Sole proprietor/LLC

Yoyizit · 06-14-2009, 03:45 PM

To change from the first to the second how much can I reasonably expect to pay?
It's a one-person home imp. company in MD.

Plumbvoltage · 06-14-2009, 09:10 PM

I went from a sp to a s corp 2 years ago and I had my lawyer do it and I think it cost me a total of about $750. I am not sure if LLC is about the same price or not. It cost me I think $250 a year for my renewal.

Ron6519 · 06-14-2009, 10:14 PM

Quote:

Originally Posted by Plumbvoltage

I went from a sp to a s corp 2 years ago and I had my lawyer do it and I think it cost me a total of about $750. I am not sure if LLC is about the same price or not. It cost me I think $250 a year for my renewal.

I did the same thing, Sole to S corp, but back in the early 80's in NY. What's that renewal thing for? We don't have that in NY.
Ron

Plumbvoltage · 06-14-2009, 10:20 PM

Quote:

Originally Posted by Ron6519

What's that renewal thing for? We don't have that in NY.
Ron

RI you have to renew your corporation with the state every year.
Just another way to suck money out of you.

vsheetz · 06-14-2009, 10:36 PM

I am not an attorney or otherwise credentialed, but I have had a number of business entities over the years.

As a sole proprieter I believe you are basically just operating as an individual, using your SSN, filing business income and expences on your personal return, etc. - right? To move away from this there is nothing really to do - as you do not have a separate legal entity formed. So, there is not so much of a conversion to do - I think you can simply form the LLC.

I recently used LegalZoom.com to form a LLC for a business entity I formed (note - I have no affiliation with Legal Zoom). In the past I have used other online services to form simple corporations, etc. If you have other individuals involved or a more complicated situation, then a lawyer consultation would be in order (again, see my initial disclaimer

)

**Gary in WA** · 06-14-2009, 10:38 PM

You might want to check with your Attorney General. Here I paid: $175 To list LLC; 0 every year; $113 for State Lic.; $15 for State UBI; CityLic.- $115; Ins. $1500. You have to separate all business from personal: home office, % of home mortage, lease vehicle to llc, lease garage space to llc, % utilities to llc, 100% improvements to office, ...sorry, too much info, just wanted prices. I'm tired, be safe, G

Ron6519 · 06-15-2009, 08:49 AM

Quote:

Originally Posted by Plumbvoltage

RI you have to renew your corporation with the state every year.
Just another way to suck money out of you.

That's what I thought.
Ron

Yoyizit · 06-15-2009, 11:45 AM

Thanks, folks. . .it seems I have some work to do on this.

**Gary in WA** · 06-15-2009, 09:33 PM

Click on the books with "Limited preview" at bottom:

http://books.google.com/books?ei=8h0...G=Search+Books

Be safe, G

Yoyizit · 06-15-2009, 09:56 PM

Quote:

Originally Posted by GBAR in WA

Click on the books with "Limited preview" at bottom:

http://books.google.com/books?ei=8h0...G=Search+Books

Be safe, G

Yes, Nolo Press has a lot of good stuff.

06-14-2009, 03:45 PM	#1
Yoyizit It was a dark and stormy Join Date: Jul 2008 Location: NW of D.C. Posts: 5,954	Sole proprietor/LLC To change from the first to the second how much can I reasonably expect to pay? It's a one-person home imp. company in MD.

06-14-2009, 09:10 PM	#2
Plumbvoltage Member Join Date: Dec 2008 Location: Rhode Island Posts: 129	Sole proprietor/LLC I went from a sp to a s corp 2 years ago and I had my lawyer do it and I think it cost me a total of about $750. I am not sure if LLC is about the same price or not. It cost me I think $250 a year for my renewal.

06-14-2009, 10:36 PM	#5
vsheetz Member Join Date: Sep 2008 Location: SoCal Posts: 1,669	Sole proprietor/LLC I am not an attorney or otherwise credentialed, but I have had a number of business entities over the years. As a sole proprieter I believe you are basically just operating as an individual, using your SSN, filing business income and expences on your personal return, etc. - right? To move away from this there is nothing really to do - as you do not have a separate legal entity formed. So, there is not so much of a conversion to do - I think you can simply form the LLC. I recently used LegalZoom.com to form a LLC for a business entity I formed (note - I have no affiliation with Legal Zoom). In the past I have used other online services to form simple corporations, etc. If you have other individuals involved or a more complicated situation, then a lawyer consultation would be in order (again, see my initial disclaimer )

06-14-2009, 10:38 PM	#6
Gary in WA Moderator Join Date: Mar 2009 Posts: 8,843	Sole proprietor/LLC You might want to check with your Attorney General. Here I paid: $175 To list LLC; 0 every year; $113 for State Lic.; $15 for State UBI; CityLic.- $115; Ins. $1500. You have to separate all business from personal: home office, % of home mortage, lease vehicle to llc, lease garage space to llc, % utilities to llc, 100% improvements to office, ...sorry, too much info, just wanted prices. I'm tired, be safe, G

06-15-2009, 11:45 AM	#8
Yoyizit It was a dark and stormy Join Date: Jul 2008 Location: NW of D.C. Posts: 5,954	Sole proprietor/LLC Thanks, folks. . .it seems I have some work to do on this.

Sole proprietor/LLC