How many individual webmasters are incorporated? - GoFuckYourself.com

03-28-2004, 05:54 PM

For tax purposes, I hear an S-Corp is beneficial. I've also heard that an LLC is a great way to seperate personal from biz if you have people on the payroll. My question is whether or not it's beneficial to incorporate if you're an individual webmaster promoting other companies? I currently pay a self employment tax, but I'm sure there's an option out there that is a million times better than that. Also, how much money would you have to earn to make incorporating beneficial? I know there's no rule, but is it worth doing if I'm not quite at the 6 figure mark? I'll be close to it this year, but I don't want to do so if it won't be beneficial.

Also, I'll be purchasing a home and when applying for a loan I need to have 2 year job history. If I stay how I am now, I'm fine, but if I incorporate will I have to start the 2 year history all over again?

I'm sure others have these same questions. What would you guys suggest? What have you done to make your finances as tax friendly as possible?

TDF · 03-28-2004, 05:54 PM

aye yo im ghetto as fuck INC..nigga what?

brand0n · 03-28-2004, 05:55 PM

llc outta delaware

eroswebmaster · 03-28-2004, 05:56 PM

llc here

03-28-2004, 05:56 PM

Quote:

Originally posted by brand0n
llc outta delaware

Is there a benefit from having an LLC elsewhere? There is no state tax here in Vegas, so I'm pretty sure it'd be just as good to LLC here as it is anywhere else.

03-28-2004, 05:58 PM

Quote:

Originally posted by eroswebmaster
llc here

Do you have people on a payroll, or is this just for yourself? I won't be paying anybody until I get my program launched (in the semi-distant future).

$5 submissions · 03-28-2004, 05:59 PM

It's a good idea to incorporate to shield yourself from liabilities.

Also, if you're incorporated you can claim more business deductions by putting purchases under your company's name.

modelgigtalent · 03-28-2004, 05:59 PM

LLC here.

03-28-2004, 06:00 PM

Quote:

Originally posted by $5 submissions
It's a good idea to incorporate to shield yourself from liabilities.

Also, if you're incorporated you can claim more business deductions by putting purchases under your company's name.

That part is understood and it makes GREAT sense. I do however write off most everything business related with no problems. Again..Going back to the home loan question.. Would I have to start my 2 years employment all over again?

BigFish · 03-28-2004, 06:03 PM

S Corp more beneficial tax wise than LLC. LLC is more flexible since there's no limit on the number and type of owners. Both share corp liability protection. Regarding home loan: Depends on your loan officer and who you're dealing with.

Sly_RJ · 03-28-2004, 06:06 PM

I personally have a S-Corp. When I work or do work for someone, the checks go to my corporation.

KRL · 03-28-2004, 06:06 PM

LLC's and S-Corp's. Got them both.

03-28-2004, 06:25 PM

So it looks to me as if the S-Corp is more beneficial for an individual without partners working for other companies. Maybe I'll do an S-corp for my personal income and an LLC when I partner with a couple people on the programs. I planned on the LLC for the program already, but I was just wondering the best route to take for my personal work.

I assume this is sort of what you have setup, KRL?

BigFish · 03-28-2004, 06:31 PM

Quote:

Originally posted by shermsshack
So it looks to me as if the S-Corp is more beneficial for an individual without partners working for other companies. Maybe I'll do an S-corp for my personal income and an LLC when I partner with a couple people on the programs. I planned on the LLC for the program already, but I was just wondering the best route to take for my personal work.

I assume this is sort of what you have setup, KRL?

Who said you can't have partners with S-Corp? It's almost exactly the same as an LLC. The differences are: the way you go about setting one up, S-Corp limit of 75 shareholders (partners) and other restrictions such as only a U.S. entity is able to create one. The tax benefit realized to the S-Corp is that if you retain most of the money in the corporation initially and distribute most of it in the form of dividend payments later, you're subject to less tax than a LLC.

Illicit · 03-28-2004, 08:13 PM

How much does it cost to setup an LLC ? Whats the best way to go about it ? Ive seen places online but for some reason I think they are a rip off.

slapass · 03-28-2004, 09:32 PM

llc here and no it does not effect your ability to get a mortgage. Just explain it if they seem goofy but otherwise it is considered the same type of empleyment.

Greg B · 03-28-2004, 09:46 PM

Quote:

Originally posted by ajpiii
How much does it cost to setup an LLC ? Whats the best way to go about it ? Ive seen places online but for some reason I think they are a rip off.

That's a good question. Perhaps someone knows of a one-stop company that does it all for you.

The only one I know of is NCHcorp. I forgot their website though. They advertise all over the radio.

They're based in Nevada. Lots of stuff to read though. Make sure you understand it all. There are major benefits to incorporating/LLC as that's what the wealthy do. No one buys their own shit. They let the company do it. Company buys the houses, cars etc. It's like optimizing investing in oneself and makes one more responsible for what one does in business but protects you from when you do dumb shit or disaster spreads.

03-29-2004, 01:12 AM

Great info guys! 1 more question... Is it a must to have a business bank account before starting up an S-Corp, or can you do it after you are incorporated?

Rictor · 03-29-2004, 01:15 AM

Quote:

Originally posted by shermsshack

That part is understood and it makes GREAT sense. I do however write off most everything business related with no problems. Again..Going back to the home loan question.. Would I have to start my 2 years employment all over again?

No, you are still self-employed.

03-29-2004, 01:16 AM

Quote:

Originally posted by Rictor

No, you are still self-employed.

Awesome.... Sounds like I'll be incorporating very soon. About fucking time, eh?

Odin · 03-29-2004, 01:17 AM

Bring it on.

Rictor · 03-29-2004, 01:17 AM

Quote:

Originally posted by ajpiii
How much does it cost to setup an LLC ? Whats the best way to go about it ? Ive seen places online but for some reason I think they are a rip off.

Not much. A lawyer can set you up in a couple hours.

Pun · 03-29-2004, 01:18 AM

There's a bunch of info on this at www.incorporate.com. They also can setup your corp in your choice of state, and they do all the paper pushing for you. From what I've heard it's a good program, however I haven't incorporated yet so I can't speak from first hand experience.

BradM · 03-29-2004, 01:20 AM

I haven't gotten around to it...

Axeman · 03-29-2004, 01:23 AM

used to be, then stopped using it due to the extra hassles. I am thinking about doing it again though for extra protection.

03-29-2004, 01:27 AM

Quote:

Originally posted by Axeman
used to be, then stopped using it due to the extra hassles. I am thinking about doing it again though for extra protection.

Extra hassles? Can you elaborate?

MikeSmoke · 03-29-2004, 02:45 AM

Quote:

Originally posted by shermsshack

Going back to the home loan question.. Would I have to start my 2 years employment all over again?

i had that same issue...it took some extra paperwork and explanations, and time going back and forth, but they finally understood that my business was the same before I incorporated under a different name. work with a mortgage broker who will fight for you and you'll be all set.

AlienQ - BANNED FOR LIFE · 03-29-2004, 02:48 AM

I am doin an LLC in a month or so.
Its lookin like June.

rounders · 03-29-2004, 02:49 AM

doing LLCs is great...

AlienQ - BANNED FOR LIFE · 03-29-2004, 02:55 AM

Private design has been nice to me but I do wanna go after bigger game and to do that one got's to set up right for them to even come to the table.

PersianKitty · 03-29-2004, 02:57 AM

S-corp here.

03-29-2004, 04:04 AM

Quote:

Originally posted by MikeSmoke

i had that same issue...it took some extra paperwork and explanations, and time going back and forth, but they finally understood that my business was the same before I incorporated under a different name. work with a mortgage broker who will fight for you and you'll be all set.

Good to know. I'd better get a jump on incorporating pretty fast then. We're already in March... I'm slacking big time!

erehwon · 03-29-2004, 11:52 AM

We're doing a S-corp for this next project, its going to cost us about $675 with the state and legal fees. Our accountant says we'll make that back within a year on taxes alone.

Turnaround time, less than a couple of days. As for the bank account, no worries if you don't have one beforehand, in fact its a little easier.

JulianSosa · 03-29-2004, 11:56 AM

Quote:

Originally posted by shermsshack
Great info guys! 1 more question... Is it a must to have a business bank account before starting up an S-Corp, or can you do it after you are incorporated?

You have to do it after.

Nifield · 03-29-2004, 11:59 AM

I used this company to incorporate out of nevada : http://www.nationalbusinessinc.com/
they made everything really easy and it took less then 2 weeks.

ibuydomains · 03-29-2004, 12:14 PM

I have an llc also. It's a single-owner llc, so no tax advantages

Thinking about doing S-corp instead, but dont you get taxed twice? Corporate tax first plus income tax when you pay yourself?

03-28-2004, 05:54 PM	#1
shermo Guest Posts: n/a	How many individual webmasters are incorporated? For tax purposes, I hear an S-Corp is beneficial. I've also heard that an LLC is a great way to seperate personal from biz if you have people on the payroll. My question is whether or not it's beneficial to incorporate if you're an individual webmaster promoting other companies? I currently pay a self employment tax, but I'm sure there's an option out there that is a million times better than that. Also, how much money would you have to earn to make incorporating beneficial? I know there's no rule, but is it worth doing if I'm not quite at the 6 figure mark? I'll be close to it this year, but I don't want to do so if it won't be beneficial. Also, I'll be purchasing a home and when applying for a loan I need to have 2 year job history. If I stay how I am now, I'm fine, but if I incorporate will I have to start the 2 year history all over again? I'm sure others have these same questions. What would you guys suggest? What have you done to make your finances as tax friendly as possible?

03-28-2004, 05:54 PM	#2
TDF Triple OG nigga on GFY Industry Role: Join Date: Mar 2002 Location: in the BP4L family compound Posts: 27,296	aye yo im ghetto as fuck INC..nigga what? __________________ Sig heil

03-28-2004, 05:55 PM	#3
brand0n been very busy Join Date: Nov 2002 Location: the queen city Posts: 26,983	llc outta delaware __________________ want to buy this spot for cheap? it is of course for sale. long term deals are always the best bet. brand0n/ at/ a o l dot commies.

03-28-2004, 05:56 PM	#4
eroswebmaster March 1st, 2003 Join Date: Jul 2001 Location: Seat 4 @ Venetian Poker Room Posts: 20,295	llc here __________________ For rent - ICQ 127-027-910 Click here for more details

03-28-2004, 05:59 PM	#7
$5 submissions I help you SUCCEED Industry Role: Join Date: Nov 2003 Location: The Pearl of the Orient Seas Posts: 32,195	It's a good idea to incorporate to shield yourself from liabilities. Also, if you're incorporated you can claim more business deductions by putting purchases under your company's name. __________________ Need a NON-ADULT income stream? We build your YOUTUBE CHANNEL for only $20 per video! For Hire: $3/hour or $400 per month Marketing Specialist Virtual Assistants

03-28-2004, 05:59 PM	#8
modelgigtalent Confirmed User Join Date: May 2003 Location: Sin Sity - Hit me here! ICQ: 165829688 Posts: 2,208	LLC here. __________________ Web marketing - video editing - color correcting and more. ICQ -165829688

03-28-2004, 06:03 PM	#10
BigFish Confirmed User Join Date: Jan 2003 Location: United States of America Posts: 1,159	S Corp more beneficial tax wise than LLC. LLC is more flexible since there's no limit on the number and type of owners. Both share corp liability protection. Regarding home loan: Depends on your loan officer and who you're dealing with.

03-28-2004, 06:06 PM	#11
Sly_RJ Live Hard - Die Hard Join Date: Feb 2002 Location: Ready to leave... Posts: 17,042	I personally have a S-Corp. When I work or do work for someone, the checks go to my corporation. __________________ PHAT SERVERS - Quality dedicated hosting at a quality price! sly AT phatservers DOT com - 147479144

03-28-2004, 06:06 PM	#12
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	LLC's and S-Corp's. Got them both. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

03-28-2004, 06:25 PM	#13
shermo Guest Posts: n/a	So it looks to me as if the S-Corp is more beneficial for an individual without partners working for other companies. Maybe I'll do an S-corp for my personal income and an LLC when I partner with a couple people on the programs. I planned on the LLC for the program already, but I was just wondering the best route to take for my personal work. I assume this is sort of what you have setup, KRL?

03-28-2004, 08:13 PM	#15
Illicit wtf ? Join Date: Dec 2003 Location: GFY Posts: 11,895	How much does it cost to setup an LLC ? Whats the best way to go about it ? Ive seen places online but for some reason I think they are a rip off. __________________ Insert Sig Here

03-28-2004, 09:32 PM	#16
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	llc here and no it does not effect your ability to get a mortgage. Just explain it if they seem goofy but otherwise it is considered the same type of empleyment.

03-29-2004, 01:12 AM	#18
shermo Guest Posts: n/a	Great info guys! 1 more question... Is it a must to have a business bank account before starting up an S-Corp, or can you do it after you are incorporated?

03-29-2004, 01:17 AM	#21
Odin Confirmed User Industry Role: Join Date: Jan 2004 Location: au Posts: 2,545	Bring it on. __________________ ICQ: 637//961--015

03-29-2004, 01:18 AM	#23
Pun Confirmed User Join Date: Oct 2003 Location: Seattle Posts: 379	There's a bunch of info on this at www.incorporate.com. They also can setup your corp in your choice of state, and they do all the paper pushing for you. From what I've heard it's a good program, however I haven't incorporated yet so I can't speak from first hand experience. __________________ TrafficHolder.com - Buy/Sell Adult Traffic ICQ: 18771941

03-29-2004, 01:20 AM	#24
BradM Confirmed User Join Date: Dec 2003 Location: 1123,6536,5231 Posts: 3,397	I haven't gotten around to it...

03-29-2004, 01:23 AM	#25
Axeman Confirmed User Join Date: Feb 2004 Location: Swamp Posts: 5,201	used to be, then stopped using it due to the extra hassles. I am thinking about doing it again though for extra protection. __________________ XXXRewards - Karups - Boyfun - Jawked. Paying on time since 1997. Contact me at brent [at] xxxrewards.com

03-29-2004, 02:48 AM	#28
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	I am doin an LLC in a month or so. Its lookin like June. __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \|

03-29-2004, 02:49 AM	#29
rounders Confirmed User Join Date: Sep 2003 Location: p0rn0stars & h0es Posts: 2,931	doing LLCs is great... __________________ ICQ#: 153923840

03-29-2004, 02:55 AM	#30
AlienQ - BANNED FOR LIFE best designer on GFY Join Date: Mar 2003 Location: IALIEN.COM - High Definition Video and Photographic Productions -ICQ 78943384 Posts: 30,307	Private design has been nice to me but I do wanna go after bigger game and to do that one got's to set up right for them to even come to the table. __________________ NAKED HOSTING FTW!11 I'm On The INSANE PLAN $9.95/mo! \| The Alien Blog Adult News Worth Reading Updated Daily \| Content For Sale! 641 PICS 216 MINUTES OF VIDEO $350.00 \|ICQ: 78943384 \|

03-29-2004, 02:57 AM	#31
PersianKitty Meow Media Inc. Industry Role: Join Date: Jul 2001 Location: In the valley of the sun, cactus, tacos, tequila, and nod Posts: 7,785	S-corp here. __________________ Wondering what webmaster programs PK uses? Check them out here!

03-29-2004, 11:52 AM	#33
erehwon Confirmed User Industry Role: Join Date: Nov 2003 Location: A secure undisclosed location... Posts: 3,759	We're doing a S-corp for this next project, its going to cost us about $675 with the state and legal fees. Our accountant says we'll make that back within a year on taxes alone. Turnaround time, less than a couple of days. As for the bank account, no worries if you don't have one beforehand, in fact its a little easier. __________________ Money NEVER $leep$...

03-29-2004, 11:59 AM	#35
Nifield Confirmed User Join Date: Mar 2003 Location: vancouver Posts: 1,345	I used this company to incorporate out of nevada : http://www.nationalbusinessinc.com/ they made everything really easy and it took less then 2 weeks. __________________ ICQ9635421

03-29-2004, 12:14 PM	#36
ibuydomains Confirmed User Join Date: Feb 2004 Posts: 710	I have an llc also. It's a single-owner llc, so no tax advantages Thinking about doing S-corp instead, but dont you get taxed twice? Corporate tax first plus income tax when you pay yourself?