If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
It’s official - you’re now reading the weblog of ChatSpring LLC.
I have to tell you, the thought of forming an actual corporation was intimidating. I bought the NOLO book on LLCs. I actually read the whole freaking thing. 400 pages. You see, I didn’t want to slip up and have it come back to haunt me.
But as it turns out, forming an LLC that’s wholly owned and managed by a single person is laughably easy. It took me 5 minutes and $45.
I guess things often seem to be a lot harder than they really are.
Next on the todo list….talk with an accountant about this whole quarterly estimated tax thing.
7 comments ↓
Congrats! I just recently got my papers back for my registration (Juliesoft LLC)…although my state’s (NC) fees were more like $125 - but still, a bargain!!
You’re gonna want to get an EIN next (for opening a bank account, taxes, etc) - it’s basically how the IRS will identify ChatSpring LLC.
Thanks Jon,
For some reason I had assumed an EIN would come with the LLC papers. I didn’t even think about the fact that LLCs are state-based while the IRS is federal.
So I just went onto the IRS website and got my EIN. That took about 10 minutes. What happened? I thought bureaucracy was supposed to slow you down.
Yeah, back in ol’ days (a couple years ago), they didn’t have the nice fancy on line app that guides ya through - but it was still a piece of cake. I guess the IRS is losing its touch!
Congrats - yes I’ve found it much easier than it seems. For some reason, a lot of the forms are intimidating, but really it is relatively straightforward, at least in Virginia. I paid $100 to file my LLC for Happy Apps and the online IRS filing for a EIN was free. Don’t forget to check local regulations too - I had to file for a business license and a certificate of occupancy because of the city I live in.
Also don’t forget to make an Operating Agreement for your LLC - the Nolo books should help you out with this.
My experience getting an EIN was absolutely amazing. After submitting via the IRS web site, a guy from the IRS called me up and walked me through all the form fields to verify the information. He was very helpful and explained everything in detail.
It almost renewed my faith in the government.
Quarterly estimates are no big deal. I have a paperwork phobia, and even I think it’s easy. Just don’t estimate too low or you’ll be hit with a big tax bill come springtime, with possible penalties.
Well, right now my quarterly estimates are REALLY easy….as in Zero.
Thanks for the advice on the CO and the business license, Luis. I’ll go back and look at the section on operating agreements as well. Since I don’t have any partners, that might be as easy as printing out the sample and sticking it in my file cabinet….we’ll see.
speaking of the irs, has any body seen “zeitgeist, the movie”?
Leave a Comment