randomness

[Lits]

Seriously... When are we going to meet up?

I've been asking you that for years!

PS... Fuse, loving the love I wondered why she left House...

[Anamodiel]

http://www.bbc.co.uk/news/world-asia-pacific-11818005

Bad North Korea!

[NoCry]

good news source though Ana;) Very bad Korea.

[Subb]

[Broin]

I really dislike that guy...

[Fuse]

Broin, I'm sensing some oversees work in your immediate future.

[Subb]

Hanz Bwix? Aww naaaaw.

[Manic Velocity]

So ronery.

[Fuse]

So I'm considering starting a business. I'm starting to do some research now and it's my plan for 2011. While I've had a lot of business ideas in the past, I've taken a liking to photography and wouldn't have a large amount of overhead setting up a photography business. I'm leaning LLC to protect assets and make it easier for loans.  Anyone here have much experience with something like this?

[Ash]

Two pieces of advice.

1) Use a reputable company to help you incorporate (not one of the one's you hear on the radio).

and

2) Save every receipt for everything you do for the first year (whether or not it's photography related) and when tax time comes look back at them all and determine what you can make a "business" expense. BTW your days of EZ-filing your taxes are over (but that's a good thing because you'll always get more back when you itemize.)

[Da6onet]

(but that's a good thing because you'll always get more back when you itemize.)

Unless you actually don't go over the standard deduction. If I weren't married two years ago I would have gotten a nice $3000 check from the IRS. Instead "we" ended up owing $130 :-p

[Fuse]

1) Use a reputable company to help you incorporate (not one of the one's you hear on the radio).

New to this, so don't laugh but...

What's the benefit of going through a company vs. on your own with perhaps legal advice from my lawyer? I guess I've been aware there are companies to help incorporate, but I've always gotten the impression setting up an LLC is actually quite an easy process.

[Ash]

you could spend the next month reading about all the logistics and still not know everything there is to know about incorporating.  The whole point in starting a LLC is to remove your personal materials from possible liability if something goes wrong with your business (say someone sues you because somehow a picture you took of them appeared somewhere without their consent).  You could definitely do it yourself but when it comes to something as important as your livelihood why take the unnecessary risk.

This is just advice and you should do whatever you feel you should do.

[Ash]

(but that's a good thing because you'll always get more back when you itemize.)

Unless you actually don't go over the standard deduction. If I weren't married two years ago I would have gotten a nice $3000 check from the IRS. Instead "we" ended up owing $130 :-p

Dag,

Don't quote me on this but, there's no law that says you MUST file jointly once you get married.

[Lits]

As I understand it, becoming an LLC is the most beneficial for a single person. I have several friends here in LA who have incorporated themselves for tax purposes and liability. Compu based home business owners, singers, writers, photographers, artists, etc. As far as the taxing situation goes they all tell me that and LLC absolutely HAS to have a tax guy. Not just a regular lawyer but someone dedicated solely simply because of the extra attention you will recieve from the IRS, etc.

But as far as it being a good idea, I don't know of anyone who has gone that route and regretted it.