Looking to Start a LLC

[theamericanss]

Hi all!

I'm Brandon, and I'm a young entrepreneur who is currently looking to start a LLC to house a broad-range of income generating activities with my long-time friend.

I currently have income from a YouTube channel, a social media management service, and a photography service all coming in. I'm looking into adding a e-commerce dropshipping business to my mix, and I was wondering, what all do I need to do to start a LLC here in the State of Mississippi?

I know I can run all of these operations through the LLC just fine, but I've never started a business before on paper. How do I handle the taxes? I want to pay myself every month from the LLCs checking account, along with my friend who will be my employee. How do the taxes work on that?

What software do I need to purchase to handle all this myself? For some background, I'm an IT major and my friend is a Business Finance major.

I welcome any help and input you can offer.

[Anonymous]

I strongly suggest you see a lawyer and tax professional.     evidently you plan to hire your friend as an employee rather than having him as a partner.  this is important because if you are the only owner, you'll will file a schedule C with your tax return.   whereas, if he's also an owner, you have a partnership which requires filing a partnership return.  there should be a written partnership agreement.    I can't tell you how many times I've seen partners end up in court because there is no written agreement.   A thinks they agreed to X while B thinks they agreed to Y.    court and attorneys at that point are expensive.      while you can go on line and set up your LLC,  a lawyer would also advise you to other legal requirements  such as filing annual franchise or other reports required under state law.  failure to file them could result in the company losing its LLC status. 

if your friend will be an employee, you'll need an EIN for the LLC and be required to file payroll tax returns.  you will also have to timely pay in the withholding taxes.     also with an employee, workmen's compensation insurance may be required.  i would strongly recommend consulting a tax pro, who could get you set up to meet filing and record keeping requirements. there are many tax laws affecting new businesses.  the pro could also advise you as to the need, if any, to collect and remit sales taxes.  

put another way, you have a lot of boiling pots with us knowing nothing about them.  to give sound advise in this case, other than to consult pros, is not really feasible.    You really need to have people look at the whole  

rather than just a part.