Entrepreneur

0 readers

1 users here now

Rules

No Personal Attacks - criticism of ideas is allowed, attacking people is not.
Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.

Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.

founded 1 year ago

MODERATORS

communick@indiehackers.space

Do you guys start an LLC right away, or do you wait for your business to pick up a little first? (alien.top)

submitted 1 year ago by throwawayissues238@alien.top to c/entrepreneur@indiehackers.space

32 comments fedilink hide all child comments

Just asking what best practices typically are, because someone told me that I should try to get small but consistent income results before starting an LLC.

I guess this makes sense, since it can cost a little to start and is a lot of work. However, wouldn’t this mean my business’s initial income/expenses would be coming in/out of my personal account, rather than a business bank account?

Don’t most people advise against this?

you are viewing a single comment's thread
view the rest of the comments

[–] SemperFiBroker@alien.top 1 points 1 year ago (2 children)

I agree with the comments, but my experience was I did very well the first year. As a sole proprietor, I got hammered in taxes. I immediately created an LLC (moved to S Corp) and created another single member LLC management company for certain schedule C items. Best thing I’ve ever done is get smart with taxes and hire a good CPA. I learned the hard way. Never again.

[–] zack397241@alien.top 1 points 1 year ago

What kind of business?

load more comments (1 replies)