The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

When to get an LLC?

msyed0230

New Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
67%
Mar 3, 2021
15
10
Hey everyone! I'm 26 years old and new to this forum. I am more than halfway through The Millionaire Fastlane and, aside from some strange diatribes, it made me open my eyes to the reality of my situation: I want to create something OF MY OWN that solves people's problem. Of course, I am still figuring out what problem I want to solve. I do want to know, when I eventually create a source of passive income or business system, when exactly during the process do you buy something like an LLC? Is it after you've made some profits? Is there a minimum number of clients you need? I'm new to all this and it's definitely daunting to me. But I want this more than anything. Any help would be greatly appreciated. Looking forward to engaging more with this community!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Singularity73

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
122%
Jun 3, 2018
82
100
United Kingdom
DON'T worry about legal entities until you're making substantial revenue. I'm in the UK so not an LLC, but I made the mistake of incorporating before I made significant revenue and it has just been a massive headache that distracts from working on the business. The taxman doesn't care about your $5K/year turnover "business", you can fly under the radar until you start making the same you would be from a job or something around that.
 

msyed0230

New Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
67%
Mar 3, 2021
15
10
DON'T worry about legal entities until you're making substantial revenue. I'm in the UK so not an LLC, but I made the mistake of incorporating before I made significant revenue and it has just been a massive headache that distracts from working on the business. The taxman doesn't care about your $5K/year turnover "business", you can fly under the radar until you start making the same you would be from a job or something around that.
That makes things a lot easier! I didn't know if there was an amount you need to make per year before you sign up for an LLC or anything like that. Glad I don't need to worry about that yet. Thanks again for the quick reply!
 

lowtek

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
332%
Oct 3, 2015
2,164
7,186
42
Phoenix, AZ
Welcome aboard. The only thing you need to focus on, for now, is making your first $1.
Once you've done that a few thousand times over, then you can worry about paperwork.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

msyed0230

New Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
67%
Mar 3, 2021
15
10
Welcome aboard. The only thing you need to focus on, for now, is making your first $1.
Once you've done that a few thousand times over, then you can worry about paperwork.
Thanks lowtek!
 

sknowles

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
111%
Feb 18, 2021
9
10
The Bahamas
Welcome aboard. The only thing you need to focus on, for now, is making your first $1.
Once you've done that a few thousand times over, then you can worry about paperwork.
I've found this helpful also. I've been trying to figure out how to source an accountant and lawyer as TMF mentions to get legally setup all the while I haven't cracked $1K in total profit as yet - I only have a regular business license. 'Cart before the horse' I'm thinking.

Thank you & OP for the post.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Top