Do any of you have an LLC?

Do any of you have an LLC?

Joined: June 5th, 2006, 5:33 pm

March 10th, 2011, 3:21 am #1

Is it a big hassle with taxes? We formed one last year and haven't done anything with it. We're thinking of closing it, or if it's possible, table it until we get our ducks in a row. In the meantime, is it worth the hassle of francise tax reports, etc?

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The road to success is always under construction.
Last edited by TxNet on March 10th, 2011, 4:54 am, edited 1 time in total.
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Joined: May 23rd, 2006, 11:33 pm

March 10th, 2011, 1:22 pm #2

I dont think its too bad....He does his tax report online and then we have someone do our taxes anyway. He just gives her his reciepts from the computer (forgot what program he uses-Quicken??) and that is it. We pay a lawyer every year to keep up the LLC........
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Joined: May 24th, 2006, 12:50 pm

March 10th, 2011, 2:31 pm #3

Is it a big hassle with taxes? We formed one last year and haven't done anything with it. We're thinking of closing it, or if it's possible, table it until we get our ducks in a row. In the meantime, is it worth the hassle of francise tax reports, etc?

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The road to success is always under construction.
It's not a hassle with taxes for us. We just fill out the schedule C and schedule SE and put the results on the 1040. There is also a schedule C-EZ that is even easier if it is pretty straight forward and under a certain amount, I think. I used that this year.

The real hassle of the LLC are the two yearly reports for the state, which I am doing today. There is an annual report to be filed and a franchise excise tax. Both of these together usually run $400. We used to incorporate in Nevada, where it was cheaper, but we are now in TN. If you aren't bringing in very much you can just report it as extra income and not have the LLC, but the reason for having it is so you can't be sued for your personal property so consider the risks.
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Joined: June 5th, 2006, 5:33 pm

March 10th, 2011, 3:40 pm #4

I did the franchise report and an information report. I didn't see anything about an annual report, unless that is the information report. They have to be filed together. Since we just got the LLC done at the end of the year and haven't got it going, so we made $0.

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The road to success is always under construction.
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