Ask HN: Starting Your Own LLC? • Hacker News Board

Re: Ask HN: Starting Your Own LLC?

#41

Post by patio11 » Sat, May 25, 2019, 6:31 PM UTC

I wrote answers for a number of these questions for Stripe Atlas; c.f. https://stripe.com/atlas/guides/incorporation , https://stripe.com/atlas/guides/business-taxes, and the https://stripe.com/atlas/guides more generally.

If there are holes after reading them, we'd love to hear about them.

Re: Ask HN: Starting Your Own LLC?

#42

Post by charliepark » Sat, May 25, 2019, 6:31 PM UTC

sokoloff wrote: post #12

Pay attention to the annual filing fees in your state for LLCs. That makes it prohibitive in some states for small side-project type endeavors. (MA filing fees are $500 registration and $500/yr for the annual report filing.)

And if you end up close to the end of the year before filing, hold off until January to form the LLC if you can. Otherwise they’ll expect the annual fees ($800 in California!) for the partial year. And if you end up paying late, they’ll come for the penalty as well.

Re: Ask HN: Starting Your Own LLC?

#43

Post by cosmodisk » Sat, May 25, 2019, 6:39 PM UTC

A) learn enough accounting so educated and motivated crooks couldn't take you for a ride so easy. B) Check point A C) Check point B D) Try to find reasonable person that can do payroll,taxes etc for you,as otherwise you'll be a full time accountant for your own business in no time..

Re: Ask HN: Starting Your Own LLC?

#44

Post by patio11 » Sat, May 25, 2019, 6:42 PM UTC

ycombonator wrote: post #35

I have started a Delaware LLC several years ago and abandoned the use of it, never got a chance to file reports or close it properly. It now shows thousands I owe in annual fees. Is anyone here in the same position?

The state of Delaware will continue assessing your LLC franchise taxes until it puts your LLC in a "void" status after 3 years of non-filing of the annual report / payment of the tax.

https://delcode.delaware.gov/title6/c018/sc11/

If you need to make a decision based on this information I'd recommend calling up any practicing business attorney; it's a question they will likely be able to answer even in the free consultation.

Re: Ask HN: Starting Your Own LLC?

#45

Post by gumby » Sat, May 25, 2019, 6:49 PM UTC

I don’t see the point of an LLC if you plan to have an outside investor. The LLC will have to be converted to regular corporation (typically. C Corp) anyway.

The LLC makes it easy to pass profits through but if you don’t have any yet...what’s the point?

Re: Ask HN: Starting Your Own LLC?

#46

Post by thoughtstheseus » Sat, May 25, 2019, 6:49 PM UTC

gshdg wrote: post #36

busterarm wrote: post #30

Earlier quoted context omitted.

Being a single-person LLC usually doesn't give you any of the legal advantages of having an LLC in case you get sued.

I am not a lawyer. But my understanding is that it does shield your personal finances to some degree.

Also not a lawyer but it seems unlikely. You can’t create a legal shell just to shield yourself from liability. There needs to be an actual entity. Or not, again not a lawyer.

Re: Ask HN: Starting Your Own LLC?

#47

Post by idlewords » Sat, May 25, 2019, 6:49 PM UTC

Just want to give a shout-out to all the other sole proprietorships out there. It's a nice route to follow if you hate paperwork and legal fees.

Re: Ask HN: Starting Your Own LLC?

#48

Post by idlewords » Sat, May 25, 2019, 6:51 PM UTC

patio11 wrote: post #41

I wrote answers for a number of these questions for Stripe Atlas; c.f. https://stripe.com/atlas/guides/incorporation , https://stripe.com/atlas/guides/business-taxes , and the https://stripe.com/atlas/guides more generally. If there are holes after reading them, we'd love to hear about them.

Keep in mind that these are marketing materials for a commercial product. Grain of salt sold separately.

Re: Ask HN: Starting Your Own LLC?

#49

Post by firethief » Sat, May 25, 2019, 6:52 PM UTC

thoughtstheseus wrote: post #46

gshdg wrote: post #36

Earlier quoted context omitted.

I am not a lawyer. But my understanding is that it does shield your personal finances to some degree.

Also not a lawyer but it seems unlikely. You can’t create a legal shell just to shield yourself from liability. There needs to be an actual entity. Or not, again not a lawyer.

Interesting. So what do you suppose the function of a Limited Liability Company with pass-through taxation would be?

Re: Ask HN: Starting Your Own LLC?

#50

Post by pullo » Sat, May 25, 2019, 6:53 PM UTC

nik736 wrote: post #8

Are you in the US?

Yes , I am in the US.