LLC Questions
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Silver
- Level 34 Illuminated
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gardener4life
- captain of 1,000
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Re: LLC Questions
some businesses the commercial insurance classifications or government regulation may require a DBA too. (Like transportation).
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Lyster
- captain of 100
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Re: LLC Questions
Correct me if I'm wrong, but the formation of the LLC should have its own name attached to it already.
Fries n Shakes, LLC is assumed that it will already be operating under the name Fries n Shakes. Whereas, if MerchantGuild, LLC wanted to open up a store called Fries n Shakes, they would need to DBA that.
This would be MerchantGuild, LLC DBA Fries n Shakes, same as if it was a sole proprietorship, (Joe Johnson DBA Johnson's Jewels).
AFAIK, as long as the name of the LLC is in fact the name of the business, there is no requirement to have a separate DBA.
edit: You're going to have to talk to your city business rep anyway, and that would be a great question to bring him to him/her. Also, if you're worried about it, I believe the cost of registering my DBA was really cheap, if anything.
Fries n Shakes, LLC is assumed that it will already be operating under the name Fries n Shakes. Whereas, if MerchantGuild, LLC wanted to open up a store called Fries n Shakes, they would need to DBA that.
This would be MerchantGuild, LLC DBA Fries n Shakes, same as if it was a sole proprietorship, (Joe Johnson DBA Johnson's Jewels).
AFAIK, as long as the name of the LLC is in fact the name of the business, there is no requirement to have a separate DBA.
edit: You're going to have to talk to your city business rep anyway, and that would be a great question to bring him to him/her. Also, if you're worried about it, I believe the cost of registering my DBA was really cheap, if anything.
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harakim
- captain of 1,000
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JohnnyL
- Level 34 Illuminated
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Re: LLC Questions
Lyster, thanks, I think that's what Silver's webpage was trying to say but not as clearly as you did. I think that answers the dba question.
Well, Utah has a "you have to pay income taxes no matter where you're based, if you file Utah taxes" law. I guess the cloudiest part is the internet. If I do internet work, like coaching, or writing books, and it's from home with no one visiting, it would be best to have a company, but where and how to set it up legally has got me a little stumped. And I don't want people bothering the house or family (knowing our address, etc.) or people in the ward asking about business all the time (got that before in another area when we had our own business).
Well, Utah has a "you have to pay income taxes no matter where you're based, if you file Utah taxes" law. I guess the cloudiest part is the internet. If I do internet work, like coaching, or writing books, and it's from home with no one visiting, it would be best to have a company, but where and how to set it up legally has got me a little stumped. And I don't want people bothering the house or family (knowing our address, etc.) or people in the ward asking about business all the time (got that before in another area when we had our own business).
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David13
- Level 34 Illuminated
- Posts: 7081
- Location: Utah
Re: LLC Questions
In most cases, registering a business one way or another, with state or local offices, means your address is public record, and open to anyone who looks.JohnnyL wrote: ↑January 12th, 2018, 1:13 pm Lyster, thanks, I think that's what Silver's webpage was trying to say but not as clearly as you did. I think that answers the dba question.
Well, Utah has a "you have to pay income taxes no matter where you're based, if you file Utah taxes" law. I guess the cloudiest part is the internet. If I do internet work, like coaching, or writing books, and it's from home with no one visiting, it would be best to have a company, but where and how to set it up legally has got me a little stumped. And I don't want people bothering the house or family (knowing our address, etc.) or people in the ward asking about business all the time (got that before in another area when we had our own business).
In some instances you can get away with a p o box, but not in all instances. In some instances you can use a rent a desk office or some such thing. But again, not always.
A lot depends on your locality. And state. Your best bet, I hate to say, is consult a local business attorney, one who handles businesses and business cases.
dc
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Lyster
- captain of 100
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Re: LLC Questions
I might suggest a sole proprietorship, especially if just you (or just you and your wife, for example) are involved. Based out of home would still be fine, you may end up paying less (like mine, for example, costs $20 a year to re-register because of "low-impact home business, instead of $70).
Legal protections granted to LLC owners vs sole proprietorships aren't as nice as you might think. As you're solely responsible for all aspects of the LLC, people can still come after you, personally, if the case is good.
As for income tax, filing your own taxes is all you do.
Legal protections granted to LLC owners vs sole proprietorships aren't as nice as you might think. As you're solely responsible for all aspects of the LLC, people can still come after you, personally, if the case is good.
As for income tax, filing your own taxes is all you do.
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harakim
- captain of 1,000
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Re: LLC Questions
People can only come after you if you pierce the corporate veil.Lyster wrote: ↑January 12th, 2018, 7:59 pm I might suggest a sole proprietorship, especially if just you (or just you and your wife, for example) are involved. Based out of home would still be fine, you may end up paying less (like mine, for example, costs $20 a year to re-register because of "low-impact home business, instead of $70).
Legal protections granted to LLC owners vs sole proprietorships aren't as nice as you might think. As you're solely responsible for all aspects of the LLC, people can still come after you, personally, if the case is good.
As for income tax, filing your own taxes is all you do.
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harakim
- captain of 1,000
- Posts: 2819
- Location: Salt Lake Megalopolis
Re: LLC Questions
To solve your last problem, you can use a registered agent. For like $120 a year, they even collect your mail for you. I am not a lawyer, but if you are doing work for a business, you can wait to set up your entity until you have revenue or are close to having Intellectual Property. I think you can put any side income earned onto your regular income taxes anyway, so I'm not even sure you have to register, given no one is coming to your home. If you have a few hundred to few thousand dollars and want to seek the help of an attorney, I can recommend a good one.JohnnyL wrote: ↑January 12th, 2018, 1:13 pm Lyster, thanks, I think that's what Silver's webpage was trying to say but not as clearly as you did. I think that answers the dba question.
Well, Utah has a "you have to pay income taxes no matter where you're based, if you file Utah taxes" law. I guess the cloudiest part is the internet. If I do internet work, like coaching, or writing books, and it's from home with no one visiting, it would be best to have a company, but where and how to set it up legally has got me a little stumped. And I don't want people bothering the house or family (knowing our address, etc.) or people in the ward asking about business all the time (got that before in another area when we had our own business).
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JohnnyL
- Level 34 Illuminated
- Posts: 9911
Re: LLC Questions (Internet)
I have found things like ipostal1.com and UPS stores that have business addresses from $10 to $18 a month, so that was good. Close enough to drive if needed to make a trip, but far enough away.
In the future I think I'll set things up better, but I'll probably go simple and stupid right now. Sole P is good, as S Corp, but I'll go LLC--that protection is necessary nowadays, and especially easier with an internet business.
Utah makes sure they get their money; wish the federal govt would learn from them, lol.
harakim, Utah is very open about ownership etc., unlike New Mexico, for example, which will keep your name off most everything. So there's little protection that way.
Yeah, it's likely if I have no visitors and won't influence any neighbors, and have a business address for internet, I won't have to register with the city and all that. Now that I think about it, I know people who work at home, and no one registers. A one-person LLC is pass-through income taxes, too.
In the future I think I'll set things up better, but I'll probably go simple and stupid right now. Sole P is good, as S Corp, but I'll go LLC--that protection is necessary nowadays, and especially easier with an internet business.
Utah makes sure they get their money; wish the federal govt would learn from them, lol.
harakim, Utah is very open about ownership etc., unlike New Mexico, for example, which will keep your name off most everything. So there's little protection that way.
Yeah, it's likely if I have no visitors and won't influence any neighbors, and have a business address for internet, I won't have to register with the city and all that. Now that I think about it, I know people who work at home, and no one registers. A one-person LLC is pass-through income taxes, too.
