Has anyone here formed an LLC (US only)?
Thread poster: Daina Jauntirans

Daina Jauntirans  Identity Verified
Local time: 01:58
German to English
+ ...
Jul 27, 2004

I was wondering if anyone here (US-based) had formed an LLC for their business? What are the advantages over an S-Corp? I have only found one disadvantage so far - the filing fee in IL is $500. I will not have any partners in the business if that matters.

Direct link Reply with quote
 

Christopher Schmidt  Identity Verified
United States
Local time: 02:58
Member (2005)
German to English
+ ...
LLC vs S-Corp Jul 27, 2004

Hi Daina

yes, I formed an LLC earlier this year. Before I did it, I did some research (I picked up a copy of "Working for Yourself" by Stephen Fishman, which provides a lot of info). I think there are some tax benefits to an S-Corp, at least as far as self-employment tax goes - but then you may have to pay unemployment tax. From what I've read, there is also quite a bit more bookkeeping involved with a corporation. In the end, I talked to an accountant who suggested I go with an LLC. I'm sure an accountant could give you a better description of the pros and cons for your particular case.

Good luck!
Chris



Daina Jauntirans wrote:

I was wondering if anyone here (US-based) had formed an LLC for their business? What are the advantages over an S-Corp? I have only found one disadvantage so far - the filing fee in IL is $500. I will not have any partners in the business if that matters.


Direct link Reply with quote
 
Daniela Ballif  Identity Verified
United States
Local time: 00:58
English to Albanian
+ ...
LLC Jul 27, 2004

Daina Jauntirans wrote:

I was wondering if anyone here (US-based) had formed an LLC for their business? What are the advantages over an S-Corp? I have only found one disadvantage so far - the filing fee in IL is $500. I will not have any partners in the business if that matters.



Hello,

My husband and I are both accountants and we have an LLC. For more information here is a link to an article that probably will help, http://www.lectlaw.com/files/buo03.htm

Have a fun day,
Daniela


Direct link Reply with quote
 
xxxsarahl
Local time: 23:58
English to French
+ ...
LLC Jul 27, 2004

Hi!
If you're a translator, with no partner, then an LLC
is probably the way to go.
Of course, an accountant would be in a better position to
explain the pros and cons of LLCs vs S or C corporations, but
if I remember it well corporations are for bigger turnovers,
you would need a board with scheduled meetings, you would pay more taxes, etc.
Self-employed or LLC are probably the best options if you're
on your own.
Luck,
Sarah


Direct link Reply with quote
 


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

Has anyone here formed an LLC (US only)?

Advanced search







Across v6.3
Translation Toolkit and Sales Potential under One Roof

Apart from features that enable you to translate more efficiently, the new Across Translator Edition v6.3 comprises your crossMarket membership. The new online network for Across users assists you in exploring new sales potential and generating revenue.

More info »
Protemos translation business management system
Create your account in minutes, and start working! 3-month trial for agencies, and free for freelancers!

The system lets you keep client/vendor database, with contacts and rates, manage projects and assign jobs to vendors, issue invoices, track payments, store and manage project files, generate business reports on turnover profit per client/manager etc.

More info »



Forums
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums