View Full Version : Going legal
10-02-2003, 08:07 PM
ime and my partner in business are gonig to go leagl in ohio this year and was woundering how much it is gonig to cost me for a LLC and insurence probley 1 mill.
10-03-2003, 08:31 AM
I am not sure if you have looked into it, but there is a lot more than just paying to file an LLC and insurance that you will have to deal with. The LLC is pretty simple to setup, and if you are willing you can do it yourself and all you would owe is the state filing fee. You also need to apply for a federal tax identification number, this does not cost anything. You will have to deal with federal and state unemployment and possibly workers comp as well. I am based out of Indiana on the west side of Cincinnati Ohio and I am paying $640.00 a year for a 1 million dollar general liability policy. If you are going to be using a company vehicle then you will also have to insure it as the general liability policies generally do not cover any trucks that you might own. If you are not planning on taking any taxes out of your check then you will need to make sure to prepare a 1099 at the end of the year. If you are going to take out the taxes like FICA income tax and so on then I would recommend hiring an accountat to help you with it. Its not really that hard but it takes time, and I would rather spend that time mowing or landscaping as it would result in a larger paycheck. I think I covered most of it, but if not let me know and I am sure some of the others will be more helpful than I
10-05-2003, 12:43 AM
randy, I would suggest talking with three people: a lawyer, an accountant, and also someone that has busines related experience in your area that deals with these issues. The accountant will help you out the most though
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