts for you or tell you the jist of what your doing. If your providing a service, learn the policies for giving estimates etc...
taledarkside is offline  
post #23 of 70 (permalink) Old 05-13-2011, 02:23 AM
Who's faster Lupi
 
Champ91's Avatar
 
Join Date: Apr 2002
Location: Lake in the Hills, IL
Posts: 4,957
Location: Lake in the Hills, IL
Sportbike: 2004 ZX10R & 2005 CRF50
Years Riding: 20
How you found us: SBN
           
Quote:
Originally Posted by taledarkside View Post
I think it was 1000 bucks to have an accountant do it, cant remember if hes a lawyer too. Got it done in Orland park area.


you also want to get a business lawyer if you will be getting seriouz. to write up contracts for you or tell you the jist of what your doing. If your providing a service, learn the policies for giving estimates etc...
Yep cost me $1000 to form my S-Corp approx. Most of that was for the lawyer to set it all up. Its about $100 per year to maintain taxes are super easy. Just have to seperate IL sales from out of state sales. HR business software or TurboTax FTW. Approx sales per year $16-20K

NESBA #456 Intermediate
Always 1 step ahead of Lupi. 1:24:7 BHF
And 1 step behind Kimmy

"SoB gets to spend yet ANOTHER season faster than me." -LUPI-
Champ91 is offline  
post #24 of 70 (permalink) Old 05-13-2011, 07:51 AM
Registered User
 
MM Racing's Avatar
 
Join Date: May 2004
Location: Hoffman Est., IL
Posts: 4,527
Location: Hoffman Est., IL
Sportbike: Squat
Years Riding: More then one hands worth.
How you found us: Your Mother
           
Send a message via AIM to MM Racing
Seriously Tony if you want a S-Corp there is like 4 steps and it costs you $281 with all the online express fees through the states website. I haven't paid taxes but one year and it was $19 bucks. I can walk you through it if you want to go this route. I thought I had written up all the links and such in another thread about this that Wink and I were in.

Ian
MM Racing is offline  
post #25 of 70 (permalink) Old 05-13-2011, 08:08 AM
Failed rehab
 
Rob, Esq.'s Avatar
 
Join Date: Aug 2005
Location: Indy
Posts: 14,908
Location: Indy
Sportbike: Striple
Years Riding: Dunno, awhile?
How you found us: DML
           
Send a message via AIM to Rob, Esq. Send a message via MSN to Rob, Esq.
Quote:
Originally Posted by MM Racing View Post
Seriously Tony if you want a S-Corp there is like 4 steps and it costs you $281 with all the online express fees through the states website. I haven't paid taxes but one year and it was $19 bucks. I can walk you through it if you want to go this route. I thought I had written up all the links and such in another thread about this that Wink and I were in.
umm, if you're running it like that, you probably have much less liability protection than you think. If you don't dot the right i's and cross the right t's with an S-corp, a plaintiff will pierce the corporate veil and you can be held personally liable. Kinda defeats the purpose.

Attorney-at-Law: Doing my part to contribute to the downfall of western society.
Rob, Esq. is offline  
post #26 of 70 (permalink) Old 05-13-2011, 08:51 AM
Registered User
 
MM Racing's Avatar
 
Join Date: May 2004
Location: Hoffman Est., IL
Posts: 4,527
Location: Hoffman Est., IL
Sportbike: Squat
Years Riding: More then one hands worth.
How you found us: Your Mother
           
Send a message via AIM to MM Racing
Quote:
Originally Posted by Rob, Esq. View Post
umm, if you're running it like that, you probably have much less liability protection than you think. If you don't dot the right i's and cross the right t's with an S-corp, a plaintiff will pierce the corporate veil and you can be held personally liable. Kinda defeats the purpose.
Running it like what? Not making much of a profit? You have no idea how I am running shit. I just said the company pays very little in taxes.

Ian
MM Racing is offline  
post #27 of 70 (permalink) Old 05-13-2011, 08:55 AM
Failed rehab
 
Rob, Esq.'s Avatar
 
Join Date: Aug 2005
Location: Indy
Posts: 14,908
Location: Indy
Sportbike: Striple
Years Riding: Dunno, awhile?
How you found us: DML
           
Send a message via AIM to Rob, Esq. Send a message via MSN to Rob, Esq.
Quote:
Originally Posted by MM Racing View Post
Running it like what? Not making much of a profit? You have no idea how I am running shit. I just said the company pays very little in taxes.
Do whatever you want dude. Not my problem. But you probably shouldn't be giving legal or tax advice.

Attorney-at-Law: Doing my part to contribute to the downfall of western society.
Rob, Esq. is offline  
post #28 of 70 (permalink) Old 05-13-2011, 09:45 AM
Registered User
 
MM Racing's Avatar
 
Join Date: May 2004
Location: Hoffman Est., IL
Posts: 4,527
Location: Hoffman Est., IL
Sportbike: Squat
Years Riding: More then one hands worth.
How you found us: Your Mother
           
Send a message via AIM to MM Racing
Quote:
Originally Posted by Rob, Esq. View Post
Do whatever you want dude. Not my problem. But you probably shouldn't be giving legal or tax advice.
How long since you passed the BAR? Do you even have a job as a lawyer yet? Go fuck yourself. I wasn't giving advice on accountant or legal issues, I was offering help in walking through the steps to set up an S-Corp as far as the filing with the state and fed.

Ian
MM Racing is offline  
post #29 of 70 (permalink) Old 05-13-2011, 09:47 AM
Super Moderator

 
Vcook's Avatar
 
Join Date: Apr 2002
Location: Winfield
Posts: 43,229
Location: Winfield
Sportbike: bikeless
Years Riding: 10
How you found us: Shit, you know I'm a clsb OG!
           
Send a message via AIM to Vcook

Chris
Vcook is offline  
post #30 of 70 (permalink) Old 05-13-2011, 09:50 AM
Registered User
 
MM Racing's Avatar
 
Join Date: May 2004
Location: Hoffman Est., IL
Posts: 4,527
Location: Hoffman Est., IL
Sportbike: Squat
Years Riding: More then one hands worth.
How you found us: Your Mother
           
Send a message via AIM to MM Racing
MM Racing is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Chicagoland Sportbikes forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome