What are the requirements i need to get an LLC and does it cost anything? also is it better to form an Scorp instead and how much does it cost and requirements? How long does it take to get approved for it? Please let me kno i need to get a lisence soon for a retail store that hopefully i would get approved on.
2007-01-26 18:52:45 · 2 answers · asked by Kaye P 1 in Business & Finance ➔ Small Business
If you start a S - Corp you must pay yourself a monthly wage from the corporation. you can register an S - Corp or an LLC through an agent in your state for about $700.00. All of your LLC or corporate paperwork will be filed with the proper agencies and your company will be in good standing with the state. Less of a pain in the a** doing it this way.
Peace
2007-01-26 19:26:23 · answer #1 · answered by nmp948 4 · 0⤊ 0⤋
An S-Corp is a tax-related company. It is designed to avoid paying taxes on company profit, distribute profit to shareholders/propriator/who ever and the you personal taxes on what you received from (your) company. See IRS for information.
LLC is a limited liability company. It falls somewhere between a propriatorship and an incorporated business. The former has you totally personally liable if something bad happens. The later has no personal risk and only the company assets can be seized in an issue.
License for store would come from the state, like registering your company name with the state.
To make your day worse, do you have an EIN from the IRS. Employer identification number like a social security number. It is free but it takes some time.
2007-01-27 06:20:36 · answer #2 · answered by CJB 1 · 0⤊ 0⤋