Dear Community,
I am thinking to start an LLC to provide services (consulting) registering in California while i am currently employed full-time. I have checked with the company to ensure there is no conflict of interest and check list.
Intent:
1. To pay my kid up starting this year to work in the business tax-free for the future compound growth. Reference: https://www.oberlanderandco.com/insights/kids-on-payroll
Question:
1. What is the best resources that you guys would recommend to start LLC
2. Are there any tips you experienced and wish you knew you can share?
Thanks ❤️❤️❤️❤️❤️
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We cannot recommend resources regarding LLCs. However, we can recommend that you review the California Franchise Tax Board website for tax information relating to LLCs organized in CA. All LLCs in CA are subject to an annual franchise tax of $800 regardless of whether business is done. While that annual franchise tax is waived for the first year, LLCs that are owned by one member (referred to as SMLLCs) remain subject to the $800 annual franchise tax unless both of the following are true:
Single Member LLCs in California
@bohueilin
Thank you @GeorgeM777
What about general guidance on:
1. Any concerns on starting LLC while employed full time?
2. What are some tips you experienced and wish you knew you can share in regards to pay your kid to start the investment and grow tax-free within Roth??
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