I know we are beating up on this issue that we have already discussed
in detail.
I just have to ask if you have considered the administrative and tax
implications of having an LLC. It has an impact on your other clients
as well since you will have to bring them up to speed. They may have
to change their records, how you are reimbursed and the documents they
send you — assuming you have been a sole proprietor. They may not be
too happy about this. Creating more paperwork seldom makes people your
friend.
You will have to change your banking documents also - checks, etc. -
at least usually you do.
If you have to go to court, there is not as much case law to protect
you as there is in other legal formations. You have other
responsibilities to protect your right to call yourself an LLC
depending on which election you take. Courts have been known to pierce
the corporate veil of LLCs just as they have with corporations.
I promise I will not say another word.
This is just not something to enter into lightly.
-- Here's to your success!
Jan Triplett
COO Business Success Center
City of Austin Certified Green Business
Twitter
Linkedin
http://ownersview.com
http://runitright.biz
On Feb 10, 2010, at 4:07 PM, [email protected] wrote:
I am working with a large client who can only make payments to an LLC.
It's not a legal
requirement, it's *their* requirement. I have no idea why.
That's the motivation. Not to get paid faster, liability, etc. If it's
easy
to do and not much of a headache, I don't have an issue doing it.
On Feb 10, 2:28 pm, Art Thompson <[email protected]> wrote:
There's no legal requirement to only do business with corporate
entities,
it's usually something that comes from the accounting dept. Logical
Things
operates as an S-Corp and gets paid REAL FAST (within 30 days or
less with
the majority of my clients). Basically, it's less paperwork for
them when
you're just another vendor as opposed to a freelancer, since they
potentially need to report how much they paid you, etc..
Oops, I'm contributing to the beating of this topic again!
Art Thompson, Jr.
Logical Things - Web, Design & Marketing Solutions
917-609-1158 [m]
512-692-9865 [w]www.LogicalThings.com
twitter.com/LogicalThingswww.linkedin.com/in/LogicalThings
On Wed, Feb 10, 2010 at 2:09 PM, [email protected] <
[email protected]> wrote:
For some bigger clients, it might be a legal requirement. Not sure
'zactly why, but it *does* happen.
On Feb 10, 12:48 pm, Aaron Ortega <[email protected]> wrote:
Like a legitimacy thing?
Sent from my iPhone
On Feb 10, 2010, at 12:46 PM, "[email protected]" <
[email protected]
> wrote:
The reason is that some clients need it to *pay* you. Strange, I
know.
On Feb 10, 10:02 am, Jan Triplett <[email protected]> wrote:
Why are you doing this? The reason I asked is that you can
always
move up the legal food chain moving back down is tough. There
are a
lot of reasons not to do this. I am not a lawyer nor to I
pretend to
be on on TV or elsewhere but my experience with those who
elected LLC
when not necessary is a mixed bag.
Just a thought worth considering.
-- Here's to your success!
Jan Triplett
COO Business Success Center
City of Austin Certified Green Business
Twitter
Linkedinhttp://ownersview.comhttp://runitright.biz
On Feb 10, 2010, at 8:45 AM, [email protected] wrote:
I know some of you out there have probably done the same. Any
advice?
Would love to hear!
Thanks,
Rob
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