View Full Version : LLC, S-Corporation question
1stTimeCaller
2/3/2006, 01:18 PM
I'm thinking of starting a little company with my brother. Mainly for tax purposes. How much does a CPA or Attorney normally charge to set an LLC or S-Corp up?
We would have a little income but would show a loss every year.
I think we paid around $500 to have the attorney set up our LLC. It only took a day or two to get it done.
We would have a little income but would show a loss every year.
1-900-LUV-MJCPR?
Sooner in Tampa
2/3/2006, 01:38 PM
1-800-luv-texlids
1stTimeCaller
2/3/2006, 01:40 PM
1-800-277-8777
1stTimeCaller
2/3/2006, 01:41 PM
No, he's a firefighter and I have a great idea as to how the two of us could earn a little extry income with his spare time & location and my degree.
JohnnyMack
2/3/2006, 01:43 PM
1tc is franchising his glory hole operation.
We would have a little income but would show a loss every year.
Sounds like a great business idea.
No, he's a firefighter and I have a great idea as to how the two of us could earn a little extry income with his spare time & location and my degree.
You get drunk and **** on fires for cash?
We would have a little income but would show a loss every year.
You gonna start up an airline not named Southwest?
Blockbuster Video?
1stTimeCaller
2/3/2006, 01:49 PM
Sounds like a great business idea.
Well say this makes $2,000 a month gross. We deduct our cell phones, gas, mileage/vehicle payments. Any trips we make to see each other we charge those costs to the company. We have this LLC pay for our stuff that we already have. Everything to try to spend whatever the company makes. Legally.
1stTimeCaller
2/3/2006, 01:50 PM
it's gonna be a construction management company. We wil be the only employees. We'd be consultants.
OUinFLA
2/3/2006, 02:02 PM
You get drunk and **** on fires for cash?
You could work in starting them too, write off the cost of accelerant, lighters, fast get away cars, beer for ensuring enough pee is available.....
Genius!
Well say this makes $2,000 a month gross. We deduct our cell phones, gas, mileage/vehicle payments. Any trips we make to see each other we charge those costs to the company. We have this LLC pay for our stuff that we already have. Everything to try to spend whatever the company makes. Legally.
wont you need a ski boat, motor home, two 4x4's, hooker expense for entertainment of company directors, tickets to OU games..........
it's endless I tell ya!
Plus you will be such small potatoes, the IRS probably wont pay you any attention anyway!
1stTimeCaller
2/3/2006, 02:03 PM
You could work in starting them too, write off the cost of accelerant, lighters, fast get away cars, beer for ensuring enough pee is available.....
Genius!
wont you need a ski boat, motor home, two 4x4's, hooker expense for entertainment of company directors, tickets to OU games..........
it's endless I tell ya!
Plus you will be such small potatoes, the IRS probably wont pay you any attention anyway!
thanks for the ideas!!!
has nobody figured out what my phone number spells?
OUinFLA
2/3/2006, 02:08 PM
2-abc
7-pqrs
7-pqrs
8-tuv
7-pqrs
7-pqrs
7-pqrs
a pp tppp? makes no sense to me 1TC. Maybe something more simple is needed.
1stTimeCaller
2/3/2006, 02:11 PM
1-800 CRPT-PSR
what do I win?
OUinFLA
2/3/2006, 02:17 PM
Crept Purser? WTF?
Oldnslo
2/3/2006, 02:19 PM
CARPET ****ER!
SoonerWood
2/3/2006, 02:29 PM
I went down to the state capital and filled out the paperwork and got my LLC setup without paying anything but the state fee. And if I can do it, surely anyone can.
1stTimeCaller
2/3/2006, 02:30 PM
I went down to the state capital and filled out the paperwork and got my LLC setup without paying anything but the state fee. And if I can do it, surely anyone can.
where can a guy pick up said paperwork?
SoonerWood
2/3/2006, 02:38 PM
http://www.sos.state.ok.us/forms/fm0074.pdf
And if I remember correctly, on line item 4 I wrote 'perpetual'
jeremy885
2/3/2006, 02:41 PM
Well say this makes $2,000 a month gross. We deduct our cell phones, gas, mileage/vehicle payments. Any trips we make to see each other we charge those costs to the company. We have this LLC pay for our stuff that we already have. Everything to try to spend whatever the company makes. Legally.
And people wonder why tax rates are so high :rolleyes:
1stTimeCaller
2/3/2006, 02:41 PM
are they sticklers for the 'must maintain an office' provision?
1stTimeCaller
2/3/2006, 02:42 PM
And people wonder why tax rates are so high :rolleyes:
don't be a hater because some folks have the game figured out.
JohnnyMack
2/3/2006, 02:46 PM
http://blogs.ipswitch.com/archives/You're%20Fired.jpg
Harry Beanbag
2/3/2006, 03:37 PM
are they sticklers for the 'must maintain an office' provision?
Your office is where you keep your computer.
Your office is where you keep your computer.
Sweet!
Toilet paper deduction - check
Air freshener deduction - check
JohnnyMack
2/3/2006, 03:57 PM
Sweet!
Toilet paper deduction - check
Air freshener deduction - check
supa
OUinFLA
2/3/2006, 04:53 PM
check
http://www.thespoof.com/picstore/misc/mop%20and%20bucket.jpg
Taxman71
2/3/2006, 05:06 PM
The Articles of LLC are easy. Download the form per the link above or hire a lawyer to do it for an hour or two of billable time. The LLC filing fee is $100 by mail, add another $25 if you want to walk-in and walk-out with your Certificate of LLC the same day.
You will have to then go to www.irs.gov and prepare a Form SS-4 to get your Employer Identification Number online instantly. However, I recommend printing the SS-4 with instructions and preparing it by hand before entering the information online.
The OTC will also send you a Business Registration Packet to prepare and return. I rarely prepare these for clients since it is so simple.
The biggest attorney expense will be the Operating Agreement between you and your fellow owners (members). Most of the attorney time is involved in the drafting of this agreement. You don't have to have one, but it is recommended. Every bank will require one if you ever decide to borrow money.
You also have to prepare Form 1065 (Partnership Income Tax Return) every April 15.
Taxman71
2/3/2006, 05:08 PM
S Corps are more expensive because, in lieu of a simple Operating Agreement, you need By-laws, Shareholder Minutes (every year) and Directors Minutes (every year). You also have to file your S Election (Form 2553) within 2 and 1/2 months of forming your corp.
Stoop Dawg
2/3/2006, 07:11 PM
The biggest attorney expense will be the Operating Agreement between you and your fellow owners (members). Most of the attorney time is involved in the drafting of this agreement. You don't have to have one, but it is recommended. Every bank will require one if you ever decide to borrow money.
Or, you can buy a template on-line and change it to fit your needs.
http://www.nolo.com
If anyone wants to give me $500 to modify a template and mail one piece of paper to the state I'd be happy to oblige. ;)
MiccoMacey
2/3/2006, 11:20 PM
Hey 1TC,
How can a fellow firefighter, who works with your brother, who also just happens to know the phone number to the IRS in case you say no, get involved in such an LLC?
:)
SoonerInKCMO
2/3/2006, 11:30 PM
We would have a little revenue but would show a loss every year.
Fixed it for you. :)
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