LLC question

[lfsmarineguy]

I know forming an LLC in Delaware offers some tax breaks but are there any added requirements as far as having mail sent through a P.O. box or specific filings... etc? Any experience or information would be greatly appreciated.

 

[stage3-S4]

I know forming an LLC in Delaware offers some tax breaks but are there any added requirements as far as having mail sent through a P.O. box or specific filings... etc? Any experience or information would be greatly appreciated.

LLC= Limited Liability Corportation. Not sure how it work there, but in NY you dont need any special address or anything. You just need a name for the buisness and pay a yearly fee of around 200(Not sure on the amount) a year to the state. One of the best websites you should check out is:www.legalzoom.com

good luck

 

[lfsmarineguy]

I know about legalzoom and I know how an LLC works. I'm just curious as to whether or not it's worth incorporating in Delaware for tax purposes (and what needs to be done to do it) or if I'm better off sticking with NY.

 

[House of Laughter]

So this is to do business in NYS by incorporating with a Delaware LLC? I thought the idea behind LLC's in a state was to use the benefits for doing business in that state?

house

 

[albano]

I'm just curious as to whether or not it's worth incorporating in Delaware for tax purposes (and what needs to be done to do it) or if I'm better off sticking with NY.

Definately a question for YOUR accountant!

 

[THEDLO]

Definately a question for YOUR accountant!

i second this. are u just doing the LLC for the tax purposes? and are u the sole owner?

 

[Domboski]

It doesn't matter where the LLC is registered for tax purposes. Unless you invoice and collect the money in Delaware, its no additional benefit to you. Where ever the money is earned and collected that is where your responsible to pay taxes. So lets say you make all of your sales in NY, you still have to pay NY tax on that income even though you are a DE LLC.

 

[lfsmarineguy]

Thanks guys, we already took care of it. If we're grading this though, Dom gets the gold star for the day lol.

 

[Domboski]

Thanks guys, we already took care of it. If we're grading this though, Dom gets the gold star for the day lol.

Might be my first one ever! :lol2:

Good luck Jared :wink1:

 

[NYreefNoob]

what do i get for reading this thread lol

 

[lfsmarineguy]

Rick, you get a "citizen of the month" bumper sticker and a hug.

 

[batt600]

Had a business one thing i can tell you is the IRS is cracking down on business that are filling taxes for there corp and dont live in that state if you want just open under a S corp and you will hardly pay any corp tax if any it wont be much maybe $100 to $500 the most thats it.

 

[UnknownWaters]

I wnett from LLC to a S-Corp and saved about $6800 in taxes well worth it.

 

[stage3-S4]

Thanks guys, we already took care of it. If we're grading this though, Dom gets the gold star for the day lol.

Lmao what is the point of asking things you can solve yourself? Great thread dude A+++++

 

[batt600]

Lmao what is the point of asking things you can solve yourself? Great thread dude A+++++

Just hope he didnt go that out of state corp way my friend just go a letter from the IRS that he is under investigation for that he is in some serious sh*** right now doent now what to do and his account cant help him

 

[lfsmarineguy]

We formed in NY. The reason I asked was because we spoke to several people about it and got different answers, so by opening the pool of contributors we get more answers we can use to figure out the best course of action.

If nobody posted questions they could really answer themselves, all MR would be is the "I'm drunk" thread and the marketplace....

 

[JimmyR1rider]

I was always told that LLC stood for a Liquid Lunch Committee. Then again it was always fellow firefighters that said that.

 

[bizzarro]

The reason for incorporating in DE is because it has the lowest fees and less requirements compared to the tri-state area. Taxes purposes would be different as other have mention.