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Unread 2015-08-06, 10:11 PM   #1
slownlow43
 
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Default The time has finally come.

My wife and I's clothing/accessory business (ok, mostly my wife's) has grown to the point to where it can no longer be a home based business, and we will be expanding to a leased space tomorrow. While exciting, I'm sure there are things, steps, legal necessities that we are overlooking. Can any of the fellow business owners on this site offer any insight/suggestions from experience?

For anyone wondering, it is based in Kansas City MO and presently listed as a sole proprietorship with no employees. On or around Jan. 1 of next year we plan to be an LLC with 4-6 employees.
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Unread 2015-08-06, 11:01 PM   #2
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Move to LLC as quickly as possible.
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Unread 2015-08-07, 11:51 PM   #3
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Move to LLC as quickly as possible.
Aside from the protection it provides my personal property, why do you say that?
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Unread 2015-08-09, 02:33 PM   #4
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Aside from the protection it provides my personal property, why do you say that?
Pretty much that. So easy to form as a LLC there really isn't a good reason to do another form.

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Unread 2015-08-10, 08:24 AM   #5
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Aside from the protection it provides my personal property, why do you say that?
Thats about it. When someone decides they want to sue you for falling in your store they can not get to any personal assets.

If you do a single member LLC there is no tax implications, such as having to file a separate return. If you make both yourself and your wife an owner then you will have to file a separate return.

Which depending on the business income could be beneficial if you make an S election. You end up paying the owner a reasonable salary, which has payroll tax on it, and the rest flows through to your personal return avoiding self employment tax.
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