LLC in Ohio: Total costs? (on-going fees, taxes, etc.)

[netl40]

Hello All,

I am a student strongly considering the formation of a new LLC in Ohio for a small (but now growing) computer consulting/repair business.

But, I'm not at all clear as to how much in start up and, more importantly, on-going fees and taxes I will be liable for after forming the LLC. (As opposed to the current, but growth limiting, cash-from-friends method...)

To complicate matters, thus far, I've never made enough money to actually pay income tax... so the whole world of taxes is a bit new to me. (Though I did help a friend use TurboTax to file a return... seemed simple enough.)

So my questions are:

- Where can I find a full list of annual fees and taxes (both state and federal) that the LLC, and I as it's owner, will be liable for?

- As a percentage of the gross income, what do I have left as profit after all the taxes have been paid? (Assuming no fancy tricks, and a low tax bracket.)

- How does hiring a friend to help with the work load change things?


Thank you,

[netl40]

.... Anybody?

[rogercbryan]

LegalZoom: Online Legal Document Services: LLC,Divorce,Wills,Incorporation & More

I've used them to incorporate a few companies, do a dba, get a trademark, and even for a divorce. Most of which was done in OH. It should only cost you a couple $100... depending on how big of a hurry you are in.

[netl40]

Thanks for the reply.....

It's not so much the startup fees I'm worried about.... that's spelled out pretty well at LegalZoom, et. al.

I'm really wondering about what taxes and annual fees I need to now start paying, and what tax returns I need to file. (I am a student, and have never made enough money in previous years to file any sort of tax return.... this is all new to me.)

[CIsaac]

You need to speak to an accountant to give you some idea on your taxes. You may have to do quarterlys or could get away with just yearly (but usually there are several questions they ask you to determine that). If you hire your friend as an employee, there may be taxes to worry about like soc security, medicare, state and local,etc. If you're lucky, your losses could also get you a refund. I'm not an accountant so this is not tax advice. Find one and see if they would be willing to answer your question.

However, if I were you I'd not make taxes my main concern now because some way somehow, you would still be responsible for it.

Try the Ohio CPA referral: Home

[netl40]

Thanks for the CPA referral link...

I guess what I am looking for right now is just a basic overview of all the taxes/fees that need paying... something like:

- Federal ABC Tax - ~% - IRS Form 123
- Federal XYZ Tax - ~% - IRS Form 456
- State ABC Tax - ~%
- State XYZ Tax - ~%
- State Annual fee ABC - ~$$
- State Annual fee XYZ - ~$$
- etc.

[BusinessAdviser]

An LLC is a pass-through entity. You're taxed on a personal level, not corporate. All of the entity's earnings pass through to you for taxation purposes.

[netl40]

An LLC is a pass-through entity. You're taxed on a personal level, not corporate. All of the entity's earnings pass through to you for taxation purposes.

Yes. i realize.... but like i said I don't know much about taxes.... hence my request for further explanation.