I am starting out with a full-fledged business and have the necessary insurance and inspection done. However, I hardly get 1 or 2 orders a month and it is not too busy yet.
I was reading on the forums about how LLCs are safer and people who sue you can't come after your personal belongings if you have an LLC. My question is, should I get an LLC right away or wait until I have more orders and see how my business goes? I don't want to spend money on the incorporation of an LLC when I won't have that many orders to fulfill.
Appreciate you guys' input! Thanks!!
From what I can see, it only costs $100 to file for an LLC in VA and $50/year to file your annual report, that's much cheaper than other states and should be a no-brainer. (Compare to CA, which charges a minimum annual LLC tax of $800.)
If you need some help filing, check out the basic package from LegalZoom for another $100.
If it is that inexpensive in your state, I would get it done ASAP. Not only will it protect you personally, it also adds a level of credibility that some clients may look for before choosing your business.
It is next on my list, but is closer to $200-300 where we live, so it will be 1-2 cakes from now. My top three wish list - an LLC, the Cake Stackers Pro set, and an airbrush machine
Definitely! just look online. I paid $50 to set mine up and did it all on my state's website.
Thanks everyone for the advice! I really appreciate it! 4bugzinarug, I hope you get your wishlist soon!!