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.

Plumbvoltage said:

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.

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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

Ron6519 said:

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

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

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 )

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

Plumbvoltage said:

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

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That's what I thought.
Ron

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

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

http://books.google.com/books?ei=8h0KSqSpLKTgtAPf5ezhCA&ct=result&q=forming+a+llc&btnG=Search+Books

Be safe, G

GBAR in WA said:

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

http://books.google.com/books?ei=8h0KSqSpLKTgtAPf5ezhCA&ct=result&q=forming+a+llc&btnG=Search+Books

Be safe, G

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Yes, Nolo Press has a lot of good stuff.:thumbsup: