Finally set up LLC..what are next steps to consider?

12 years ago

Yes, ask an accountant for further advice.

Also, I think you can just change your paypal account to a business account and give your business name, etc.

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Lori Kelly

12 years ago

I do think you can change your Paypal account to your business. Not sure.

You'll definitely need a business bank account.

Check with your local city office to determine if you need a city or county business license.

Did you apply for a Federal Tax ID Number? If not, you need one. IRS SS4 form. You can get the number online.

If you want the profit or loss to flow through to your individual tax return, file the IRS Form 2553 for the Subchapter S election.

I'm not an attorney. You might want to check with an accountant and/or a lawyer to get your questions answered.

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Jonathan Joseph

12 years ago

Fantastic tips Lori!

I had to go through a lot of this to get my first corporation license as well.

@boxoun, great job keep it up! Remember, you can create multiple businesses under your one LLC if you so choose.

Originally Posted by Lori Kelly

I do think you can change your Paypal account to your business. Not sure.

You'll definitely need a business bank account.

Check with your local city office to determine if you need a city or county business license.

Did you apply for a Federal Tax ID Number? If not, you need one. IRS SS4 form. You can get the number online.

If you want the profit or loss to flow through to your individual tax return, file the IRS Form 2553 for the Subchapter S election.

I'm not an attorney. You might want to check with an accountant and/or a lawyer to get your questions answered.

Thanks

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Jon

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milla04

12 years ago

As Lori Kelly says, i would get my EIN, you can get a printable doc online once you have completed a few steps. Then start contacting banks ( i dont know if you are a non US citizen or US citizen) if not, i would contact banks that are nationally known rather than HSBC, Bank Of America etc.

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dsworks 12 years ago

Open a business checking account. Put some cash in there. Upgrade Paypal to a business account and hook in your business checking account.

I used to put most of my internet marketing expenses on a personal credit card, then reimburse myself for business related expenses. It was a headache...

A better approach is to just get a business credit card from the same bank as your business checking account, then you can pay the bill by online transfer and import business expenses into your accounting software.

This is just something I wish I had done when I first set up my LLC.
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James.N

12 years ago

Be sure to keep records and receipts for everything! You never know what you will need and when you will need it. I personally try to keep electronic copies of everything (multiple backups), even if it's a paper I scan it.

Organization will be another huger thing, start now before it becomes too overwhelming.

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MikeTucker

12 years ago

Umm... Why not follow the steps provided to you in the information packet you received for your LLC?

Originally Posted by boxoun

Finally started an llc and I was wondering what are the next steps I should consider to start operating my internet business under the LLC?

I'm using it as an umbrella company for now meaning everything I do online will be operated under new LLC.

Start new paypal?

Open business banking?

Move all accounts?

Hire CPA for further advice?

What am I missing?

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boxoun 12 years ago

I'm not sure you understand the thread but hey, thanks for stopping by.

Originally Posted by MikeTucker

Umm... Why not follow the steps provided to you in the information packet you received for your LLC?
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nrmillions

12 years ago

i would definitely get a business bank account and get some type of accounting program such as quickbooks online to do all your bookkeeping on and i would file for a trademark for your company name

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Joe Mobley

12 years ago

Are you making any money yet?

How much black-ink, if any is flowing into the new LLC will (should?) influence the next steps.

Originally Posted by boxoun

Hire CPA for further advice?

Now there's an idea.

Joe Mobley

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NewParadigm

12 years ago

Has anyone looked into operating IM biz as an offshore biz?

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Green Moon

12 years ago

How much business are you doing right now? If it is already an active business, I'd get an accountant soon. Let him or her help set up quickbooks so that you are getting useful information out. If you don't have a good chart of accounts set up, then what you get out will be hard to deal with.

Definitely move everything into the business - bank account, credit card, Paypal, AdSense, eBay, Commission Junction, ClickBank, etc... Make sure that they all have your new entity's EIN and that they are not reporting it on your own SSN.

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boxoun

12 years ago

I have multiple businesses and property that has nothing to do with this LLC. I was just asking for things I should consider so when I seek professional help I can ask the right questions as it pertains to internet business.

You guys gave me a lot to write down so I really appreciate it. I'm fortunate enough to make enough money to finally seek outside help.

One thing I learned from the rich is to pay up front for help so that you dont pay a lot more trying to fix leaks or mistakes!

Thanks

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Jit Lim

12 years ago

You touched on a couple of points there. Seeing you run multiple business and property, it may be a good idea to setup separate accounts just for your online business. Down here, we need to be clear on the separation between personal, online, properties etc as they may have different tax rates and deductions etc. Also doesn't hurt to talk to your accountant as well.

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Finally set up LLC..what are next steps to consider?

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