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AlphaCon · 02-28-2008, 01:30 PM

What is the most overlooked things to consider when starting an LLC. Also what kinda of things are important to confrence with a CPA about other then taxes.

ADVERTISE HERE! · 02-28-2008, 01:39 PM

I don't know what to tell you with regard to the "most overlooked things to consider when starting an LLC." I recommend picking up "Limited Liability Companies for Dummies" to gain a general understanding.

AlphaCon · 02-28-2008, 10:42 PM

lol I have fried my brain on books on LLCs.
The most confusing thing is how its taxed...
I read today you get double taxed if you keep money in the company but that cant be right. Can you get taxed as a C-corp and pay yourself a salary?

jumper666jr · 02-29-2008, 01:19 PM

Quote:

Originally Posted by AlphaCon

What is the most overlooked things to consider when starting an LLC. Also what kinda of things are important to confrence with a CPA about other then taxes.

try IRS that helps

ADVERTISE HERE! · 02-29-2008, 02:22 PM

Quote:

Originally Posted by AlphaCon

lol I have fried my brain on books on LLCs.
The most confusing thing is how its taxed...
I read today you get double taxed if you keep money in the company but that cant be right. Can you get taxed as a C-corp and pay yourself a salary?

Where did you read that?!

And why would you want to be taxed as a C corp?

byzantium · 02-29-2008, 09:58 PM

A pass through LLC isn't for everybody. I elected to tax mine as a C corp and pay myself a salary for a number of complex reasons. One of them is that pass through LLC income is taxed at personal income rates, and you have to pay self-employment tax on it (15.3% FICA). If you pay yourself a salary, you can control your personal income tax return, which appealed to me. That's the way big time CEOs do it. There are other reasons, one of which being that investing "the business's" money gives you more tax benefits than investing personal money.