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Showing posts with label LLC. Show all posts
Showing posts with label LLC. Show all posts
Google's Don Dodge Interview with Jennifer Reuting
Google's Don Dodge Speaks with Jennifer Reuting Author of Limited Liability Companies for Dummies and Founder of MyLLC.com and DocRun.
Tax Havens For Internet Companies
If your website or business does not operate out of a corporation or LLC, you’ve probably given some thought at one time or another as to whether there is any benefit to you or your business to have one. Online businesses are different from traditional businesses in many ways that make them especially good candidates for operating out of a formal business entity.
One of the great benefits of incorporating is that you create legal separation between you and your business. In other words, your business is its own legal entity. It has its own bank account, pays its own taxes and, most importantly, has the option of “living” in whichever state (or country) you decide. Why then, do so many business owners limit themselves by forming corporations in their home state? Unless you are one of the lucky few that happen to live in a tax haven such as Nevada or Wyoming, take into consideration whether or not your state is the best tax climate for your company.
However, while businesses can “live” in whichever state they desire (technically called “domiciled”), they still have to register and pay taxes in each state where they transact business. And while each state has a different idea of what that term means, for the most part, if you have employees or office space in a particular state, you are transacting business there.
Qualifying Online Businesses and Tax Havens
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Tax havens are generally states that are very pro-business and tax-free — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming. The only significant difference between the two is that Wyoming seems to offer lower fees and doesn’t carry the tax haven stigma that Nevada has developed over the years.
If you have a truly virtual online business, all you have to do is form a Nevada or Wyoming corporation. Keep in mind that it can’t be an LLC unless you elect corporate taxation with the IRS. Otherwise, all of your income will pass through to your individual tax return in the state in which you live. This means that you will have to pay state taxes on the income at an individual level as if it were income to yourself.
When forming your corporation, it’s recommended to use a professional service. If you choose to go it alone, you may have to spend many more hours than you realize to understand the filing procedures and the nuances of that particular state — all from hundreds of miles away. A better bet is to use a national company with associates who specialize in each state and not only know the required filings, but also maintain strong relationships with state employees — an important factor to getting things filed in a timely manner.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — which means it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Read the entire article on
Tax Havens For Online Businesses - Website Magazine - Website Magazine
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| Website Magazine |
However, while businesses can “live” in whichever state they desire (technically called “domiciled”), they still have to register and pay taxes in each state where they transact business. And while each state has a different idea of what that term means, for the most part, if you have employees or office space in a particular state, you are transacting business there.
Qualifying Online Businesses and Tax Havens
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Tax havens are generally states that are very pro-business and tax-free — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming. The only significant difference between the two is that Wyoming seems to offer lower fees and doesn’t carry the tax haven stigma that Nevada has developed over the years.
If you have a truly virtual online business, all you have to do is form a Nevada or Wyoming corporation. Keep in mind that it can’t be an LLC unless you elect corporate taxation with the IRS. Otherwise, all of your income will pass through to your individual tax return in the state in which you live. This means that you will have to pay state taxes on the income at an individual level as if it were income to yourself.
When forming your corporation, it’s recommended to use a professional service. If you choose to go it alone, you may have to spend many more hours than you realize to understand the filing procedures and the nuances of that particular state — all from hundreds of miles away. A better bet is to use a national company with associates who specialize in each state and not only know the required filings, but also maintain strong relationships with state employees — an important factor to getting things filed in a timely manner.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — which means it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Read the entire article on
Tax Havens For Online Businesses - Website Magazine - Website Magazine
Examining Different Business Structures With Jennifer Reuting
Register for our July 12th webinar and discover:
• Which entity is right for you - LLC, Corporation or S-Corporation?
• How to operate your company effectively, while still maintaining compliance
• Which tools and resources are essential for structuring your business
Thousands of companies have entrusted and counted on Jennifer Reuting to address their corporate needs. She has founded multiple industry-leading companies to help lower the cost of entry for independent contractors and small businesses. A regular speaker and guest professor at USC Marshall School of Business, Reuting’s newest venture, DocRun.com, was born out of the need to provide small businesses and independent contractors with an easy, affordable way to create operating agreements and other contracts and agreements governing business operations.
Major cable network is now casting a new docu-drama about Family Business in the NY and PA area
Do you own and operate a family business? Are your father's "old school" ideas just not blending with this "new media" world? Is your son's work ethic not up to par with traditional family standards? Semi Sweet Productions is casting a brand new show for a major cable network and are looking for Fathers and Sons who are struggling to find a common ground when it comes to running their company.
Our celebrity specialist will spend time with the families and give them valuable advice and strategize new ways of bettering their business to improve revenue. We're looking for businesses based within 2 hours of NYC that are not necessarily about to go under, but can definitely use some help.
If you are interested in featuring your company on the show, send Kelli Sturges an email right away to FamilyBusiness@semisweetproductions.com and tell us a little about your company and why you think your business (and relationship with your family) would benefit from the appearing on the show.
Our celebrity specialist will spend time with the families and give them valuable advice and strategize new ways of bettering their business to improve revenue. We're looking for businesses based within 2 hours of NYC that are not necessarily about to go under, but can definitely use some help. If you are interested in featuring your company on the show, send Kelli Sturges an email right away to FamilyBusiness@semisweetproductions.com and tell us a little about your company and why you think your business (and relationship with your family) would benefit from the appearing on the show.
Protect Your Film With An LLC
MyLLC.com - Before You Call “Action!” -- Take Action And Protect Your Film With An LLC
Have a great script or idea you need to put into action? Ever wonder what steps you need to take to start a film production? The authors of Limited Liability Companies for Dummies , MyLLC.com wrote an article that walks you through the process. Making sure your film project is properly structured is very important. Especially when it comes time to raising capital or hiring a production crew.
This article walks you through the importance of a Limited Liability Company ( LLC) when it comes time to pitch your ideas to investors. Its allot easier for investors to invest in an entity like a Limited Liability Company rather that a sole proprietorship. You will also learn the tax benefits with operating this way. Lets not forget the liability protection. Most filmmakers have several project under them that need to protected each other from each other.
There are also several options when it comes time to select what state you are going to file your Limited Liability Company ( LLC) out of. When you film in certain states you may also need to foreign qualify in that state. Once you are done in that state you may need to withdraw from that state. This article makes it really easy and simple to understand the business end of the entertainment industry.
If any questions come up you can always speak to an expert at MyLLC at 888 886 9552. There is also a live chat option on the homepage.
For the complete article visit www.myllc.com/film-production-llc.aspx
Have a great script or idea you need to put into action? Ever wonder what steps you need to take to start a film production? The authors of Limited Liability Companies for Dummies , MyLLC.com wrote an article that walks you through the process. Making sure your film project is properly structured is very important. Especially when it comes time to raising capital or hiring a production crew.
This article walks you through the importance of a Limited Liability Company ( LLC) when it comes time to pitch your ideas to investors. Its allot easier for investors to invest in an entity like a Limited Liability Company rather that a sole proprietorship. You will also learn the tax benefits with operating this way. Lets not forget the liability protection. Most filmmakers have several project under them that need to protected each other from each other.
There are also several options when it comes time to select what state you are going to file your Limited Liability Company ( LLC) out of. When you film in certain states you may also need to foreign qualify in that state. Once you are done in that state you may need to withdraw from that state. This article makes it really easy and simple to understand the business end of the entertainment industry.
If any questions come up you can always speak to an expert at MyLLC at 888 886 9552. There is also a live chat option on the homepage.
For the complete article visit www.myllc.com/film-production-llc.aspx
Checking the name of a Corporation or Limited Liability Company (LLC)
Before you can start printing up business cards, and promo material you're going to want to ensure that the name you want to use for your Corporation or Limited Liability Company (LLC) is available. The folks over at MyLLC.com offer this as a free service. Here is a direct link to the free name check option.
http://www.myllc.com/corporate-name-check.aspx
http://www.myllc.com/corporate-name-check.aspx
Closing or Dissolving your Limited Liability Company (LLC) or Corporation
If your Limited Liability Company (LLC) or Corporation is no longer in business
States have laws related to the dissolving your entitiy.Business entities that have been filed have compliance requirements even when the company isn't actively engaged in business. As long as a company is filed with a Secretary of State office - even if it is not in good standing, it is considered to be in existence.
To stop fees from being incurred and to legally protect yourself, it is important that you formally and legally dissolve,withdraw (foreign filed entities) or cancel your business. If you fail to do so, the state could continue to assess fees on your business entity, and in many cases, the principals of the entity could be personally responsible for fees or taxes – or held liable for unforeseen actions against the company.
Legally ending your entity protects you from these kinds of events.
The Process
Fill out the online order form on MyLLC.com®
MyLLC.com® will prepare and file your necessary documents to dissolve/withdraw/cancel your entity.
Once MyLLC receives the filed certificate of dissolution, withdrawal or cancellation from the secretary of state, they will prepare a final packet and mail it to you.
!
States have laws related to the dissolving your entitiy.Business entities that have been filed have compliance requirements even when the company isn't actively engaged in business. As long as a company is filed with a Secretary of State office - even if it is not in good standing, it is considered to be in existence.
To stop fees from being incurred and to legally protect yourself, it is important that you formally and legally dissolve,withdraw (foreign filed entities) or cancel your business. If you fail to do so, the state could continue to assess fees on your business entity, and in many cases, the principals of the entity could be personally responsible for fees or taxes – or held liable for unforeseen actions against the company.
Legally ending your entity protects you from these kinds of events.
The Process
Fill out the online order form on MyLLC.com®
MyLLC.com® will prepare and file your necessary documents to dissolve/withdraw/cancel your entity.
Once MyLLC receives the filed certificate of dissolution, withdrawal or cancellation from the secretary of state, they will prepare a final packet and mail it to you.
!
business Line of Credit
So I've been hearing allot of companies boast about finding you corporate credit for newly formed companies. I work in an industry where I work with new businesses all day. I figured I'd go through the customer experience and see what to expect. Once I get the paperwork in place (over the weekend) I'll start updating this blog with my experience. From begening to end.
what it is I do..
I work for a really innovative company that forms corporations and LLCs' for business nationwide. I love what I do. I come in every morning and help hundreds of businesses getting set up. Its a real privilege and responsibility if you ask me, I love it. That's why I continue to educate myself in the field of business formation and operations. W
One of the main questions I have been getting allot recently is "Greg I'm starting a web based "virtual business" what entity should I be and where should I form out of?"
Online businesses are different from traditional businesses in many ways that make them especially good candidates for operating out of a Tax haven state as formal business entity like a corporation or LLC.
Tax havens are generally states that are very business and tax friendly — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming.
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — meaning it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Once you have formed your corporation or LLC, you will need to open a bank account in that state. It is imperative that your bank account has a routing number associated with your state of formation. PLEASE don’t make the mistake of opening an account in California if you are trying to establish that the company is legitimately operating out of Nevada or Wyoming. You have to look at this as a complete separation of yourself and your business. You need to operate your company out of the state in which it is domiciled. I have a contact over at Bank of America that can help us get the bank account set up in a different state without you having to go there. In Nevada our contact is Travis and can be reached at 702-883-8111 he is a business specialist at BofA in Las Vegas and can assit you wih opening a Nevada bank Account. mention myLLC.com for special perks.
One of the main questions I have been getting allot recently is "Greg I'm starting a web based "virtual business" what entity should I be and where should I form out of?"
Online businesses are different from traditional businesses in many ways that make them especially good candidates for operating out of a Tax haven state as formal business entity like a corporation or LLC.
Tax havens are generally states that are very business and tax friendly — no corporate taxes, franchise taxes or personal income taxes. There are two major tax havens in the United States — Nevada and Wyoming.
If you operate a pure online business chances are your company only exists in a virtual world. If you don't keep office space and instead of employees you have independent contractors — such as programmers and server administrators, who are often in developing countries — you are a perfect candidate for saving on taxes via a tax haven.
Keep in mind that as soon as you issue yourself payroll, your corporation or LLC will need to register to transact business in your state — meaning it will have to pay taxes from all income derived in that state. Therefore, you should try to take money out of your company in the form of loans and dividends.
Once you have formed your corporation or LLC, you will need to open a bank account in that state. It is imperative that your bank account has a routing number associated with your state of formation. PLEASE don’t make the mistake of opening an account in California if you are trying to establish that the company is legitimately operating out of Nevada or Wyoming. You have to look at this as a complete separation of yourself and your business. You need to operate your company out of the state in which it is domiciled. I have a contact over at Bank of America that can help us get the bank account set up in a different state without you having to go there. In Nevada our contact is Travis and can be reached at 702-883-8111 he is a business specialist at BofA in Las Vegas and can assit you wih opening a Nevada bank Account. mention myLLC.com for special perks.
1st post
Let this page be an inspiration to all who want to create or continue creating. A good friend once told me "sucess is a journey, not a destination." I have an idea of where I want to take this blog. I want to help inspire friends to make it happen. If you have any questions in regards to getting a business started feel free to post a message. other wise look foward to videos, articles, blogs, and randomness.
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