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Incorporate or LLC ?

by Careygee
4 replies
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As you can see I am new to this forum.
I would like knowledgeable pros and cons on which way to go on this matter.

I have an offline business for my digital product and I use Kunaki.com
to place it on disc for my customers.
I have 95% of a website built to go online soon.
It will be a membership site and entitles all members
to use & sell online for commissons and to sell OFLINE
for 100% of the profits.

The main reason for my question is for protection for
my family's continuance of my income in the event
of my demise. See my age over there? LOL
Of course I may just fade away. (McArthur)

Any help will be highly appreciated
The best to you and yours,
Carey
  • Profile picture of the author Indiana
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    • Profile picture of the author HeySal
      Agree with Indy. LLC's offer a lot of tax breaks and still the personal liability protection of a corp.
      Signature

      Sal
      When the Roads and Paths end, learn to guide yourself through the wilderness
      Beyond the Path

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    • Profile picture of the author David
      register in Washington State ???

      really?

      why?

      there used to be some advantage to a delaware corporation, not sure that reasoning still holds up

      I'm wanting to start a corporation in Maryland...

      Get Around MD FR19 Legally

      now you got me thinking... why Washington ???

      I've got other businesses to make 'more legitimate' in the brick n mortar sense
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      David Bruce Jr of Frederick Web Promotions
      Lawyer Local SEO - |

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      • Profile picture of the author Jeremy123
        My online business is a sub-S corporation in Nevada,
        my business expenses are not taxed, guess I have not
        profited enough to pay taxes yet.

        When I do pay myself what % tax can I expect to pay
        with a sub-s corp.

        What tax benefits does an LLC offer compared to a Inc.
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        • Profile picture of the author HeySal
          Washington has no income tax so anything you draw from your LLC would only be taxed on the federal level. Of course, say I have a rock show in Oregon and make a profit, even though my business is in Washington, I will have to pay taxes to Oregon on that particular event. You also have to have a business address there for legal purposes -somewhere that legal papers can be served. That will cost you if you don't know someone who you trust whose address you can use as your legal business address.

          On the other hand, if you have an LLC in Oregon and have a rock show in Washington - you will still have to pay taxes to Oregon even though Washington won't tax your profit there.

          There was some fluff over the Delaware LLC's a couple of years back but I don't quite remember what it was. Might be safe to check that one out before you jump on it.
          Signature

          Sal
          When the Roads and Paths end, learn to guide yourself through the wilderness
          Beyond the Path

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