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Cred 06-14-2018 04:25 PM

Business Owners
 
Difference between forming an LLC, inc, or Corp?

This is the next move for this month on my road to entrepreneurship. I’ve done my research, I’d just like to get some more insight from people who formed any of those above first hand.




End of the year I’ll be jumping into the real estate game and purchasing my first duplex/2 family home.


NC, your boy out here working.

~RustyGunZ~ 06-14-2018 04:29 PM

What type of business? I have an LLC for my game company and have a little insight
@Diode probably would know best on this

Cred 06-14-2018 04:31 PM

Quote:

Originally Posted by Knucklehead (Post 673748)
What type of business? I have an LLC for my game company and have a little insight
@Diode probably would know best on this

Dope.


I’m starting a Music Record Label.

Diode 06-14-2018 04:31 PM

Quote:

Originally Posted by takem2school (Post 673747)
Difference between forming an LLC, inc, or Corp?

This is the next move for this month on my road to entrepreneurship. I’ve done my research, I’d just like to get some more insight from people who formed any of those above first hand.




End of the year I’ll be jumping into the real estate game and purchasing my first duplex/2 family home.


NC, your boy out here working.

Form an LLC to protect your personal assets from liability.

You're too small to incorporate and an S-Corp makes no sense in the real estate market as you carry a ton of liability and could be sued out of existence.

Should only be a couple hundred dollars worth of lawyer forms.

Amen 06-14-2018 04:32 PM

This the major differences have to do with TAXES and Business structure.

Like Corps have a set structure with a bunch of CHEIF's as where an LLC - that isn't needed.

Privately owned business are typically LLC for legal matters.

Diode 06-14-2018 04:32 PM

Quote:

Originally Posted by takem2school (Post 673749)
I’m starting a Music Record Label.

don't.

Diode 06-14-2018 04:32 PM

NEVERMIND ANYTHING I SAID, AMEN IS HERE WITH AN OPINION SO WHY DO ANY OF US EVER EVEN RESPOND????????

Amen 06-14-2018 04:34 PM

You pretty much summed it up with the protecting of assets - LLC.

Cred 06-14-2018 04:35 PM

Quote:

Originally Posted by Diode (Post 673750)
Form an LLC to protect your personal assets from liability.

You're too small to incorporate and an S-Corp makes no sense in the real estate market as you carry a ton of liability and could be sued out of existence.

Should only be a couple hundred dollars worth of lawyer forms.

Figured that much when it came to the liability aspect. Seen some others say the whole opposite so it confused me like wtf fuck google lol

But yeah, $807 worth of lawyer forms here in Illinois for the LLC is what I’ll be looking at, not to bad.

Amen 06-14-2018 04:35 PM

Quote:

Originally Posted by Diode (Post 673753)
NEVERMIND ANYTHING I SAID, AMEN IS HERE WITH AN OPINION SO WHY DO ANY OF US EVER EVEN RESPOND????????

Lollll, I was going off the top - you clearly googled your info. Good job.

BTW; good shit, @Cred and good luck, bro.

Cred 06-14-2018 04:37 PM

Quote:

Originally Posted by Diode (Post 673752)
don't.

Not worth it?

Inno 06-14-2018 04:40 PM

Hey man good luck with this, get off dem streets make that legal money pimp

Cred 06-14-2018 04:41 PM

Quote:

Originally Posted by Amen (Post 673756)
Lollll, I was going off the top - you clearly googled your info. Good job.

BTW; good shit, @Cred and good luck, bro.

After extensive googling I actually found statements opposite of @Diodes so I kind of doubt he jus went off google (different scenarios though) lol


But fasho, thanks fam.

Amen 06-14-2018 04:46 PM

Probably true, he knows his shit.

I was just reading something on google that basically said the same thing he did.

https://www.mycorporation.com/learni...orporation.jsp

Pretty much has a break down for you.

WRATH 06-14-2018 04:48 PM

I'm in stride to open a studio by the end of the year. That would be easier then a record label. You'll have to get distribution, and a tour route to even consider starting up a government recognized label. If you are going in on it with some people maybe just get the fictitious name for now and make sure your core group is ready to run a brand.

Diode 06-14-2018 05:01 PM

Quote:

Originally Posted by Amen (Post 673756)
Lollll, I was going off the top - you clearly googled your info. Good job.

BTW; good shit, @Cred and good luck, bro.

i have an LLC

please stop posting

Hush 06-14-2018 05:02 PM

LLC bro

Sharp 06-14-2018 05:05 PM

I have a friend who started his own label

I think he went with an LLC

Is your duplex going to house a studio?

Diode 06-14-2018 05:07 PM

dancake your tag isn't far off. it's one of them. though due to expire because it was incompatible with the FDA and also having a kid.

~RustyGunZ~ 06-14-2018 06:26 PM

Yeah we just did an llc for protection of game asset shit. We only had 180 in form fees, but we got them from my buddies mom that owns a few local businesses so maybe lawyers would charge just to give them to you?


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