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What else can I help you with?
How much does an accountant charge to set up an LLC?
The cost for an accountant to set up an LLC can vary depending on the complexity of the business structure and services needed. On average, it can range from 500 to 1500.
Does an LLC receive a 1099 form?
Yes, an LLC can receive a 1099 form if it receives income that meets the reporting requirements set by the IRS.
Can my business rent my house?
Yes, your business can rent your house as long as it complies with local zoning laws and any regulations set by your business structure, such as a corporation or LLC. It's important to consult with legal and financial advisors to ensure all aspects are handled properly.
What does unlimited liability mean to the owner of a business?
The owner has personal liability for anything that happens. That is whi it is good to have an LLC (limited liability corporation). Mine cost $60 to set up on the state's web site. If a customer is killed in my shop all I can lose is the business, not my home.
Does an LLC classified as a partnership receive a 1099 form?
Yes, an LLC classified as a partnership may receive a 1099 form if it receives income that meets the reporting requirements set by the IRS.
Initially no formality is required to set up a what type of business?
LLC Corporation
What does the LLC Corporation do?
"An LLC Corporation is often used by small business owners to protect them from monetary liability. When you set up an LLC Corp. your personal property, i.e., house, car and other personal assets are off limits from being included in a lawsuit against your business."
Is it better to set up a family farm as a corporation or co-op in the US?
A LLC is better for a small farm with the deductions without the problems of a co-op or a corporation.
Where can one learn how to set up an LLC?
One can learn how to set up an LLC by reading the article about it on the professional-run website, Nolo. It's very detailed, so you shouldn't have any trouble.
What is the difference in S-Corps and LLC?
An LLC is better than an S corporation under some circumstances. In other circumstances, an S corporation is the better choice. In fact an LLC can elect to be treated as an S corporation, if it meets the statutory requirements for an S corporation. An S corporation has more restrictions that a limited liability company: * It must not have more than 100 shareholders. * Its shareholders must be U.S. citizens or U.S. residents, and they must be generally be individuals (with some very limited exceptions). * It must have only one class of stock. * Its profits and losses must be allocated to shareholders proportionately to each shareholder's interest in the business. For a growing business, an S corporation offers much less flexibility. But there are some areas, such as FICA taxes which are payable on the income of members of an LLC but not on profits of an S corporation, that favor an S corporation.
Explain what is structures of the business organizations?
C Corporation, S Corporation, Partnership, LLC, Sole Proprietorship. A business is set up (structured) as one of the above. Each of which has its own idiosynchracies that dictates how certain aspects of the business must work on an organizational level to stay in compliance with various rules and regulations for tax, reporting and managerial purposes.
How can I start up a business?
One of the first things you will have to do is decide if you are going to be a "C" corporation, a "S" corporation, or a LLC. To help decide which type is best for you and your business you should meet with your lawyer or accountant. To find out more in the differences of these corporations go to http://www.usatoday.com/money/smallbusiness/columnist/abrams/2007-10-25-set-up_N.htm
Do you set up LLC then lease or lease then set up llc?
It is generally advisable to set up the LLC first before entering into a lease. Forming an LLC provides liability protection for your personal assets and establishes the business as a legal entity. Once the LLC is established, you can then sign the lease under the business name, ensuring that the lease is legally tied to the LLC rather than to you personally. This approach helps to protect your personal finances in case of any disputes or liabilities arising from the lease.
Does a bank needs an operating agreement on all their llc accounts?
You need an LLC to open a business account that is operated as an LLC but you do not need the LLC Operating Agreement (that is for you and the members) but once you set up the LLC you can go to the bank. :) go to http://ellcoperatingagreement.com to learn more!
How much does an accountant charge to set up an LLC?
The cost for an accountant to set up an LLC can vary depending on the complexity of the business structure and services needed. On average, it can range from 500 to 1500.
Does an LLC receive a 1099 form?
Yes, an LLC can receive a 1099 form if it receives income that meets the reporting requirements set by the IRS.
How to Set Up a Business as an LLC?
When you are first starting your business, one of the most important things you'll have to do is decide on how you're going to classify your business structure. For many people, it makes sense to classify as a sole proprietorship due to the small size of their operation. However, if your business will be involved with things that can carry significant financial or physical risk, then it may be smart to set up a Limited Liability Corporation. This business structure will protect you and your personal assets in the event that your business is sued for a number of different reasons. To set up the LLC yourself, you'd need to set up a bunch of complicated paperwork. Using an accountant is recommended for this.
