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Yes in a way. I have a parent LLC for all of my small ventures. That way, you don't need to go through the hassle of creating separate legal entities for every
by matchmike1313 9y ago
Yes in a way. I have a parent LLC for all of my small ventures. That way, you don't need to go through the hassle of creating separate legal entities for every project. If the side project grows at that point you could also just spin off as a more formal dedicated entity for tax purposes and write offs, but then again, at that point it may no longer be a side project.
- tixocloud 9y agoHow much would it say it costs to have the parent LLC set up? factoring for filing taxes and other administrative costs.
- jetti 9y agoIf you're in the US then it can vary by state. I used LegalZoom to form an LLC and it was ~$800 to start. Illinois charges me about $300 each year to keep my standing and I just use H&R Block software to do my taxes as I don't have much income coming in for the business and have my LLC tax structure to be passthrough so it makes tax season super easy.