Personal Anyone know about LLCs?

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jasonhightower

jasonhightower

"You're not even training are you Frenchy?"
Jan 2, 2017
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Wife has a side gig going on selling SeneGence and I've got an idea for a small business to run on the side. I've heard good things about how an LLC works in Texas. I've spent about 30 minutes online reviewing details.

If you have one or are part of one, could my wife and I put essentially both of our sides businesses under them together and consolidate revenue, expenses, tax filings, etc?
 
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jasonhightower said:
Wife has a side gig going on selling SeneGence and I've got an idea for a small business to run on the side. I've heard good things about how an LLC works in Texas. I've spent about 30 minutes online reviewing details.

If you have one or are part of one, could my wife and I put essentially both of our sides businesses under them together and consolidate revenue, expenses, tax filings, etc?
Click to expand...


Varies by state. But in Texas yes easy.
Set up LLC.
Get multiple DBA (doing business as) to represent both brands.
All income comes in, you pay out a salary to you and wife.

I pay a CPA about 1000-1200 a year to manage my own LLC. That's payroll with auto drafting into my personal account, taxes, etc.
 
jasonhightower

jasonhightower

"You're not even training are you Frenchy?"
Jan 2, 2017
1,114
1,686
Splinty said:
Varies by state. But in Texas yes easy.
Set up LLC.
Get multiple DBA (doing business as) to represent both brands.
All income comes in, you pay out a salary to you and wife.

I pay a CPA about 1000-1200 a year to manage my own LLC. That's payroll with auto drafting into my personal account, taxes, etc.
Click to expand...
Fantastic, thanks!
 
KWingJitsu

KWingJitsu

ยาเม็ดสีแดงหรือสีฟ้ายา?
Nov 15, 2015
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Set it up in Nevada and pay $0 State income tax.
 
jasonhightower

jasonhightower

"You're not even training are you Frenchy?"
Jan 2, 2017
1,114
1,686
KWingJitsu said:
Set it up in Nevada and pay $0 State income tax.
Click to expand...
We don't have State income tax in Texas on a personal level. It looks like the threshold to hit what they call a "franchise tax", although it appears in my particular case it would be very little or nothing.
 
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Alco Hauler said:
*makes note to move to Texas.
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11 biomes. No state income tax. Good income, low cost of living.
Several unique cultures all rolled into one state.

Boudain
Kolaches
Tex Mex
BBQ


You don't seem very Californian, so you will be welcome.
 
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Free Vutulaki 1 said:
And I don't think it's gonna be much better in Texas
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Everything is better in Texas.
You like hot weather? It's hotter.
You like cold weather? It's colder.
You like sprinkles, sometimes it rains sprinkles...Just for you.
 
IschKabibble

IschKabibble

Turbo Nerd
First 100
Jan 15, 2015
19,037
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Splinty said:
Everything is better in Texas.
You like hot weather? It's hotter.
You like cold weather? It's colder.
You like sprinkles, sometimes it rains sprinkles...Just for you.
Click to expand...
You have to watch a replay of the New Year's Eve ball drop. :leftright:
 
Hauler

Hauler

Been fallin so long it's like gravitys gone
Feb 3, 2016
49,624
61,692
Splinty said:
Everything is better in Texas.
You like hot weather? It's hotter.
You like cold weather? It's colder.
You like sprinkles, sometimes it rains sprinkles...Just for you.
Click to expand...
Don't forget the chicks in cowboy hats.
 
jasonhightower

jasonhightower

"You're not even training are you Frenchy?"
Jan 2, 2017
1,114
1,686
Moved to Texas in late 1999 and it's been the best thing I've done. The only pain point is property taxes are a bit high where I live.

PS...I'll be in Orlando for a few days in early May.
 
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