Post a new topic
    4 Replies Latest reply on Dec 20, 2012 5:35 PM by 77hornytoad

    Do i need an LLC?

    disher18 Scout

      I want to start getting sponsors for my radio show and am wondering if i would need an LLC for that. If its not a necessary thing to get i wont get one but if i need it i would like to know.

       

      All the best,

       

        Michael.

        • Re: Do i need an LLC?
          Guide

          Hi Michael,

           

          How else do you plan on distributing funds? Do you have a business plan? Did you open a business account? Do you have an accountant? What stage of the financial game are you in?

           

          Either way, an accountant would be able to answer your question properly. There are many different types of companies that you may want to consider.

           

          Melinda

            • Re: Do i need an LLC?
              shaigh Wayfarer

              I'm considering the same question and need to check out further, but the primary reason is to reduce the liability if a client or someone else sues you.  The good thing I know is that if right now you're a sole proprietorship, your taxes won't change and become more complicated.  But it does cost money to file the incorporation documents - not sure how much.  Those are the pros and cons I know of.

              • Re: Do i need an LLC?
                disher18 Scout

                Im not a business i do my radio show off a site that gives me all the tools to do my show i dont need an accountant, i have a bank account for myself. I am just looking for businesses that want to advertise on the air and want to know if i need an LLC. If i dont need one then im not going to get one.

              • Re: Do i need an LLC?
                chickenwaterer Wayfarer

                You can set up your LLC with one partner so that you effectively only pay personal taxes.  It's the best of both worlds - limited liability with no additional tax burden.  You will need to pay the LLC filing fees and also an annual maintenance fee.  In CA its $800 per year to maintain your LLC plus I pay legal zoom an annual fee to act as my registrant.  I think that's about $150.  If you are concerned about liability, start with forming an LLC. You may also want to look into general liability insurance for your business.