Sunday 15 January 2012 - Businesses
After much mixed advice from various forums, I decided that a California LLC was right for me. There is all this talk of setting up in Nevada, Wyoming, Delaware etc but it seems to me that I'd still end up paying California taxes anyway, so there would be no financial benefit in setting up out of state. In fact, the legal and financial situation seems even more complex.
I also investigated shelf companies, on the basis that they allegedly show some history for your company rather than a brand new startup. But in California, the change of ownership resets all that history so it seems pointless. Once I got into the detail of it, it also seems that those shelf companies also owe the state back filing taxes, fines, and whatnot, which - although one seller told me it was no problem - set the alarm bells ringing.
So in the end I went for the simple option: Set up a new LLC. Now, California takes several weeks to process the filing for such a scheme, and possibly longer due to their financial crisis meaning people laid off and thus filing taking longer. But I decided - eventually - that time wasn't really so much of an issue, as long as it wasn't going to be more than 8 weeks.
So, a few days ago, California received my application. There's nothing much I can do until the papers return from the State. Nothing is legal until this happens - I cannot even be certain of the name of the company being accepted until those papers are returned.
Why am I setting up a company? Because it gives me some personal protection from the company, should anything go mammary glands upwards. There are no tax advantages, just that corporate veil (which, has to be said, is not perfect apparently). Perhaps it makes my work look more prestigious and trustworthy; I don't know. I think it will also be simpler for my current employer to use me (or my company's) services, which they have verbally agreed to do.
Name will be announced once I know it (and buy the Internet domain names!).
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Tuesday 17 January 2012 - health insurance |
| Posted by goldenstate31 |
| still reading your blog geoff, just waiting for your valuable input/post on health insurance! (wink wink) |
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About Me
My attempt to get an EB1a visa for the US, a person of extraordinary ability, which gives a green card pretty much immediately, and there is no waiting period unlike most other visas.
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