Forming an LLC in New York, need some advice

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  • HandballJim
    Confirmed User
    • Sep 2008
    • 4024
    #1

    Forming an LLC in New York, need some advice

    I plan on forming an LLC in New York State, basically to protect myself just in case of any legal issues come up in the future. You never know what can happen promoting adult stuff or even domain disputes.

    If any of you New Yorkers have an LLC...any advice would be great.

    I currently live in NYC Bronx county, but might be moving to lower westchester in the future...does it make much difference if it is formed in the Bronx or Westchester? I assume local taxes are different.

    Also since the LLC is just myself, what is the best way to pay taxes? Someone told me when I do my taxes at the end of the year just fill out box C and add my earnings there. or do I need to file every quarter? I looked breifly at some books at Barnes and noble and it seems they do not talk much about filing taxes.

    I did take a seminar regarding legal issues at the Exotica show in 2008, but decided to wait until I start to make some money....well I am making some money now.

    Thanks
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    • Juicy D. Links
      So Fucking Banned
      • Apr 2001
      • 122992
      #2
      Jim I am out here on LI hit me on ICQ 116999839

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        • Va2k
          I’m still alive barley.
          • Oct 2001
          • 10060
          #3
          http://www.incorporate.com/incorporate_now.html

            Comment

            • Juicy D. Links
              So Fucking Banned
              • Apr 2001
              • 122992
              #4
              you are forming the entity in the state ie : NY , all gets filed in Albany regardless of what county yoou live in

                Comment

                • HandballJim
                  Confirmed User
                  • Sep 2008
                  • 4024
                  #5
                  Originally posted by Juicy D. Links
                  Jim I am out here on LI hit me on ICQ 116999839
                  Oh cool, I have cousins in Commack and friends all over the island. I sent you a message on ICQ, I am filing next week...so no rush on Christmas eve, will speak soon.
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                    • HandballJim
                      Confirmed User
                      • Sep 2008
                      • 4024
                      #6
                      Originally posted by Fungus
                      http://www.incorporate.com/incorporate_now.html
                      I plan on filing myself since it seems simple.

                      http://www.dos.state.ny.us/corps/dom_llcfile.html
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                        • Brad Mitchell
                          Confirmed User
                          • Nov 2001
                          • 9813
                          #7
                          My advice, always - ask a lawyer and CPA!



                          Brad
                          President at MojoHost | brad at mojohost dot com | Skype MojoHostBrad
                          71 industry awards for hosting and professional excellence since 1999

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                            • cybermike
                              Confirmed User
                              • Jan 2002
                              • 4121
                              #8
                              My accountant setup an S-corp for me.. I just assume he knows what hes doing heh

                              Would of been cheaper to do it yourself but whatever..
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                                • HandballJim
                                  Confirmed User
                                  • Sep 2008
                                  • 4024
                                  #9
                                  Originally posted by cybermike
                                  My accountant setup an S-corp for me.. I just assume he knows what hes doing heh

                                  Would of been cheaper to do it yourself but whatever..
                                  I read an S-corp is good, but the LLC seems the easiest since it is just me. I dumped accountants a while back and been doing my taxes online myself...got tired of them making mistakes. I have friends who are accountants so if I have a question they can help me, but searching online gives me the most help. Unless your making a million dollars a year there is a very small percentage of being audited. Don't have the article handy but they mentioned it in last weeks news paper.
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                                    • Sly
                                      Let's do some business!
                                      • Sep 2004
                                      • 31377
                                      #10
                                      Originally posted by HandballJim
                                      I read an S-corp is good, but the LLC seems the easiest since it is just me. I dumped accountants a while back and been doing my taxes online myself...got tired of them making mistakes. I have friends who are accountants so if I have a question they can help me, but searching online gives me the most help. Unless your making a million dollars a year there is a very small percentage of being audited. Don't have the article handy but they mentioned it in last weeks news paper.
                                      Your friends aren't *your* accountant and they don't know all of your financial details. Unless you are telling them, which you really shouldn't. They also aren't always looking out for your best interest out of their interest like an attorney would, they are simply sharing information.

                                      I spent $400 and spoke with my lawyer. He told me go with S to do what I want to do. This guy specializes in this stuff. That $400 pays itself off every year easily.

                                      You spend thousands of dollars a year on domains. Don't go cheap on this just to save a couple hundred bucks. Get someone that is legally obligated to represent you and your best interests.
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                                        • woj
                                          <&(©¿©)&>
                                          • Jul 2002
                                          • 47880
                                          #11
                                          Originally posted by HandballJim
                                          I read an S-corp is good, but the LLC seems the easiest since it is just me. I dumped accountants a while back and been doing my taxes online myself...got tired of them making mistakes. I have friends who are accountants so if I have a question they can help me, but searching online gives me the most help. Unless your making a million dollars a year there is a very small percentage of being audited. Don't have the article handy but they mentioned it in last weeks news paper.
                                          I would still get an accountant, unless you don't make much now, the tax savings he comes up with will easily pay for his fees....
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                                            • HandballJim
                                              Confirmed User
                                              • Sep 2008
                                              • 4024
                                              #12
                                              Originally posted by Sly
                                              Your friends aren't *your* accountant and they don't know all of your financial details. Unless you are telling them, which you really shouldn't. They also aren't always looking out for your best interest out of their interest like an attorney would, they are simply sharing information.

                                              I spent $400 and spoke with my lawyer. He told me go with S to do what I want to do. This guy specializes in this stuff. That $400 pays itself off every year easily.

                                              You spend thousands of dollars a year on domains. Don't go cheap on this just to save a couple hundred bucks. Get someone that is legally obligated to represent you and your best interests.
                                              Thats true, I guess before I do anything I will take a closer look at the S, currently I am an affiliate not a program owner so I am not producing anything yet. My main reason is I just want to be able to use the LLC name with my domains, and when signing up with programs use this tax ID instead of all my personal info...and of course once this turns into something more then just a side business I can always dissolve the LLC and make a corp. I am not doing anything wrong, but a little paranoid sometimes.

                                              The lawyer I did speak to at the show told me an LLC should be fine, he said any adult content can be a problem if someone makes it one, and he did say that text links are the safest when promoting. He was based in NJ, and has adult clients.
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                                                • Sly
                                                  Let's do some business!
                                                  • Sep 2004
                                                  • 31377
                                                  #13
                                                  Originally posted by HandballJim
                                                  Thats true, I guess before I do anything I will take a closer look at the S, currently I am an affiliate not a program owner so I am not producing anything yet. My main reason is I just want to be able to use the LLC name with my domains, and when signing up with programs use this tax ID instead of all my personal info...and of course once this turns into something more then just a side business I can always dissolve the LLC and make a corp. I am not doing anything wrong, but a little paranoid sometimes.

                                                  The lawyer I did speak to at the show told me an LLC should be fine, he said any adult content can be a problem if someone makes it one, and he did say that text links are the safest when promoting. He was based in NJ, and has adult clients.
                                                  I should have clarified... what I mentioned earlier about the S was my personal situation. I've had an S for years for various side businesses etc.

                                                  I know a lot of affiliates that have a S and I know a lot that have a LLC. Everybody's situation is different and everybody's goals are different. That's the thing. Everybody has different goals so listening to one person tell you to get a LLC could be the perfect solution for them, but totally opposite of what you need.

                                                  I know of pretty big companies that have LLC and individuals that barely make any money having a S. The money you bring in really doesn't matter all that much.
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                                                    • fatfoo
                                                      ICQ:649699063
                                                      • Mar 2003
                                                      • 27763
                                                      #14
                                                      I walked around in New York this year once, and I saw some big poster advertisemens of Lars I think on the streets.
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                                                        • HandballJim
                                                          Confirmed User
                                                          • Sep 2008
                                                          • 4024
                                                          #15
                                                          I appreciate the info guys, got to wrap some gifts before the wife gets home.

                                                          Enjoy your holidays, and thanks again.
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