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Home › Society › Economy › Business, Accounting & Taxes › Starting an LLC: Where to begin?

Starting an LLC: Where to begin?

Started by Anonymous · · 👁 52 views · 1.1K replies

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mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#501 ·
From what I understand, family members can work for a sole proprietorship without being officially on the payroll, but that’s not an option with an LLC. If I’ve got that wrong, please set me straight.
You’d probably have better luck Googling "sole proprietorship vs LLC" or searching business forums for threads about the pros and cons of each structure.
Maybe try asking something more specific? Like, if you're looking at starting a business with zero employees, for example. It's hard to give good advice when the question is this vague.
Jose Stewart3 Jose Stewart3 Member
12 messages
joined May 2009
#502 ·
I’m thinking about starting my own company, so I need to wrap my head around all the different setups involving board members, directors, and founders. My main goal is basically to keep payroll taxes and benefits costs as low as possible, though I know I'll have to cover them for myself since I’ll obviously be working there. I’d probably be coming into this with one other person, and while the capital would be entirely mine, I still want to give them some kind of stake in the business—just without having to deal with the whole tax burden for them if I can help it.
I guess the smartest move might be for me to act as the director while giving the other person power of attorney or making them a board member... I'm not really sure if those roles trigger specific tax requirements for that second person or whatever. 🤷
Also, is it actually possible for me, as the director, to just register for part-time hours, like maybe 20 hours a week?
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#503 ·
The prosecutor doesn't actually need to be an employee—but the director definitely does. You have to provide proof that you're working somewhere else part-time; otherwise, you're required to be on a full-time schedule...
Jose Stewart3 Jose Stewart3 Member
12 messages
joined May 2009
#504 ·
silverbison293 said:The prosecutor doesn't actually need to be an employee—but the director definitely does. You have to provide proof that you're working somewhere else part-time; otherwise, you're required to be on a full-time schedule...

Thanks! I guess at least I can just stay on minimum wage for now. 😂
So, if I’m acting as the director and I'm just pulling in minimum wage, do I still have to pay any payroll taxes or contributions for my partner in the company—you know, the other board member? It doesn't really matter if they have another job or aren't working anywhere at all, right?
Thanks! 😍
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#505 ·
For crying out loud,
look, even if he’s working somewhere, you don't actually need proof—what you really need is some level of assurance from the employer that he’s actually on the payroll,
and if he’s currently unemployed while sitting on the board, then again, it shouldn't matter because, by law, a CEO has to be an active employee...
☕
Jesse Sanchez6 Jesse Sanchez6 Newcomer
2 messages
joined Jun 2009
#506 ·
hey,

if someone’s out here selling e-books or digital stuff online, would it be smart to set up an LLC?
with profits hitting several hundred thousand dollars, am I asking for tax trouble if I don't have an LLC?
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#507 ·
😂

wait, are you just bored or...
Jesse Sanchez6 Jesse Sanchez6 Newcomer
2 messages
joined Jun 2009
#508 ·
silverbison293 said:😂

wait, are you just bored or...

ignorance is bliss, right?
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#509 ·
In your case, it really isn't—but look, don't get worked up, please. I’m not trying to be insulting here, but that question honestly deserved the response it got... 😍
I mean, you're hanging out in the Economics thread asking about trade and how to keep your revenue without paying the taxes and fees required by law... I think you'd be much better off taking that specific inquiry to a local IRS advisory office or something.

If you want my two cents: just call them from a blocked number or a burner phone, if you're so worried about them tracking your info. 😉
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#510 ·
Jesse Sanchez6 said:hey,

if someone’s out here selling e-books or digital stuff online, would it be smart to set up an LLC?
with profits hitting several hundred thousand dollars, am I asking for tax trouble if I don't have an LLC?

Are you actually being serious asking us something like that?
silverbison293 gave you some solid advice, and I'm definitely on the same page.
Carol Thompson55 Carol Thompson55 Newcomer
4 messages
joined Jun 2009
#511 ·
Hey everyone, is anyone else getting absolutely buried by this mountain of red tape here in the States? Whether you’re just dreaming of starting an LLC or you’ve already jumped in only to have some legal nonsense mess up your workflow—is it just me?

If you’ve got specific examples of laws or regulations that make zero sense to you, lay them out... I'm seriously struggling just trying to get an LLC off the ground.
slylynx9 slylynx9 Newcomer
2 messages
joined Jun 2009
#512 ·
Hey, I’ve been scrolling through this thread for a bit, and honestly, I can't seem to find all the specifics we talked about. Sorry if I’m being repetitive here:

1. Can my company actually operate here in the States if it’s registered overseas? Like, am I legally required to set up a US branch or something?

2. What kind of primary business category should I pick for producing theater plays and going on tour?

3. Are there any weird rules about naming a new company—you know, like some restriction where you can't use foreign words or whatever?

Thanks
Jose Stewart3 Jose Stewart3 Member
12 messages
joined May 2009
#513 ·
silverbison293 said:For crying out loud,
look, even if he’s working somewhere, you don't actually need proof—what you really need is some level of assurance from the employer that he’s actually on the payroll,
and if he’s currently unemployed while sitting on the board, then again, it shouldn't matter because, by law, a CEO has to be an active employee...
☕

So, here's my deal: I'm thinking about starting my own LLC. I’d basically be the CEO and the only actual employee—even if I had a board member or a proxy involved who wouldn't technically be on the payroll. But, I'm planning to get pregnant, which means I'll eventually need maternity leave. I'm wondering if I'd be forced to hire someone else to cover for me while I'm out, or if that rule about an LLC not needing employees still holds up (since I'd still technically be an employee regardless of any complications or maternity stuff later on)? Thanks!🙏🙏🙏
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#514 ·
Jose Stewart3,
Technically, a board member is supposed to be an employee—but an authorized signatory doesn't have to be. So, if you were the sole board member and the director, you could basically go out on sick leave or maternity leave and leave absolutely nobody else on the payroll... ☕
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#515 ·
slylynx9 said:Hey, I’ve been scrolling through this thread for a bit, and honestly, I can't seem to find all the specifics we talked about. Sorry if I’m being repetitive here:

1. Can my company actually operate here in the States if it’s registered overseas? Like, am I legally required to set up a US branch or something?

2. What kind of primary business category should I pick for producing theater plays and going on tour?

3. Are there any weird rules about naming a new company—you know, like some restriction where you can't use foreign words or whatever?

Thanks

1. You have to register it here in the US.
2. I don't have the code handy right now, but I think you'll find it around section 9... check the NAICS manual...
3. There are definitely rules... just give the SBA a call if you want to save yourself the headache...
slylynx9 slylynx9 Newcomer
2 messages
joined Jun 2009
#516 ·
silverbison293 said:1. You have to register it here in the US.
2. I don't have the code handy right now, but I think you'll find it around section 9... check the NAICS manual...
3. There are definitely rules... just give the SBA a call if you want to save yourself the headache...

Thanks man, appreciate it.
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#517 ·
So, what’s the actual issue here?

I set up my LLC just 15 days ago...😉
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#518 ·
If you're really struggling this much with it, honestly, the easiest thing to do is just give CNN a call. They'll get everything sorted out for you—just pay up like everyone else.
George Wilson4 George Wilson4 Member
38 messages
joined Nov 2012
#519 ·
CNN doesn't charge any fees for their services. It essentially means they’re free—whether you decide to set up your business through them or just handle the paperwork yourself. The only real advantage is that you don't have to spend your days running back and forth between the courthouse and the IRS; they take care of all those administrative headaches for you.

But honestly, I don't see what the big deal is? Even if you tackle the whole process on your own, it moves pretty quickly and isn't exactly rocket science. You might lose a few hours here and there—maybe three or four separate sessions of an hour or two—and then you're all set...
Jose Stewart3 Jose Stewart3 Member
12 messages
joined May 2009
#520 ·
The decision is made: I'm starting an LLC. 🙂 Sadly, I’ll have to take out a loan to cover the initial capital, which I'd basically just pay back immediately after setting things up. I guess I'm looking for the exact protocol here—what do I actually need to do to make sure this stays totally legal? Also, once the LLC is up and running and doing its thing, what are the easiest ways or legitimate reasons for a director to withdraw cash from the business account? And how much time do I actually have after incorporating to register the company with the IRS and get myself set up as director with the Social Security Administration and Medicare? Thanks!!! 😍

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