Anyone familiar with LLC and/or Partnerships

Well we live in the COUNTRY trust me no one delivers here and the choices are limited as to dietary selection.
I NEVER sit still, I have pain meds ROFLMBO.
I DON'T want him in MY kitchen! He makes a mess just making coffee!

 

He did good, made me a perfect cheeseburger exactly like I wanted so I will not fuss about his cooking again. Oh you have the coffee trail too LOL.

 

If you drive less than 5000 miles you can file exempt on the 2290 and not pay anything. You still have to file but there is no fee. I would not pay a service to file an LLC. I live in Kentucky and formed mine for $40.00 at the Secretary of State by filing 3 copies of a one page document and then filing one copy with the County Clerk in my county for $12.00. That's it. Took half a day.

 

The actual wording is Expected to be used on public highways 5,000 miles or less. Agricultural is 7500 or less.

This means that when the form is filed, you would believe that the vehicle would not have 5000 miles of public highway use in the next year. However, if the mileage would increase over the expected estimate, then an amended return would be needed. Additional tax, interest and possibly penalties could then apply.

 

This is true you can file it yourself, I never said you couldn't. The reason's I don't advocate this is because unless you are a lawyer, or have a lawyer look over the documents you can make errors in the wording that can wind up costing you money and the IRS disapproving/ not allowing some deductions. I didn't do my incorporation in my home state because the laws here in Alabama are not as favorable(lack of a better word) to-wards businesses from the litigation point as they are in NV and DE. Wherever your incorporation is filed is the jurisdiction that any lawsuits will normally be held under and those laws can determine how much you pay, liabilities etc. Since Alabama has NO CAPS on punitive damages which is where most lawsuits get really expensive and the other two states that I mentioned have CAPS that was my reasoning. My intentions were to protect my assets as much as possible. Each person has to decide what is right for them.

That was the wording I was trying to remember and was too lazy to look it up. Thanks.

 

Check the internet for incorporation or llc. I had mine done through nevada for less than $200.

 

There are a lot of companies out there that do incorporations every day. The main thing is to pick the right type of incorporation for you and your business. It's not a bad idea to talk this over with your CPA as they know what is going to be best for your situation. Then do the incorporation and you'll be set. It's just another thing that has to be planned for. For any business to succeed at it's full potential planing is one of the most important things you can do. It's never a wise decision to just jump in with both feet, sometimes you end up out of the frying pan and in the fire.

 

You have to watch doing this. Some states have a higher annual fee or tax for a corporation registered in another state. They refer to them as foreign corporations.

 

If you incorporate in another state do you then have to register the vehicles out of that state?