tonysoprano

Sr. AE

Big Shot

Executive

Opinionated

Filing an LLC (TX)

Savs,

This isn't totally sales related but since there a ton of smart people I thought I'd ask.

My side hustle is slowly but surely turning into a main hustle and we're at the point of an LLC.

If anyone has xp with that - is that something you really need to hire a lawyer for? also any other tips appreciated.

TIA

🐱 Off-Topic

🤑 Side Hustle

15 comments

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CuriousFox

WR Officer

🦊

I don't see where it could hurt to get a consult. 🤷‍♀️

ExtremeVibeChecker44

Arsonist

Inside Sales

I created an LLC in TX. It was like $200ish and some forms. It's super easy.

Now, is an LLC the best choice for your business versus some other form of organization? That I don't know.

funcoupons

WR Officer

👑

When it comes to something like this I would always engage a professional.

SaaSam

Politicker

Account Executive

I had an LLC for a while. Most lawyers will do it for pretty cheap as they are easy to set up. My dad is a lawyer so I had him do it for me since I'm in Mexico and I wanted a Wyoming LLC.

I would definitely do it as there are tax benefits and keeps you personally safe in the event of a lawsuit.

Fun Fact, LLC's started in Wyoming

CuriousFox

WR Officer

🦊

I did not know that. Learned something new today.

poweredbycaffeine

WR Lieutenant

☕️

Get yourself an accountant that knows how to navigate this shit for you.

justatopproducer

Politicker

VP OF SALES -US

Check out LLC laws for Delaware also. I don’t recall specifics but when i look it in last it was a no brianer because of tax benefits. Also, congrats on the side hustle progress

Bandos

Politicker

Seller Man

Check out "incfile" if you go the do-it-yourself route. But since this is slowly turning into your main gig, you should probably just spend the money on a lawyer (I think it was like $600)

countingmyinterest

Politicker

Account Executive

I wouldn't say no, but also consider the $ to setup an LLC, you might need to get a special tax filing from a CPA which costs more money.

If you're in CA, it costs $800/LLC to maintain.

ExtremeVibeChecker44

Arsonist

Inside Sales

Haha that's so California it hurts

washedD1soccer

Politicker

Regional Sales Manager

Consult with a tax professional. It’s rather easy to create an LLC yourself, I have one for instance that I started. However, choosing the best form of your business to manage risk as well as taxes is where it’s worth it to spend money on a consultation.
For instance, whether or not to form as an S Corp vs. stay a general LLC can depend how much revenue you are bringing in. If you are a broad LLC, you will be paying a 15% set employment tax on top of any income taxes that you pay yourself.
Moral of the story, go talk to a CPA experienced with self employment and ask about all of this.

Upper_Class_SaaS

Politicker

Account Executive

Yea this is a question for a legit legal entity. Don't trust us sales savages. I know there are good tax utilities to be used for an LLC but get real advice from the pros

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tonysoprano

Filing an LLC (TX)

15 comments

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