Hello, my name isXXXXX you for allowing me to assist you.
I see that you are already aware of the issues regarding personal liability protection offered by an LLC.
Your primary concern is the income tax issues. If you were my client I would recommend the LLC. Not only does it protect you personal assets in the event of litigation, but it is a tax neutral entity.
its the file fees and taxes that I am unsure about
is the LLC taxed more then self employed and is there a Filing fee to register my company as an LLC?
LLC's are recognized by the IRS as "pass through" entities. This means that there is only one level of taxation; that being at the personal level. This means that even with an LLC you will be tax as if you were a simple sole proprietor.
So there is no additional tax as an LLC.
Good to hear. I was talking to the County tax department to get my business license(or business tax receipt) they call it now, and she seem that she was going to go a different direction if I stated I was going to incorperate or LLC then just self empoyed.
There are fees associated with forming an LLC. Typically, it will cast you approximately $500 to $1000 dollars to have an attorney prepare the paperwork for you. Also, FL requires that an LLC be registered with the Florida Department of State, and it charges a $125 filing fee. However, you should view these expenses as the cheapest insurance policy you ever buy, because they protect your personal assets if the LLC gets sued.
The county should be able to tell you what the difference in the license fee amounts are for a LLC vs. sole proprietor, if any. I can't image the fees will be different. Again, if they are, it's all part of that "insurance policy" I referred to earlier.
If you shop around you might be able to find a service that will form your LLC cheaply, but you might want the added comfort of knowing the LLC was formed by a knowledgeable attorney.
Do you have any other questions?
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I didn't see it anywhere when I researched it on the web (on state/county/federal/IRS -web sites) and there was one that I was able to download a PDF file to write in my infor for Filing but they never said anything about a fee. That's why I was starting to wonder.
Go to www.sunbiz.org/index.html
That is the web site for the Florida Department of State. If will have a lot of information for you.
I registered a "Ficticious name" with the state already.
That's a good start.
Unless there is another Registration for LLC
Yes, That site is very helpful.
No. Don't confuse the "Fictitious name" registration with the LLC registration. They are two entirely different things.
I'll have to check that out.
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