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3:08 pm
November 29, 2012
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retireby40
| | USA | |
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Hey everyone,
I'm almost done filling out the LLC paperwork.
One last question I have is about employee and payroll information.
So it's going to be a new company and I'll be the only member and the only one working there.
I guess that mean 1 employee right? Or is it none because I'm the employer?
Ugh, I have to pay Transit tax too.
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8:26 pm
November 29, 2012
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The College Investor
| | San Diego, CA | |
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| posts 1935 |
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I believe the answer is None. It is a single member LLC with no employees.
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5:41 am
November 30, 2012
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Jackie
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The IRS considers my LLC a disregarded entity, so I choose sole proprietor there and file like that. (So no employees.)
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11:55 am
December 1, 2012
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KyleAAA
| | Atlanta, GA | |
| Member | posts 75 |
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Depends on how you choose to be taxed. You can choose to be taxed as an S-Corp with yourself drawing a salary as an employee. Doing so can save a significant amount of self-employment tax if you earn a large income, but of course there are drawbacks. Electing to be taxed as a sole proprietor is much simpler and requires a lot less on-going paperwork. Plus, I think you can change your mind later. On the flip side, I think once you elect to be taxed as an S-Corp there's no going back. Not 100% sure on that.
http://www.obliviousinvestor.c…..vs-c-corp/
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12:25 pm
December 1, 2012
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The College Investor
| | San Diego, CA | |
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| posts 1935 |
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Jackie said:
The IRS considers my LLC a disregarded entity, so I choose sole proprietor there and file like that. (So no employees.)
Yes, and that is how Joe will file as well, unless he elects to be considered an s-corp, which just requires the filing of a simple for with the IRS.
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2:46 pm
December 1, 2012
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retireby40
| | USA | |
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I filed as a disregarded entity – sole proprietor. I made a mistake the first time and the site wouldn't let me choose 0 employee. I started over and was able to file as a single member LLC with no employee.
Whew, I'm really glad I got it all done before 2013. Next year everything will go through the LLC. 
Now I just need to find a bank with a good business checking account.
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7:13 am
December 2, 2012
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Glen Craig
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Good luck with the LLC Joe!
When I looked for a business checking account I found that Capital One was able to offer no-fee accounts that worked for me (I set up two business checking accounts with them). As always read your fine print and watch for fees when shopping around.
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7:47 pm
December 3, 2012
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The College Investor
| | San Diego, CA | |
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| posts 1935 |
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US Bank has good free ones as well or businesses and they let you scan in checks from home which is great.
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10:01 am
December 4, 2012
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Club Thrifty
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Congrats on the LLC! We opened ours up this week as well. I agree that you would be a Single Member LLC with no employees. We are a multi-member LLC with no employees.
Congrats!
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9:04 pm
December 4, 2012
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Jake@iHeartBudgets.net
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Post edited 9:06 pm – December 4, 2012 by Jake@iHeartBudgets.net
Club Thrifty said:
Congrats on the LLC! We opened ours up this week as well. I agree that you would be a Single Member LLC with no employees. We are a multi-member LLC with no employees.
Congrats!
Just a quick reminder, husband-wife LLC's can count as "single member LLC's" for tax purposes :) . You can elect Sole Proprieter (Sch C) or S-Corp tax treatment as well. :)
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5:57 pm
December 5, 2012
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Lance at Money Life and More
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| Member | posts 160 |
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I'm going for a partnership with my girlfriend I think. Makes most sense tax wise.
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