throwawayissues238

joined 1 year ago
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Started a foreign-owned LLC. Feeling overwhelmed and need advice. (alien.top)
 

So my LLC is going to be online publishing content incorporated in Wyoming. I have an EIN, articles of formation, etc. My next steps are to start a business bank account, and of course consult with a CPA.

In the meantime however, I’m just feeling a little overwhelmed about a few things that I was hoping to clarify here.

  1. What exactly is bookkeeping and am I supposed to be paying a service to do this? I had just assumed saving my business bank account statements would be how I kept my books. Then, at the end of the year, I give these statements to a CPA and they do my taxes for me. Is this not correct?

  2. Why do some articles say I have to pay taxes quarterly (but file tax forms once a year), while others say I only do it once a year along with my tax forms? Are only some kinds of businesses supposed to pay quarterly, while others annually, and if so, what kinds?

  3. Do I need to pay for a CPA service that I can consult with year round, or am I supposed to just see a CPA with my bank statements at year end, then pay them a one-time fee to file my taxes for me?

I guess altogether, I’m just a little overwhelmed by all of these paid services advertising bookkeeping + accounting services for $$/month. I get that for some businesses, especially brick and mortar ones, things can get a little trickier or confusing with their books. But for an online only business, do I really need to do more than pay a CPA once a year to file my taxes for me?

Do you guys start an LLC right away, or do you wait for your business to pick up a little first? in c/entrepreneur@indiehackers.space
[–] throwawayissues238@alien.top 1 points 1 year ago (1 children)

How did you do it? On your own or using a service?

And did you register the LLC in the same state? I’ve been thinking about Delaware or Nevada.

Do you guys start an LLC right away, or do you wait for your business to pick up a little first? in c/entrepreneur@indiehackers.space
[–] throwawayissues238@alien.top 1 points 1 year ago (1 children)

But what if I’m planning on having another idea of the first doesn’t pan out?

I honestly feel like I just want another source of income, whatever it may come from. Wouldn’t that be better to simply make a general LLC with a versatile name that I could use for any number of my pursuits?

Do you guys start an LLC right away, or do you wait for your business to pick up a little first? in c/entrepreneur@indiehackers.space
[–] throwawayissues238@alien.top 1 points 1 year ago

Should I just start one umbrella LLC for any/all of my gigs? Say if one of my ventures/services don’t make money, I was just gonna do something else anyway, so I could name the LLC something general like that.

Do you guys start an LLC right away, or do you wait for your business to pick up a little first? in c/entrepreneur@indiehackers.space
[–] throwawayissues238@alien.top 1 points 1 year ago

Yeah that’s what I was thinking.

And if my current venture doesn’t work out, I could alway start another one, right?

I’ve been thinking about adding a side gig to my work for an additional stream of income. I was always gonna do something, even if my first thing fails, I was going to just do something else for income.

So I don’t see why I shouldn’t just make one and name it something general.

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

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?