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well, im always thinking worse case scenario... so yes, thinking about future creditors (none right now, ive purchased everything myself so far so no creditor issue now), product liable issues (what if some freak accident thing happens, kid chokes on a bead/nut/stone etc that comes lose from one of my pieces).
I want to have a separate entity (not me personally) to be responsible for taxes, financial obligations, etc.
it's a small business and i can't foresee tons of money coming out of it so i want to keep itseparate, legal, but small (with possibility for growth) and managable. from what i read a corporation woudl require me to have directors and officers and annual mtgs and reports.....is that necesary if im the only shareholder? that is why i thought an LLC sounded simpler but not sure if i can be a once person LLC or whether it will work in avoding double taxation like an s-corp does.
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one more follow up question: since its a separate entity, how would be allowed to access any of the monies made/profits from the busienss for personal use? do i have to wait until the end of the year? or should i pay myself a small fee monthy as a "salary'? thanks
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