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I did/do not know any better, so last year I decided to try to work
something on my own. As I hate to be even remotely associated with
anything that may be perceived semi-legal, I decided to formalize a status
of some sort, before even making an attempt to search for clients ... so
what I did (in a Chicago suburb) was to register an LLC, I paid all the
necessary fees, and I was the happy owner of a piece of paper with the
title of my company. Other than that - I have done nothing, andd had no
time to even pursue any avenues.
Sure enough - this year I got a letter asking me to pay the $250/yr fee
for the yearly report ... which I do not mind, though I have a hard time
understanding what for (i.e. what is the service I am getting for this
money worth?!?) ... but - I guess - this is the law, so I will
pay it.
Having describeed all of the above, I have three questions:
- what is to be included in a report of - basically - "no activity"?
- do I have to file tax forms, even though I have had no activity, thus no
financial flow in any direction?
- can anybody be kind enough to share some/any pointers to books/web
sites/information about "LLC of one", as far as simplification in regards
to tax forms, meeting minutes, bla,bla,bla? Only the thought of having to
deal with so much paperwork, for something that may be - in the beginning
- not even enough to make up for the "yearly report fees", makes me think
of abandoning this altogether :(
Thx,
Papi
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- can anybody be kind enough to share some/any pointers to books/web
sites/information about "LLC of one", as far as simplification in regards
to tax forms, meeting minutes, bla,bla,bla? Only the thought of having to
deal with so much paperwork, for something that may be - in the beginning
- not even enough to make up for the "yearly report fees", makes me think
of abandoning this altogether :(
Normally your accountant will prepare and file the annual report in
states that require them. If you want to save the cost of an
accountant, your learning curve may cost you more. On the other hand,
you can always copy next year what your accountant does this year.
There are several Web sites with info, although my Googling didn't
turn up anything that would be of great help to the Do-It-Yourselfer.
But, here's this:
"Some states, such as California, Delaware, Illinois, Massachusetts,
New Hampshire, Pennsylvania and Wyoming impose an annual fee on LLCs,
alternately called a " franchise tax," an "annual registration fee" or
a "renewal fee." In most states, the fee is about $100, but California
exacts a hefty $800 fee per year from LLCs, and Illinois,
Massachusetts and Pennsylvania charge $300, $500 and $330,
respectively. Before forming an LLC, find out if your state charges a
separate LLC-level tax by visiting the website of your state's Revenue
or Tax Department."
http://www.residual-rewards.com/illinois-llc.html
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