Hi Brian,
It is not hard to set up an LLC, but if you decide to do so I highly recommend that at the very least you talk to a good CPA. Here is a link (http://www.dos.state.ny.us/corp/faq.html ) to NY states website on faq;s for setting up an LLC. It really is a easy as picking a name and filling out the application to reserve the name and then filling out and filing the Articles of Organization but as you indicate in your questions there are tax implications to becoming an LLC vs corp vs partnerships and an accountant can better help you assess what is best for you. The website is very good and you can get all the forms you need to do it yourself. The smarter you are about the process the less it will cost you to set up the LLC because there are a lot of people out there that charge lot of money to help set you up making it seem like it is complicated. As I mentioned before, definitely talk to a good CPA. Good Luck Eric SolutionOne Eric Gewirtz 162 Turk Hill Road Brewster NY, 10509 Phone: 845-729-7800 FAX: 845-279-5502 -----Original Message----- From: talk-boun...@lists.nyphp.org [mailto:talk-boun...@lists.nyphp.org] On Behalf Of Brian O'Connor Sent: Tuesday, October 13, 2009 1:26 PM To: NYPHP Talk Subject: [nyphp-talk] [OT] LLC and contract business Hey guys, I hope this isn't too off-topic, as I'm sure there's a few people here who are in the self-employment arena that can shed some advice. As a prefix, I'm going to assume no one is a lawyer and such won't hold you accountable (unless you otherwise say I can). I've been doing some side web development over the past 6 months with a designer and things are going great, and we seem to be getting clients at a great pace. Obviously, the question is arising as to whether or not we should LLC our "group" and make things official and to prevent losing everything we own, and to look more professional. However, I've heard conflicting things about what to do. I was always under the impression that LLC was the way to go, but now I might not be so sure. What are the rules to getting an LLC? Do I need an address in the state I registered the LLC in for it to work? Does the LLC need an official bank account in order for the checks to be cashed / money to be transferred? How do the taxes work if there's 2 members of the LLC? I'm very curious about how this all works! Thanks in advance, Brian O'Connor -- Brian O'Connor
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