Re:Don’t register your idea as a company
by georgemcbay on Sunday June 24, 2012 @06:27PM
(#4154404)
I would agree for freelancing but not so much for side-projects, though this depends upon your state.
If you form an LLC in California (my state of residence) you are now on the hook for paying at least $800/yr in taxes even if the LLC never earns a dime of revenue. The theoretical amount of legal protection you get from an LLC here is not worth the cost, IMO, for simple non-profitable side-projects.
If you form an LLC in California (my state of residence) you are now on the hook for paying at least $800/yr in taxes even if the LLC never earns a dime of revenue. The theoretical amount of legal protection you get from an LLC here is not worth the cost, IMO, for simple non-profitable side-projects.