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

Daina Jauntirans  Identity Verified
Local time: 13:16
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: 14:16
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: 12:16
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: 11:16
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







TM-Town
Manage your TMs and Terms ... and boost your translation business

Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.

More info »
Anycount & Translation Office 3000
Translation Office 3000

Translation Office 3000 is an advanced accounting tool for freelance translators and small agencies. TO3000 easily and seamlessly integrates with the business life of professional freelance translators.

More info »



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