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Archive 2013 · I'm switching to an LLC

  
 
jcolman
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p.1 #1 · p.1 #1 · I'm switching to an LLC


Gotta protect my ass(sets) yo! It's gonna cost me $600 up front and a couple hundred every year but I think it's worth it.


May 02, 2013 at 08:39 PM
TTLKurtis
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p.1 #2 · p.1 #2 · I'm switching to an LLC


Why is it costing you that much and why does it have an annual fee?...


May 02, 2013 at 08:45 PM
jcolman
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p.1 #3 · p.1 #3 · I'm switching to an LLC


TTLKurtis wrote:
Why is it costing you that much and why does it have an annual fee?...


Lawyers fees and annual reports.



May 02, 2013 at 08:49 PM
morby
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p.1 #4 · p.1 #4 · I'm switching to an LLC


Seems like a lot. I'm don't remember our exact cost, but I think it was about $200 up front and $150 a year


May 02, 2013 at 08:50 PM
TTLKurtis
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p.1 #5 · p.1 #5 · I'm switching to an LLC


You don't need to hire a lawyer and you don't need annual reports. I did mine through legal zoom. Initially they were charging me an annual fee and I found it was some optional BS that you only need to pay if you don't live in the state you're incorporating in.

Edited on May 02, 2013 at 08:52 PM · View previous versions



May 02, 2013 at 08:51 PM
morby
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p.1 #6 · p.1 #6 · I'm switching to an LLC


I used legalzoom as well


May 02, 2013 at 08:51 PM
jcolman
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p.1 #7 · p.1 #7 · I'm switching to an LLC


TTLKurtis wrote:
You don't need to hire a lawyer and you don't need annual reports. I did mine through legal zoom. Initially they were charging me an annual fee and I found it was some optional BS that you only need to pay if you don't live in the state you're incorporating in.


My attorney is handling everything plus creating my "book" for me while I'm on vacation for two weeks. I don't mind spending the money to make sure it's done right.




May 02, 2013 at 08:57 PM
TTLKurtis
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p.1 #8 · p.1 #8 · I'm switching to an LLC


By book do you mean like the big binder I got from legalzoom? It's not complicated like a wedding contract :P


May 02, 2013 at 09:04 PM
deepbluejh
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p.1 #9 · p.1 #9 · I'm switching to an LLC


A good liability insurance policy should protect most any wedding photographer well enough ($1mil/$2mil coverage is $300ish per year). That said, an LLC can have tax benefits. The more you make, the more you can potentially save. I believe the "break even" point given all of the fees is about $50k year in profit. YMMV.


May 02, 2013 at 09:06 PM
jcolman
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p.1 #10 · p.1 #10 · I'm switching to an LLC


deepbluejh wrote:
A good liability insurance policy should protect most any wedding photographer well enough ($1mil/$2mil coverage is $300ish per year). That said, an LLC can have tax benefits. The more you make, the more you can potentially save. I believe the "break even" point given all of the fees is about $50k year in profit. YMMV.


Not really. I could lose my home, 401k, savings etc if something really bad happened. A couple mil in insurance may not be enough.



May 02, 2013 at 09:21 PM
jcolman
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p.1 #11 · p.1 #11 · I'm switching to an LLC


TTLKurtis wrote:
By book do you mean like the big binder I got from legalzoom? It's not complicated like a wedding contract :P

That plus my nifty seal stamper thingy!



May 02, 2013 at 09:22 PM
TTLKurtis
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p.1 #12 · p.1 #12 · I'm switching to an LLC


jcolman wrote:
That plus my nifty seal stamper thingy!


Yeah I got one of those too - your lawyer is probably getting it done through LegalZoom for you :P



May 02, 2013 at 09:23 PM
TTLKurtis
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p.1 #13 · p.1 #13 · I'm switching to an LLC


jcolman wrote:
Not really. I could lose my home, 401k, savings etc if something really bad happened. A couple mil in insurance may not be enough.


Absolutely you have to have something like an LLC to separate yourself from your business (I'm surprised you're just now doing this actually). Regardless of whatever insurance you have, you don't want to be able to be personally sued.



May 02, 2013 at 09:24 PM
D. Diggler
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p.1 #14 · p.1 #14 · I'm switching to an LLC


My accountant quoted me $800 to have a lawyer he knows do an LLC.


May 02, 2013 at 09:25 PM
johnrg
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p.1 #15 · p.1 #15 · I'm switching to an LLC


I filed the forms myself on my State's web site for around $50. I have since consulted with an attorney, and if you have multiple members of the LLC you need an operating agreement which makes it more complicated. Otherwise it's pretty straight forward to file a single member LLC yourself. It's a good idea to get advice on how to run things to be sure you don't "pierce the corporate veil".


May 02, 2013 at 10:17 PM
Wobble
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p.1 #16 · p.1 #16 · I'm switching to an LLC


Negligence pierces the veil.


May 02, 2013 at 10:51 PM
joelconner
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p.1 #17 · p.1 #17 · I'm switching to an LLC


You MUST have your biz and your personal self separated with an LLC, S-corp, or something like that. It is just too big of a risk to not do it...even with insurance. You could lose everything...and them some...if you don't.


May 02, 2013 at 11:05 PM
g-money
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p.1 #18 · p.1 #18 · I'm switching to an LLC


Jim, Hold off with the attorney or legal zoom stuff and do some looking on your states website for forming an LLC. For a simple LLC here in Arkansas it took me about 30 minutes to fill out the forms on line and cost less than $50 to file everything with the state. Very simple!

Greg



May 03, 2013 at 07:15 AM
jcolman
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p.1 #19 · p.1 #19 · I'm switching to an LLC


g-money wrote:
Jim, Hold off with the attorney or legal zoom stuff and do some looking on your states website for forming an LLC. For a simple LLC here in Arkansas it took me about 30 minutes to fill out the forms on line and cost less than $50 to file everything with the state. Very simple!

Greg


Thanks Greg. I did look it over but I already went the lawyer route. She's also doing some other legal work for me so I just bundled everything together.



May 03, 2013 at 07:57 AM
Brian Virts
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p.1 #20 · p.1 #20 · I'm switching to an LLC


I switched to an LLC earlier this year, legalzoom was incredibly simple. I'm not sure why I had to buy an "registered agent subscription" though for $150 a year. They say it's nice to have? Anyone else get that?


May 03, 2013 at 08:09 AM
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