The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

INTRO When to get an LLC?

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

msyed0230

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 3, 2021
14
6
15
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!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

TimTheCoder

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jun 3, 2018
75
93
123
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 Millionaire Fastlane
I've Read UNSCRIPTED
Mar 3, 2021
14
6
15
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
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Oct 3, 2015
2,023
6,578
1,510
39
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.
 

msyed0230

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 3, 2021
14
6
15
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 Millionaire Fastlane
Feb 18, 2021
8
9
15
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.
 

Sponsored Offers

MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
If there’s one thread I see repeated over and over again on the forum, it goes like this: “I...
  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Any scholarship programs for those who can't afford the course? Broke but need this course :)...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
It's an affiliate link, so it's hard to give those up! The affiliate links are automatically...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
A week ago someone asked if one of my courses is still relevant (referring to the Upwork...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Thanks for clearing that up. What do you recommend for those who are still in the process of...
  • Sticky
MARKETPLACE Kill Bigger Incubator
I have not offered one of these in a while, but it looks like I have time to take on an...

What are Fastlaners Currently Reading?



Forum Sponsor

Grow an online business:
- Start immediately!
- Master business skills!
- 100+ Fastlane students enrolled!
Review & Details >

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom