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"A pain in the neck" You've got to be kidding. 1. Trivial law work is required. 2. Annual total business license fees range from ($20-$1,000) depending on loc
by bonsaitree 17y ago
"A pain in the neck"
You've got to be kidding.
1. Trivial law work is required.
2. Annual total business license fees range from ($20-$1,000) depending on location
3. Trivial bank account setup
All of this can be accomplished literally in the span of a few hours. I would argue the biggest maintenance costs are related to tax filings and accounting, but they're more than offset by all the available expense write-offs.
It's really a no-brainer decision with today's streamlined systems and litigious society. Additionally, having an LLC operating agreement (even a generic one) in place, usually makes converting to a C-corp (to be available for VC financing) much easier.
- blurry 17y agoNot so in New York. You have your UBT (over $3,000 per year), your publication requirements (over $1,500 per registration), and more. Considering that generally your clients cannot sue you for more than the contract was worth in the first place (excepting rare cases of willful negligence etc.) it is far from a no-brainer.
- bonsaitree 17y agoWillful negligence indeed. That's why it's a good idea to carry E&O insurance in most states--despite the costs. Nah, the tax write-offs alone make those costs more than manageable.