I am starting a small business, should I do a LLC or Sole Proprietorship?
Hi, Mike. Congratulations on your new business. Contrary to an earlier post, an LLC does not have to cost a lot or involve a lot of extra paperwork. We create LLCs for people just like you by filing in New Mexico, a state known for its low-cost, low-maintenance, high-privacy LLCs. New Mexico LLCs are valid in all 50 states, including Texas. Most people don't know that it is perfectly legal to file your corporation or LLC in any state. It makes great business sense if there are time and money savings. New Mexico has a low, one-time filing fee that is included in our affordable package. New Mexico does not have an annual fee for LLCs (the LLC franchise fee in California, for example, is $800 per year just to keep the LLC alive). Nor does New Mexico have any annual report filing requirements. If privacy is also important to you, your personal name does not have to appear on paperwork we file with the state. Your ownership of the LLC is demonstrated on internal LLC documentation. Please contact us if you have further questions. Thanks, David at Bumby Brook LLC
by David at Bumby Brook LLC - a day ago
A sole proprietorship is much less formal than any kind of corporation. It's possible to swing personal and company resources back and forth, as they're needed. In a single person owned structure, this is a much easier way to do things, and it should be more than enough for what you describe. A LLC is more complex, and a great organization for multiple people with different levels of involvement. LLC's are great ways to divide responsibilities and financial involvement among many people, but involve a lot more formality and a ton more paperwork.
by Rohasfin - a day ago
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