Yahoo Answers that said they recommend setting up an LLC vs. a DBA b/c you end up paying less taxes, etc BUT the upfront cost is a bit more. Any truth to this? If so, does someone have more details? Thanks in advance!!!
2007-09-26 11:38:58 · 5 answers · asked by SUVCURIOUS 2 in Business & Finance ➔ Small Business
Also, i've done some research on setting up a fictitious name (DBA) and found a website that will file it and post it publicly for me... for about $100... is that reasonable?
2007-09-26 12:01:31 · update #1
Tax implications are the same with an LLC (Limited Liability Company) and a "DBA (Doing Business As - read "Proprietorship"). The only difference is a huge one however and that is legal liability. With a Proprietorship everyghing that you own is at risk in a law suit. With an LLC only the company's assets woudl be at risk.
The cost to setting up and LLC in minimal if you do it yourseld. Your state Secretay of State will most likely have forms available that you can file online or by mail. The filing fee is small.
I hope that his helps.
2007-09-26 11:50:17 · answer #1 · answered by RunningUte 3 · 0⤊ 0⤋
The taxes are exactly the same. The benefit of an LLC is having limited liablity. Meaning if your business acquires a creditor that you don't have enough money to pay. Only the assets owned by the LLC can be used to settle the debt and they can't come after your personal property like your home or car etc.
2007-09-26 11:49:57 · answer #2 · answered by jeff b 2 · 0⤊ 0⤋
It doesn't have anything to do with taxes.
LLC stands for Limited Liability Corporation. Without the LLC you have unlimited liability and can be personally sued for everything you own if something in the business goes wrong, like a dissatisfied customer or someone slips and falls.
2007-09-26 11:53:02 · answer #3 · answered by Ted 7 · 0⤊ 0⤋
what's the buisness first all, have you ever written a nicely out buisness plan tried disposing of a private loan? i could be interested in making an investment no count if it is something i'm interested in.
2016-10-09 21:20:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
LLC [=
2007-09-26 11:41:58 · answer #5 · answered by allis0nx3babyy 4 · 0⤊ 0⤋