I'm getting ready to start a small one-person home-based business, which will require minimal capital (less than $5k) to start and probably under $200 to maintain a month. My low-end projections indicate a minimal monthly profit of $500 a month, but it could grow to well over $5,000 per month. I do have a f/t job and would not depend on this for my income. Any amount would be extra money to my family budget. In order to set it up, I was considering starting an LLC to acquire a separate Tax Id. No and use that for a line of credit. Is that a good idea? Should I wait to start an LLC until I'm making a certain amount of money? Or is it best to just do all this without an LLC and file all everything on my income taxes? Thanks!
2007-06-04 06:09:42 · 2 answers · asked by dvox 1 in Business & Finance ➔ Small Business
This also depends upon the type of business and local regulations. Check with a local accountant.
2007-06-04 14:56:52 · answer #1 · answered by jdkilp 7 · 1⤊ 0⤋
It's up to you. If you want to begin a businees with the hopes of some day having a large potential revenue stream and you want the revenue and business transaction to be seperate from your personall income it's not a bad idea
2007-06-04 07:05:49 · answer #2 · answered by dorwin29 3 · 0⤊ 0⤋