NYCPHP Meetup

[Eric Gewirtz]

Hi Brian,

 

It is not hard to set up an LLC, but if you decide to do so I highly
recommend that at the very least you talk to a good CPA. Here is a link
(http://www.dos.state.ny.us/corp/faq.html ) to NY states website on faq;s
for setting up an LLC. It really is a easy as picking a name and filling out
the application to reserve the name and then filling out and filing the
Articles of Organization but as you indicate in your questions there are tax
implications to becoming an LLC vs corp vs partnerships and an accountant
can better help you assess what is best for you.

 

The website is very good and you can get all the forms you need to do it
yourself. The smarter you are about the process the less it will cost you to
set up the LLC because there are a lot of people out there that charge lot
of money to help set you up making it seem like it is complicated. As I
mentioned before, definitely talk to a good CPA.

 

Good Luck

 

Eric

 

SolutionOne

Eric Gewirtz

162 Turk Hill Road

Brewster NY, 10509

Phone: 845-729-7800

FAX:    845-279-5502

 

-----Original Message-----
From: talk-bounces at lists.nyphp.org [mailto:talk-bounces at lists.nyphp.org] On
Behalf Of Brian O'Connor
Sent: Tuesday, October 13, 2009 1:26 PM
To: NYPHP Talk
Subject: [nycphp-talk] [OT] LLC and contract business

 

Hey guys, I hope this isn't too off-topic, as I'm sure there's a few people
here who are in the self-employment arena that can shed some advice.

 

As a prefix, I'm going to assume no one is a lawyer and such won't hold you
accountable (unless you otherwise say I can).

 

I've been doing some side web development over the past 6 months with a
designer and things are going great, and we seem to be getting clients at a
great pace.  Obviously, the question is arising as to whether or not we
should LLC our "group" and make things official and to prevent losing
everything we own, and to look more professional.  However, I've heard
conflicting things about what to do.  

 

I was always under the impression that LLC was the way to go, but now I
might not be so sure.  What are the rules to getting an LLC?  Do I need an
address in the state I registered the LLC in for it to work?  Does the LLC
need an official bank account in order for the checks to be cashed / money
to be transferred?


How do the taxes work if there's 2 members of the LLC?

 

I'm very curious about how this all works!

 

Thanks in advance,

Brian O'Connor
-- 
Brian O'Connor

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