We come across the term LLC daily. We might have wondered if it is a company on its own. If you own a business and want to incorporate it LLC is the easy, cheapest, best way to start with. You can form LLC on your own, represent more person as your partners in forming LLC.
Whenever we talk of forming a company the first question that arises is the cost. So, how much does an LLC cost me? Guess how much it is going to be. $1000...$5000...))...
Actually if you are forming an LLC in North America, it is going to cost you around $50 to $300 (Austin,TX) depending on the state in which LLC is formed. So, if you have an LLC at ND, can you extend your business operations beyond that? Yes it is possible.
So, what documents, details do I need to form a LLC?
In simple terms a Business Name, Business Description, Business Address, Phone Number, Email are the only details needed to form an LLC
Can I submit LLC formation form online?
It is possible to fill the four page LLC formation form online. All you need is the details mentioned above and a valid credit card. This form is called as Online Business Entity Filing Form. Here is the sample link on State Of New Jersey Online Business Entity Filing Form
Will I get a hard copy of approval notice?
We can opt for Additional certificates, shipping address while filling the form and we will have the LLC confirmation certificate mailed to us.
Is LLC Always Good For Tax Purpose?
This is a common perception that most have but doesn't turn out to be true most of time. We had a discussion with a tax consultant recently and here are some interesting points on tax benefits of an LLC
1) When we are an employee 6.75% is the percentage we pay towards SSN tax (approximate) which is 50% of it and employer pays 50%. Whereas in case of a LLC we have to pay twice that 13% (approximately)
2) 401K sponsored by employer allows employee to save $17000 per annum. In case of LLC it is possible to save $50000 per annum which is too big. But wait . It happens only in case of $150000 revenue per annum
Whenever we talk of forming a company the first question that arises is the cost. So, how much does an LLC cost me? Guess how much it is going to be. $1000...$5000...))...
Actually if you are forming an LLC in North America, it is going to cost you around $50 to $300 (Austin,TX) depending on the state in which LLC is formed. So, if you have an LLC at ND, can you extend your business operations beyond that? Yes it is possible.
So, what documents, details do I need to form a LLC?
In simple terms a Business Name, Business Description, Business Address, Phone Number, Email are the only details needed to form an LLC
Can I submit LLC formation form online?
It is possible to fill the four page LLC formation form online. All you need is the details mentioned above and a valid credit card. This form is called as Online Business Entity Filing Form. Here is the sample link on State Of New Jersey Online Business Entity Filing Form
Will I get a hard copy of approval notice?
We can opt for Additional certificates, shipping address while filling the form and we will have the LLC confirmation certificate mailed to us.
Is LLC Always Good For Tax Purpose?
This is a common perception that most have but doesn't turn out to be true most of time. We had a discussion with a tax consultant recently and here are some interesting points on tax benefits of an LLC
1) When we are an employee 6.75% is the percentage we pay towards SSN tax (approximate) which is 50% of it and employer pays 50%. Whereas in case of a LLC we have to pay twice that 13% (approximately)
2) 401K sponsored by employer allows employee to save $17000 per annum. In case of LLC it is possible to save $50000 per annum which is too big. But wait . It happens only in case of $150000 revenue per annum
