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Entrepreneurship:  question  |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
 Posted - Apr 28 2008 : 6:17:53 PM
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Does anyone know what a limited liability corp is? And what it does for an individual?
Thanks
Deborah
we have moved to our farm...and love it |
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corporatefarmgirl
True Blue Farmgirl
389 Posts
Tamara
Pikeville
TN
USA
389 Posts |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
Posted - Apr 29 2008 : 08:53:45 AM
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Thanks Tamara I will check out the site
Deborah
we have moved to our farm...and love it |
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KYgurlsrbest
True Blue Farmgirl
4853 Posts
Jonni
Elsmere
Kentucky
USA
4853 Posts |
Posted - Apr 29 2008 : 09:01:59 AM
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Deborah, also contact your accountant or an attorney regarding whether you should become a corporation or a limited liability company--both are options for small businesses, as is a S-corp for tax purposes, etc...There are many variables involved in the "why's" for choosing.
I set both up on a daily basis as a paralegal, and think it would be beneficial for you to contact a business attorney for an initial consultation (about $50.00) for advice--you can tell them what you'd like to accomplish and they can take care of the paperwork with the Secretary of State, or you can, but you will also need to apply for EIN number through the IRS.
Farmgirl Sister #80, thanks to a very special farmgirl from the Bluegrass..."She was built like a watch, a study in balance ... with a neck and head so refined, like a drawing by DaVinci"...
NY Newsday sportswriter Bill Nack describing filly, Ruffian.
http://www.buyhandmade.org/ |
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Room To Grow
True Blue Farmgirl
974 Posts
Deborah
Kingston
Georgia
USA
974 Posts |
Posted - Apr 29 2008 : 1:49:12 PM
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Thanks Joni...I will chat with my husband about this
Deborah
we have moved to our farm...and love it |
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marmieto12
True Blue Farmgirl
213 Posts
laura
utah
USA
213 Posts |
Posted - Apr 30 2008 : 4:44:30 PM
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For my husbands Construction business we has a S-Corp, while some of the subs we used had LLC.
We went with S corp so we could be considered employees and it made perfect tax sense.
Jonni's recommendation of seeking an attorney is wise. We used an accountant and he walked me through quite a bit. It was worth the cost as he also set up the corporation. I read up on it first so I had an idea of what questions to ask. the IRS has small business articles too.
Laura;Dreaming of big girl farm...
Farmgirl # 148
http://lilsfamilyfarm.blogspot.com
Chapter http://justsimplythegirls.blogspot.com |
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craftychick06
True Blue Farmgirl
71 Posts
Darlene
fennville
Mi
USA
71 Posts |
Posted - May 04 2008 : 4:21:43 PM
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I am in the process of getting one for our farm and the market items. Since i have baked goods my dept of ag guy recommended it that way if someone wants to sue for some danged reason we dont loose our house and land. It sure is crazy my mom had to get an extra ammendment to our business insurance in case someone orders flowers like for a funeral and are unhappy of what we sent they can sue US!! stupid isnt it!! Good luck
**LIVE LIFE JOYFULLY** |
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kpaints
True Blue Farmgirl
1564 Posts
karen
cheney
wa
1564 Posts |
Posted - Jun 09 2008 : 06:14:44 AM
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I just found a website www.Legalzoom.com and had a living will done for $39and they also do LLC's. Robert Shipiro (sp) started the site and I was happy with their work.
Find your joy and live it. |
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Entrepreneurship: question |
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