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Anyone make their own LLC?

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  • Anyone make their own LLC?

    I'm looking at avenues to make some extracurricular money. Maybe blogging, expert witness work, consulting, etc. This is all hypothetical right now but could I do multiple things under the same LLC or would I need a separate company for each?

     

    Any beginner tips for starting an LLC?

  • #2
    You can do these things as a sole proprietor or under a business structure such as an LLC. No real difference in either asset protection (most likely-you are responsible for your work regardless) or ability to set up retirement plans, etc.  The only advantage to using a pass through entity might be tax savings (depending on your gross income)-see today's blog at this site for an excellent discussion of that.  You certainly don't need more than one structure for what you are describing.

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    • #3
      There are a lot of legal risks other than malpractice. An LLC isolates these risks to the capital investment in the company.

      Go to your State Secretary of State site and complete the form. Get a taxpayer ID number and a checking account and voila you are a business. A sole proprietor has his SSN hanging out there.

      One LLC is probably enough for consulting. If Real Estate, multiple entities should be formed to isolate and protect each property.

      Having an LLC or LP makes you think like a business person.

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      • #4
        I still don't see enough justification for an LLC. Creating an LLC when otherwise not required or beneficial, in and of itself is not thinking like a business person.

        There are many great sole proprietorships and partnerships that have never or will ever benefit from an LLC. Putting it another way, I have seen far more LLCs that have no reason for their existence, than sole proprietorships and partnerships that should properly be LLCs.

        Physicians as a group are some of the most likely to have unnecessary LLCs and counter-productive S-Corps.

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        • #5
          As spiritrider mentioned; what's the why.  LLC is a great vehicle for the right reasons and if set up the correct way.

          Asset protection within the LLC from suitors is one.   Anonymity is another.

          The other way around is a lot trickier as you're selling your services and expertise --  Libel or injury whether as an employee or owner of the LLC.

           

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          • #6
            Was looking at an LLC mainly for financial reasons.

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