Thinking of forming an LLC - GoFuckYourself.com

teadrinker · 04-12-2005, 09:36 PM

Hey guys, me and 2 of my partner were thinking of starting an LLC but were not sure of a few things, i hope we can get these questions cleared. If anybody familiar or has an LLC company please help

am a total noob when it comes to taxes... anyway here are my questions.

1. My partner is in the US (Cali) one is in canada (my brother) how do we pay taxes? do we pay our taxes as a company that based where the LLC is located? what is the process for this?

2. How much money can we save forming an LLC?

I know my questions are kind of vague but am just as confuse as what to ask myself, so anybody with any experience in this?

goldman · 04-12-2005, 11:27 PM

i have done quite a quite a bit of research (through uni) towards using llc's, partnerships, trusts , QC's etc..

it is in context of NZ law. but it should be quite similar to US cause we have the same sort of system (both of us got fucked on by the english)...

LLc: main benifit is the whole issue of limited liability. in terms of of taxes its not as good as partnerships of QC's.i think in the us they charge a special tax on sole traders hence many people can save on tax by forming companies or partnerships.. plus when u start a company all revenue has to be accounted for ie u cant just take money from the company account and buy lunch...

i cant realy give u can any good advise as to whats the best option are, as i dont know why u want to set up a llc (for preventing liability or tax) and what ur business is or ur liabilites are....

teadrinker · 04-12-2005, 11:43 PM

i have a few purpose for wanting to form an LLC, although am not really sure about all the benifits but from what ive learned is that you get to protect your personal assets and maybe saving some tax money because as off rightnow am paying 50% in tax and that is rediculous. As for what company we are, we are basicly producing mangas, cg pictures so i guess we can claim alot of artist that we hire etc...

crnc · 04-13-2005, 05:55 AM

You may want to consider forming an LLP (Limited Liability Partnership) if ownership will be completely split. It doesnt really matter all too much though. Otherwise, you pay taxes for where you are incorporated, so the US.

Enjoy.

teadrinker · 04-13-2005, 11:07 AM

am thinking i still have to pay some taxes in canada because i LIVE in canada and using their healthcare. They won't let me live here for free do they?

crnc · 04-13-2005, 11:12 AM

Thats a good question. You'd probably be better off talking to a real attorney or CPA to address that. The armchair attorneys on here may not be giivng the proper advice (self included!)

good luck

04-12-2005, 09:36 PM	#1
teadrinker Confirmed User Join Date: Aug 2001 Location: CA Posts: 339	Thinking of forming an LLC Hey guys, me and 2 of my partner were thinking of starting an LLC but were not sure of a few things, i hope we can get these questions cleared. If anybody familiar or has an LLC company please help am a total noob when it comes to taxes... anyway here are my questions. 1. My partner is in the US (Cali) one is in canada (my brother) how do we pay taxes? do we pay our taxes as a company that based where the LLC is located? what is the process for this? 2. How much money can we save forming an LLC? I know my questions are kind of vague but am just as confuse as what to ask myself, so anybody with any experience in this?

04-12-2005, 11:27 PM	#2
goldman Confirmed User Join Date: Nov 2004 Location: nz Posts: 212	i have done quite a quite a bit of research (through uni) towards using llc's, partnerships, trusts , QC's etc.. it is in context of NZ law. but it should be quite similar to US cause we have the same sort of system (both of us got fucked on by the english)... LLc: main benifit is the whole issue of limited liability. in terms of of taxes its not as good as partnerships of QC's.i think in the us they charge a special tax on sole traders hence many people can save on tax by forming companies or partnerships.. plus when u start a company all revenue has to be accounted for ie u cant just take money from the company account and buy lunch... i cant realy give u can any good advise as to whats the best option are, as i dont know why u want to set up a llc (for preventing liability or tax) and what ur business is or ur liabilites are.... __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, you may use a 624x80 instead of a 120x60. Let me repeat... A 120 x 60 button and no more that 3 lines of DEFAULT SIZE AND COLOR text.

04-13-2005, 05:55 AM	#4
crnc Registered User Join Date: Mar 2003 Location: Jersey Posts: 57	You may want to consider forming an LLP (Limited Liability Partnership) if ownership will be completely split. It doesnt really matter all too much though. Otherwise, you pay taxes for where you are incorporated, so the US. Enjoy. __________________ CRNC - http://www.crnc.net - (877) FOR-CRNC High Bandwidth Hosting, live from NYC

04-13-2005, 11:12 AM	#6
crnc Registered User Join Date: Mar 2003 Location: Jersey Posts: 57	Thats a good question. You'd probably be better off talking to a real attorney or CPA to address that. The armchair attorneys on here may not be giivng the proper advice (self included!) good luck __________________ CRNC - http://www.crnc.net - (877) FOR-CRNC High Bandwidth Hosting, live from NYC

04-12-2005, 11:43 PM	#3
teadrinker Confirmed User Join Date: Aug 2001 Location: CA Posts: 339	i have a few purpose for wanting to form an LLC, although am not really sure about all the benifits but from what ive learned is that you get to protect your personal assets and maybe saving some tax money because as off rightnow am paying 50% in tax and that is rediculous. As for what company we are, we are basicly producing mangas, cg pictures so i guess we can claim alot of artist that we hire etc...

04-13-2005, 11:07 AM	#5
teadrinker Confirmed User Join Date: Aug 2001 Location: CA Posts: 339	am thinking i still have to pay some taxes in canada because i LIVE in canada and using their healthcare. They won't let me live here for free do they?