Starting a LLC in Missouri, now what?

[Alltimed]

As a fellow Missourian I will offer some advice. If you are in an area with Commerce Bank I have been very satisfied with their business checking account. Also, I believe Microsoft has a small business accounting software that a friend of mine raves about. Not quite sure on the name but he seems to love its functionality.

[Emsterdad]

Cool. Thanks for the advice, i allready use Commerce and think ill talk to them abt LLC account.

Where in MO you live? any good live-games going?

[Alltimed]

[ QUOTE ]
Cool. Thanks for the advice, i allready use Commerce and think ill talk to them abt LLC account.

Where in MO you live? any good live-games going?

[/ QUOTE ]

I live in Springfield. I don't really do the live games as my recreation time is in short supply these days.

You will need to file for an EIN (Employer Identification Number) and take that paperwork to the bank in order to setup your LLC bank account. Once you have that number you can start to apply for credit with it, instead of your SSN.

[IRuleYouHard]

Someone care to go into more detail about what happens when tax time comes? What special do you do to file your LLC's taxes?

[BradleyT]

For single person LLC's they have pass-through taxation. That means all of the company income passes on to you as an individual.

For example say my company makes $250,000 in sales this year. That's $250,000 I have to report on my personal income taxes. However I get to use any deductions (cost of goods, shipping costs, office supplies, rent, etc..) that a business would deduct. So let's say I have $100,000 in deductions for a business profit of $150,000. I personally have to pay taxes on $150,000 whether that money is in my business account or I paid it to myself.

You will most likely have to file quarterly estimated taxes which is basically paying your appropriate taxes for what your business earned in that quarter.



You should get tax forms and rules in the mail from the IRS and your state when you form your LLC and apply for your EIN.

[Emsterdad]

Thanks a S**tload to all who have answered! I am a somewhat experienced Project manager/Journalist/Editor/Programmer but didnt know sqat about starting my own company in the US. Now however i feel pretty well informed!

If anyone wants to ask questions in the future, ill be more than happy to repond once i got my LLC up and running!!

And if anyone in the Springfield - MO, area wants to play some cards or take a drink.. well im in!

Holla! (had to)

[Emsterdad]

Allmost forgot.

Hey Bradley, do you (or anyone else) know of any good resources for info on what i can deduct? (percentage of home as business space, dinners, car, Phone, Internet etc..)

And also, what is the tax percentage on pass through income?

Thx in advance!