3 ms·
That's exactly what they have to do and some are. However, forming and running an LLC can have it's own headaches depending on the type of business you're runn
by gregd 7y ago
That's exactly what they have to do and some are. However, forming and running an LLC can have it's own headaches depending on the type of business you're running. In some industries, running as an LLC would cost you more than you'd make as an IC.
- jcims 7y agoSeems that the option of running as an IC is going to disappear for many, no?
- gregd 7y agoThere are few exceptions to the new law, and even the exceptions have to pass the Borello Test.
- SkyPuncher 7y agoWhat industries does an LLC cost that much to run in? I've had one for years, it costs less than $250 annual to actually maintain the LLC.
- kasey_junk 7y agoPiece work that doesn’t pay well. The tax complexity alone likely blows an SB Nation writers pay out of the water.
- SkyPuncher 7y ago> Tax complexity As in Schedule C, on a standard tax form? Most online tax software can handle basic LLC income. Taxes only get complicated when you want to optimize the amount you owe. Depreciating assets, hiring, firing, claiming losses, etc.
- joshcain 7y agoIn CA LLCs have to pay a minimum state tax of $800, plus some misc. other fees depending on location.
- gregd 7y agoI would assume certain industries require special permitting or licensing for LLCs.
- jameslk 7y agoIn California, the state where this law applies, they start at $800/year and go up from there.