Starting an LLC: Where to begin?
in Business, Accounting & Taxes ·
Cash is a bit tight right now, but my schedule is filling up fast, so I’m feeling super optimistic about next year being way better than this one. I run a small business, and honestly, I'm a little stressed about hitting those higher tax brackets—I think they recently changed some rules, and it feels like a massive chunk of my income would just vanish. It's going to be a struggle to scrape together $20,000 by the end of the year, but my goal is to transition into an LLC starting January 1st. I already own equipment and computers worth over $17, though I know their resale value has probably dipped since I started using them. Does anyone know if I can transfer those assets from my sole proprietorship to the new LLC to count toward my initial capital? Has anyone actually pulled that off?
Or, is there a way to use my gear as collateral for a short-term loan to get some quick liquidity, then pay it back later? Is that even a thing people do?
Also, if I end up needing to go through an auditor, is that process a total nightmare in terms of time and cost? What has your experience been like?
Thanks so much for any advice you can throw my way!
Or, is there a way to use my gear as collateral for a short-term loan to get some quick liquidity, then pay it back later? Is that even a thing people do?
Also, if I end up needing to go through an auditor, is that process a total nightmare in terms of time and cost? What has your experience been like?
Thanks so much for any advice you can throw my way!