New to Home Inspection, In Florida. What is the best way to incorporate your business? LLC etc
Michael
Might check into Legal Zoom or other companies like it. They have some articles you might want to read.
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I did an LLC partnership. With a spouse as the partner, it can be considered a disregarded entity and you just have to file as if it was a partnership, not an LLC.
The corporate veil has been pierced in Florida for sole proprietors, so there’s some risk to not being a partnership. That said, it complicates taxes and such.
All that said, this is not legal or tax advice, consult a professional before you do anything.
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Yeah, IIRC, LLPs are more complicated than a single member LLC. My LLC info just goes on my personal return whereas my old S-Corp had to do it’s own return. If nothing else, it saves $1,000 year just having to do that separate tax return.
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I completely agree with Mark. Hire a good local CPA that knows the best way for you to proceed with your business. When I started my business my CPA set it up as a C-Corp, then changed to an S-Corp once it became available to do so.
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Michael
I recently started my LLC and just went to www.sunbiz.org and filed it through the website it was $160 I think.
For most solo inspectors I believe an LLC would be best. As you get older and build up wealth, you might eventually look into setting up a structure of companies so that you are not the direct owner of anything. You may go as far as setting up a shell corporation in a state with laws more friendly than your own state, and put your home, business and assets in separate companies.
I wouldn’t worry about getting fancy until you are into 7-figure net worth, have W-2 employees or if you feel especially vulnerable to lawsuits for some reason.
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Good post.
The corporate veil is easy to pearce if entries are wrong.
You will pay high accounting price. I paid nearly $2,000 annually to have my taxes done no matter what I earned.
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