setup my first LLC, what should i look out for?
 

so i created a Delaware LLC for my adult marketing and IT consulting.. I made a list of things I need to do.. any of you have suggestions or 'what to look out for' regarding the early stages of your LLC? Should I move my own cell phone and home internet to the LLC - does it matter if checks/domains goto the LLC?

set up bank account and credit card in LLC name
pay all bills related to this business with above accounts and deposit all money earned into above accounts
turn in to accountant
big pimpin

cheers,
BV

i prefer S Corps


Get a D n B # and DONT get anything else from them

That's it in a nutshell!

bank account in LLC, checks paid to LLC, everything to LLC...

keep minutes and organizational agreements even if you are a single member LLC, check state regs and fees, in cali we have a franchise fee yearly of 800$ for any corp doing business in the state

keep in mind irs assumes single member llcs want to be taxed as a sole proprietorships, you must elect to be treated as c or s corp - get good accountant like any business :pimp

Pretty much sums it up... big pimpin a crucial step by the way.

Keep very accurate records (when in doubt, save everything) and do NOT mix biz and personal expenses from different accounts. I learned this lesson the hard way.

also if you have any other questions, call an accountant.
good luck!

Yeah, S-Corps you save a bit on self-employment tax. I switched mine to that a year ago.

The only other thing that hasn't been mentioned is to have your own FEIN and not use your SS#. I'd imagine this is already setup with an LLC, but if not, you want to do that immediately.