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Forming and Using an LLC (Paperwork Requirements (Operating Agreement…
Forming and Using an LLC
Trademarks
legal rigth over word, slogan, image, logo, business idea
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vs S Corp
Advantage LLC
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Salary
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LLC
Does not have to take a salary, making it simpler
Advantage S Corp
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Self employment tax
Must pay Self employment tax on all income, after expenses, up to $118,000 in 2015
S Corp required to pay reasonable salary, but it does not have to be "all the income" resulting in savings on self employment tax
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Salary
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LLC
required to pay estimated payments each quarter to pay in their taxes. A Lot of times, if their business fluctuates (Goes up or down), they more or less income. They are not properly paying estimated payments, which can result in additional tax owed on April 15th.
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Employees vs Contractors
Independent Contractors
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Contactor supplies Tools, Material, Tools
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Employees
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Company supplies Tools, Material, Tools
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Paperwork Requirements
Articles of Organization
Will hear back on incorporation (depending on state), but typically instant are filing AO
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Operating Agreement
Member-Managed vs. Manager-Managed #
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Terms
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Doing Business As (DBA)
Operate your business under different name, other than one used to register with AO or incorporation
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