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Thread: Do any of you

  1. #1
    Join Date
    Apr 2014
    Location
    Norfolk, Nebraska, USA
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    117

    Default Do any of you

    Do any of you have an LLC and if so how and where did you get it and what was the cost. Anybody ever use Legal zoom or US legal forms. I know it's off topic, but not sure where to put it that I will get an answer.
    Thanks
    Mike

  2. #2
    Join Date
    Mar 2010
    Location
    Walker, Alabama, USA
    Posts
    900

    Default Re: Do any of you

    Go to the website for your Secretary of State. They will have the information and the forms that you will need. That's how I incorporated my farm.

    HTH

    Rusty
    Rusty Hills Farm -- home of AQHA A Rusty Zipper & Rusty's Bees ( LC and T)

  3. #3
    Join Date
    Dec 2005
    Location
    Brasher Falls, NY, USA
    Posts
    27,123

    Default Re: Do any of you

    Quote Originally Posted by wild-b View Post
    Do any of you have an LLC and if so how and where did you get it and what was the cost. Anybody ever use Legal zoom or US legal forms. I know it's off topic, but not sure where to put it that I will get an answer.
    Thanks
    Mike
    Is your exposure great enough to warrant the hassle(s) of setting up and maintaining an LLC? Talk to an Accountant, one familiar w/ what you do? A CPA perhaps. I asked my accountant this just yesterday and she advised not to bother.
    Mark Berninghausen #youmatter

  4. #4
    Join Date
    Apr 2014
    Location
    Norfolk, Nebraska, USA
    Posts
    117

    Default Re: Do any of you

    I would like to make this a part time business where I'm able to use for tax purposes. Mileage, hives ect.
    Thanks

  5. #5
    Join Date
    May 2012
    Location
    Knox, Pa. USA
    Posts
    1,265

    Default Re: Do any of you

    You need not have a LLC to run it as a business, you can run it as a sole proprietorship. and claim your expenses. As a sole proprietorship you can offset loses with your personal income tax thus reducing your tax liability from your full time Job. You cannot do that with a corporation.

  6. #6
    Join Date
    Dec 2005
    Location
    Brasher Falls, NY, USA
    Posts
    27,123

    Default Re: Do any of you

    Quote Originally Posted by wild-b View Post
    I would like to make this a part time business where I'm able to use for tax purposes. Mileage, hives ect.
    Thanks
    All you have to do is register as a business at your County Court House, maybe fill out a DBA Form (Doing Business As: wild-b hunny) and then keep track of everything you want to declare as income and everything you want to claim as expenses on Federal Form Schedule F "Profit or Loss from Farming". Again, talk to your accountant just so you are clear about what you need to do in the State of Nebraska.
    Mark Berninghausen #youmatter

  7. #7
    Join Date
    Apr 2014
    Location
    Norfolk, Nebraska, USA
    Posts
    117

    Default Re: Do any of you

    Thanks a lot you guys for the info, that's what I like about this forum. Everyone willing to share info with others.
    Again Thanks
    Mike

  8. #8
    Join Date
    Nov 2013
    Location
    richland center, wisconsin USA
    Posts
    294

    Default Re: Do any of you

    Check your state.. requirements if you are going to sell any products. ( wax, pollen , honey , propollis,candles, soap, etc) Starting a LLC.. Is a smart business move that can save you a dime or two the future..

    Getting all the permits and registering it .. 50 buck on the cheap end to start in your area...EIN number .. state tax...
    "Anytime you see someone more successful than you are, they are doing something you aren't."

  9. #9
    Join Date
    Jan 2014
    Location
    Bastrop TX USA
    Posts
    218

    Default Re: Do any of you

    As a retired lawyer my advice was often to not bother with an LLC or corporation. They are only valuable to limit one's liability in the event of a problem, and most people just continue to operate the same way they did before incorporating. If they do this it is a simple matter to "pierce the corporate veil" if there is a problem and avoid the limited liability. The idea is if you do not behave like a corporation others do not have to recognize it either.

    If you really want to limit your liability either research how to properly conduct your business within the corporate pattern (annual meetings, board of directors, annual reports, etc.) or, in most cases, just purchase sufficient insurance. The insurance may cost less than the annual fees- state, accounting and legal.

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