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Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind.


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Unread 11-29-2012, 12:25 PM   #16
DawgPhan
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Forming an LLC also mean more expensive tax prep each year. might be as much as $300 more a year even if you do it yourself.
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Unread 11-29-2012, 03:14 PM   #17
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Quote:
Originally Posted by dmprantz View Post
Actually, I meant expensive, but I did say relatively. In the grand scheme of things it may not matter to you, but it may. Keep in mind that almost all of this varies from state to state, and again IANAL, but in my state, I believe a sole propretership is free, or just the cost of a business license. An LP is $100, and an LLC is a minimum of $300 (it can go up to $3,000!). I'd say three times the price is "relatively expensive," and an LP may suit your needs. One or both of those could be annual costs too. I honestly don't know the costs of corporations, but my point is that LLCs are not the cheapest option out there, even if it's not enough money to make you flinch.

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$50.00 in Michigan to incorporate or LLC and then $25.00 per year plus your taxes (of course there are other steps needed but to set it up)... The best advice I would give is ask a lawyer and/or and accountant. We can all tell you what we have gone through but when dealing with this stuff go to the experts, you will be safer in the end...
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Unread 11-29-2012, 06:42 PM   #18
Big Mike
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I made Eagle River Barbecue an LLC. I do comps and a little catering. I just had to download the form off the secretary of states website, fill it out and send them $120. I then got my EIN from the feds (free). Once I got my paperwork from the state I was then able to open my bank account. So now when a comp gives me a check made out to Eagle River Barbecue, I can deposit it.

For taxes, I use Turbo Tax Home and Business. It costs about $75 a year. Just make sure you keep all your receipts and keep track of mileage driven for business.

I got my insurance through state farm and it costs me $325 a year for a $1Mil per incident liability policy and it also covers my trailer/cooker, misc equip and some other misc items. I know many folks go through Auto Owners for their policy.
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