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Incorporated, LLC


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I was reading a post from Desert_Gold_Vending and he mentioned that the last business he ran he incorporated. I haven't really heard much about anyone doing this in bulk vending and was wondering if there would be any benefit to it. How do you go about incorporating or becoming an LLC?

Joe

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There are tax and liability benefits. It also lives on past you.

If you owe child support they cant use your corporations income as your income. This will help save you some money. Some think that it protects all your assets, however; this is not really true at first. The problem is every loan you take out at first will require you to put your name on it also accepting finical responsibility.

It is beyond the scope of this post to tell everyone how to do this. I gave some advice in a post if you click the link above (post #2).

What might help is for everyone that knows the webpage that covers their states corporation commission to paste it here.

Arizona: http://www.cc.state.az.us/

 

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  • 1 month later...

I'm no expert in law or anything, but here's my 2 cents.

From what I've read about the LLC designation, which by the way stands for Limited Liability Company, not Corporation, because under most state laws you did not incorporate and pay no corporate franchise tax, it protects the proprietors of an LLC for there financial share of the company from the companies creditors, but has nothing to do with liability, and if you are a sole proprietor, all the financial burden is yours so there really is no protection. Liability would be protected by insurance. Now once again I am not a lawyer or business professional, but this is what I read after doing a search one time on LLC's on the net. I am sure there are other benefits related to income and taxes.

As far as I can see, for my situation at this time, a DBA and good liability insurance would be all that is applicable. The fact that this is a cash business it has built in tax advantages.

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