establishing a small business - incorporate it or roll with an LLC?

[Jimmy]

Have you looked into Regus office systems? They have offices in GSO & WS. You basically rent an office for as long as you need and you get a telephone, Internet access etc. I couldn't tell you the rates but I can find out because my sister was the general manager for both locations before changing careers. 

[pstall]

8 hours ago, h0llywood said:

You track mileage in a log. You have to create one. Another good thing about having a business is getting a lease and writing it off as an expense. Go ahead and get a new car every 3 years. I have 2 car leases at any given time and get a new car every 1.5 years.

QB has an online version so you don't have to buy the software. I personally use QB even though my software has its own accounting. I just love the ease of use with QB.

As for having separate places, I do not blame you. Too many distractions and temptations to go watch TV, go lay down, etc.

There is an app for tracking mileage.  I will find the name but i see it on twitter all the time. 

[stirs]

16 hours ago, PhillyB said:

I thought about doing the home office thing but i can't poo where i eat. same reason i can't work out at home. i need separate places for separate things and if i can get a small space and carve it out into a spot i think it'll allow good things.

the only expense apart from rent and setup would be internet i think. much of it's internet based so i don't think i'll need a phone.

do you track stuff like mileage in quickbooks?

Mileage is one of the monthly expenses that Quickbooks tracks.  I keep a separate log of miles and customers just in case the IRS needs a look see.  Having a small car that gets 40 mpg works out pretty well.  Costs about 24 bucks to fill up and gets about 400 miles.

[PanthersFanNY]

An LLC can elect to be taxed as a corporation, S or C corp, and can act as a single member LLC or partnership. 

S corp is the way to go, LLC or just as a corporation, though.

[PhillyB]

so let's say i make an overarching company with a generic name (Phillyb LLC) and then produce sub companies under that, all of which run through the LLC but are specific to their area (currently i'm looking at a publishing company, a film production company, and a gear production line.) can i do this reasonably? 

[stirs]

7 minutes ago, PhillyB said:

so let's say i make an overarching company with a generic name (Phillyb LLC) and then produce sub companies under that, all of which run through the LLC but are specific to their area (currently i'm looking at a publishing company, a film production company, and a gear production line.) can i do this reasonably? 

Should be able to.  The reason I said talk to your accountant was the various route you were planning on taking.  I have an S corp and LLC.

There might be some rules about certain types of business is the reason I said to talk to your accountant.  With what I am doing, (sales, consulting, etc) the S Corp LLC is fine.  My accountant did ask me several questions about the direction I was going and how I was going to operate when deciding the best way to go into business.

 

[pstall]

I will defer to panthers fan ny going forward. He knows his tax stuff.

[Floppin]

11 minutes ago, PhillyB said:

so let's say i make an overarching company with a generic name (Phillyb LLC) and then produce sub companies under that, all of which run through the LLC but are specific to their area (currently i'm looking at a publishing company, a film production company, and a gear production line.) can i do this reasonably? 

You can just set them up as dba's. LLC is the easiest and safest as a sole enterprise option for incorporation in nc in my experience.

[PhillyB]

13 hours ago, Jimmy said:

Have you looked into Regus office systems? They have offices in GSO & WS. You basically rent an office for as long as you need and you get a telephone, Internet access etc. I couldn't tell you the rates but I can find out because my sister was the general manager for both locations before changing careers. 

i've looked a few business parks but none of them inspire me. my current target is the new revolution mills complex in greensboro. they've done a massive renovation of the place and turned it into office, retail, and creative spaces that look absolutely phenomenal. if i can bag a tiny ass office for cheap i'll be all over it.

[h0llywood]

I will double check but if you are planning smaller companies, LLCs cannot be owned by a corporation. 

[Floppin]

22 minutes ago, h0llywood said:

I will double check but if you are planning smaller companies, LLCs cannot be owned by a corporation. 

No but his llc can act as a parent company for various coporate dba's

[SmokinwithWilly]

On 4/23/2016 at 9:13 PM, PhillyB said:

I thought about doing the home office thing but i can't poo where i eat. same reason i can't work out at home. i need separate places for separate things and if i can get a small space and carve it out into a spot i think it'll allow good things.

the only expense apart from rent and setup would be internet i think. much of it's internet based so i don't think i'll need a phone.

do you track stuff like mileage in quickbooks?

I don't have room at the moment for this but have you explored the option of doing a backyard shed type office? It would be completely seperated from your house so you would have a private space devoted specifically for work. For a few thousand bucks you could build something pretty bad ass and it's all write offs.

[PhillyB]

58 minutes ago, SmokinwithWilly said:

I don't have room at the moment for this but have you explored the option of doing a backyard shed type office? It would be completely seperated from your house so you would have a private space devoted specifically for work. For a few thousand bucks you could build something pretty bad ass and it's all write offs.

i need some kind of public space that'll allow me to bring people into the office (either to sign contracts or to actually purchase books, if i end up doing print hard copies and set up in a location that gets some foot traffic.) otherwise i'd just run the whole thing out of my office when i start teaching

[thefuzz]

LLC is the way to go.

 

BTW, good luck.