Go Incorporate Yourself

[JetPilot500]

I recently formed a Limited Liability Corp in TX. I am the only member/owner whatever, but it was really easy. I went to the TX Secretary of State office online and they had all the infor I needed.

Good luck.

I did the same a few years ago. However, I received a letter from the IRS after filing my first tax return.

There is nothing wrong with being a sole member LLC legally. However, the IRS will not allow you to file a corporate tax return. If you remain the sole member, you will have to combine your personal and LLC tax return into your personal tax return. Similar to a Sole Proprietorship. I solved the problem by making my wife a member as well. Still protected by LLC and we still receive the same tax benefits as before since we file jointly.

Good Luck,
JetPilot500

 

[Some_Other_Dude]

Keeping it one member

Actually what I have found is that if you file the correct forms to the IRS, that one can keep the LLC separate, thus maintaining the benefits of the LLC, while keeping single member. Now I must add that I am not a lawyer and maybe this path will get me into trouble. I guess I'll see after filing in 2006.

thanks for the heads up

 

[hawkerjock]

Thanks to everybody who responded. In the end, I was able to incorporate myself with 3 easy forms and $125 thru the Ohio Secretary of State website.

 

[huronplt]

Details?

Just curious as to why you guys have formed an LLC or incorporated? Is it for a business on the side or is it related to your primary job which I assume is flying? I've been looking at doing something to supplement my income so I'm interested to here what you all do and why you've chosen to form your LLC or Corp.

Thanks!!

I'm with Rice. I understand some of the benefits of the Corp/LLC deal. But just how, exactly, are you guys using it in the day to day management of your aviation careers?
Firsthand info or web redirects welcome.
Thank$!

 

[Gulfstream 200]

Im curious too...how does one lessen their tax burden this way?

what types of sidework are you doing where you make enough money to need this or need the LLC protection?

anything i have ever done on the side I got cash for - kinda old school.



just curious as to what you guys do!...I try and steal and cheat every semi-legal way possible on taxes and am willing to try anything!

 

[rice]

..........just curious as to what you guys do!...I try and steal and cheat every semi-legal way possible on taxes and am willing to try anything!

Guess that male stripper/escort thing didn't work out for you???
Maybe if you changed your name to "Bruce" you'd attract a whole new type of client.

 

[Gulfstream 200]

Guess that male stripper/escort thing didn't work out for you???
Maybe if you changed your name to "Bruce" you'd attract a whole new type of client.

your girlfriend seems to be a regular each weekend when your flying.....biatch!!

(leave her a few hundred this friday, please...)





heck, who am I kidding...Im writing this from another foreign dump...

 

[HMR]

Im curious too...how does one lessen their tax burden this way?

what types of sidework are you doing where you make enough money to need this or need the LLC protection?

My business acumen peaked with my newspaper-route in the 7th grade so bear with me...

I was talking to a wealthy buddy a few months ago and he asked me why I don't have an LLC for the contract flying I do. He asked me a few questions about my monthly income and expenses then, 30 minutes later, handed me a sheet of paper showing items I could legally run through the LLC to lessen my tax burden. Without getting the least bit "creative" it showed a net income increase of over $10,000. When I thought about it some more, I realised every person I know who makes LOTS of money (i.e. the people all of us PT91 guys fly for) have LLC's. Once I got the green light from my accountant I started the paperwork.

My job situation is unique so it might not make sense for everyone. Definately worth a call to your CPA or a tax attorney, though.

 

[Gulfstream 200]

My business acumen peaked with my newspaper-route in the 7th grade so bear with me...

I was talking to a wealthy buddy a few months ago and he asked me why I don't have an LLC for the contract flying I do. He asked me a few questions about my monthly income and expenses then, 30 minutes later, handed me a sheet of paper showing items I could legally run through the LLC to lessen my tax burden. Without getting the least bit "creative" it showed a net income increase of over $10,000. When I thought about it some more, I realised every person I know who makes LOTS of money (i.e. the people all of us PT91 guys fly for) have LLC's. Once I got the green light from my accountant I started the paperwork.

My job situation is unique so it might not make sense for everyone. Definately worth a call to your CPA or a tax attorney, though.

OK. I see why for contract work, I suppose you can create many deductions?

But none of the Pt91 guys I work with do contract work. myself included, no interest in it.

I will ask, but was just wondering why everyone here is creating LLC's and how they are making extra bucks.

anyone else?


I might just have to stick with dancing for Rices girlfriends.

 

[rice]

I might just have to stick with dancing for Rices girlfriends.

You aint got enough trunk for all your junk!!!!!!!imp: