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The Magic Cafe Forum Index » » Tricky business » » Are you LLC? (1 Likes) Printer Friendly Version

EvanSparts
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Michigan
333 Posts

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I was wondering if any of you are a Limited Liability Company, or corp? If you are is it a good thing to have? and How do I get it and how much does it cost to get it?

any answers, or comments greatly appreciated.
Creative Coach
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Anderson, SC
294 Posts

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Best advice...hire a competent attorney, one experienced in giving great legal advise. Explain your needs and the type venues you do and see what he advises.
Costs? Depends on where you live and what type of corp you create...

Again...hire an expert!
James Munton
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Inner circle
Dallas, TX
1199 Posts

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Yes, I am an LLC. To be perfectly honest, I don't really know what the advantages are, but my accountant advised it. It wasn't very expensive to do.

John makes a good point. I was surprised at an earlier thread where someone was asking about immigration issues.

You might want to ask local magicians to recommend a good attorney or accountant who has experience working with other magicians.

However, I have heard numerous stories of people getting bad advice from accountants, getting audited and then having to pay a small fortune in back taxes.

My advice is to try and build up a separate savings account just in case that unpleasant day ever arrives. And if it doesn't, you'll have a nice tidy sum to retire on!

Best,
James
MagicalPirate
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Shamokin, PA
828 Posts

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Way off Topic:

Quote:
I was surprised at an earlier thread where someone was asking about immigration issues.


I don't see why. Do you know how to go about picking up your illusion show and trapsing it off to Europe and be allowed to go around and perform at gigs. If you do I glad. However, I believe you would no more know how than the gentleman in that thread does about coming to the states. This is Magicians Helping Magicians and as such it was a perfectly natural inquiry. Besides, he doesn't want to live here just come and work gigs here.

Back to the topic.

Martin Smile
Martin Blakley, CSH, DASH, CMSA
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James Munton
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Dallas, TX
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Hi Martin,

Not off topic at all. I am agreeing with John Cooper's point about hiring an attorney. Some questions are much better asked of an attorney rather than a magician.

Especially when it comes to immigration. As someone who has had a lot of personal experience with immigration and visa issues, I wouldn't take any chances with getting my information wrong...especially in today's climate.

Company and tax laws change every year. They also vary by state. So does immigration law vary widely depending on which country you are from and where you are going. That's my point.

For example, people from certain countries such as Britain, France and Spain don't currently need a visa to come to the States on vacation, but most other countries do.

Quote:
This is Magicians Helping Magicians


If I need to know about a double-lift or where to get a Zig-Zag, the best person to ask is aother magician. If I need to get legal advice about forming a company or immigration issues, I'm going to ask an attorney or immigration official. But maybe that's just me and John.

Quote:
Besides, he doesn't want to live here just come and work gigs here.


Thanks for reinforcing my point. I would just hate to see someone get in trouble (big fines and jail) based on terribly misguided comments like this that they read on this forum.

By all means ask anything you want on this forum, but when it comes to taxes and immigration, don't take any chances.

Best,
James
sethb
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The Jersey Shore
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Quote:
On 2005-08-01 20:36, James Munton wrote:
Yes, I am an LLC. To be perfectly honest, I don't really know what the advantages are, but my accountant advised it. It wasn't very expensive to do.

As James noted, the advantages of an LLC may have more to do with income taxes than protecting anyone from lawsuits.

My understanding is that a corporation is not a substitute for liability insurance. The corporation's owners/employees (that is YOU) can still be sued for negligence, etc. While claims against the corporation may be limited to the corporate assets, you may also be personally liable for whatever damage you allegedly caused. And even if you are eventually found not liable, the costs of defending a lawsuit can be huge; this expense is also part of what is normally covered by liability insurance.

I agree, talk to a attorney who is experienced in handling these matters, and get a good insurance agent. SETH
"Watch the Professor!!" -- Al Flosso (1895-1976)
"The better you are, the closer they watch" -- Darwin Ortiz, STRONG MAGIC
EvanSparts
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Michigan
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Thanks for all the comments. I guess I need to talk to an attorney.
cgscpa
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Ashton, MD
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As a CPA in real life this questions comes up often. Very generally:

Both an LLC and a Corporation help shield owners from liability for the corporation or LLC's actions. Although a liability shield is nice, it is still not a substitiute for adequate liablity insurance especially in this day and age where anybody will sue for anything.

In my opinion and LLC is easier to operate than a corporation. A corporation files it's own tax return, must pay the owner a salary, file quarterly payroll tax returns and technically is supposed to have an annual meeting, etc. Thus the fees for accountants and legal fees are usually more than for an LLC.

An LLC, if it is a sole member LLC, includes the profit or losses on the owner's tax return, and operates, from a tax perspective, as a sole proprietor. Most states allow you to set them up easily and often over the internet.

This is general information only. The best advise above is to speak to an attorney or accountant to see which is best for your set of circumstances.

Courtney Springirth
keithmagic
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Evan,

In MI it costs $60 to form and is done through the Bureau of Commercial Services, Corporation Division, of the Department of Consumer & Industry Services at (517) 241-6400.

Keith Stickley
http://howtobookfestivals.com
Author of "The Festival Entertainer" The Professional Entertainer's Guide to Booking and Working Outdoor Fairs, Festivals, and Events.
Available at http://www.howtobookfestivals.com
joshlondon
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A corporation has to have a board of members that are also stock holders. I don't know of any magicians that have stock holdres, even Copperfield. An LLC is especially for small businesses or even a one man business. As an LLC you receive better tax breaks (if you can call them that!) than a corporation.

Also, if you are Incorporated, like Josh London Inc., or whatever, that seperates your personal money from the business money. So let's say you are driving your car and you run into someone. Somehow this person finds out that you are quite wealthy and decides to sue you for a lot of money. Incorporated protects your business money from being touched. In other words, you and your business are seperate.

I would stronly suggest getting Incorporated, Insured, and whatever else you think necessary to perform.
Dannydoyle
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Eternal Order
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Find a REPUTABLE attorney. Describe your situation and he will help you with a S-corp, LLC, or whatever you need for your spacific needs.

Good Luck

Danny
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
docdazzal
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San Tan Valley, AZ
342 Posts

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Hi All...

I'm an LLC and have been for years. There have been a few times when speaking with potential clients who were interested in booking me, that the validity of my business was questioned. In other words, a client asked: "How do I know you are an actual business and not just a a hobbyist...I want a professional for my event..." I would then refer them to go to the Arizona Corporations Commission website...and do a search for Dr. Dan and Company, and their question would be answered. It states that I am indeed an "active" LLC in good standing with the commission. I always get booked after they check.

All the Best,
Dr. Dan
Dr. Dan
Psychic & Paranormal Entertainment
www.drdanandco.com
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