LLC. Share your tips and your warnings!

New / Eng
TY!

New Eng

TY!
Nov 21, 2018 9 Comments

I recently decided to start an LLC to move into freelance. The point of this is to travel the world while doing some work. My client network is large so finding work should be easy.

I was hoping that some more experienced people could share their hot tips, best practices, and pit falls to look out for. I’d be happy to look into some questions too!

I set up my company using MyCompanyWorks and have so far been super happy with their service. I have an accountant and a virtual office that will send me all my mail digitally.

I also have an accountant that takes care of the economy. So far, everything is feeling smooth!

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TOP 9 Comments
  • Live in TX or Washington and incorporate the LLC there so you avoid state tax.

    Legal stuff is annoying but important. If ur a single member LLC make sure you always keep record of everything you do, maybe even meetings with yourself to prove that you have a legit LLC.

    Take tax deductions on everything you can. Even rent is 10-15% tax deductible if you do work there
    Nov 21, 2018 4
    • Oh wow. 45% is a lot!!! In your case if you can deduct things as tax deductible (even business expenses such as travel fares and meals) that helps a ton!!!
      Nov 22, 2018
    • New / Eng
      TY!

      New Eng

      TY!
      OP
      45% is actually the most optimal you can get away with if you are very diligent with your deductibles :)

      Sweden.. :D
      Nov 22, 2018
  • WeWork / Eng
    AOfu71

    Go to company page WeWork Eng

    AOfu71
    Start hiring cheap labor and delegate tasks to them so you can accept more projects
    Nov 21, 2018 1
    • New / Eng
      TY!

      New Eng

      TY!
      OP
      I’m traveling around in Asia next month to investigate if I can find labor and train them! Philippines > Thailand are my current destinations.

      But quality is my main priority so it could take time! One of my friends did something similar - he trained graduates in Thailand for a few months and then started taking in work from US. 90% profit margin on their time!
      Nov 21, 2018
  • Apple
    k8sfail

    Go to company page Apple

    k8sfail
    Could you refer your accountant? Having a hard time finding a somewhat reasonable accountant in the Bay if you're not doing 100k+/year.

    Thanks!!
    Nov 21, 2018 1
    • New / Eng
      TY!

      New Eng

      TY!
      OP
      My accountant is in Chicago - he did my private taxes for the past two years and I was happy!

      Let me know if still interested and I’ll share via message!
      Nov 21, 2018