NIevo Posted February 28 Share Posted February 28 Debating on whether or not to register as an LLC. Looking for pro's and con's from those of you who have done it, or those of you who have decided not to do it. Not sure if there is a thresh-hold of sales volume or other things to consider when making the decision. I know LEGO isn't exactly an item that you have a ton of liability selling, but thinking that maybe it would make taxes and debt's easier to control and track. Quote Link to comment Share on other sites More sharing options...
Bricklectic Posted February 28 Share Posted February 28 following, in the same boat. Im not aware of any tax benefits if youre a sole prop its a DRE anyways. An S-Corp may help with taxes. Anonymity is a plus.. Quote Link to comment Share on other sites More sharing options...
NIevo Posted February 28 Author Share Posted February 28 Yeah, I don't think tax wise it's much of a difference. The amount of debt at times that you show can effect your credit score and finances though when it's all lumped together in just your name. Having cards, loans, accounts etc. kept separate might be beneficial? Quote Link to comment Share on other sites More sharing options...
TheBrickClique Posted February 29 Share Posted February 29 I’m wondering if purchasing under an LLC can shield you from the ban hammers? Asking for a friend. Quote Link to comment Share on other sites More sharing options...
gmpirate Posted February 29 Share Posted February 29 A big advantage of forming legal entities is for protection. Meaning if someone sues you or one of your legal entities, you or your other legal entities are protected. If your only business is the reselling gig I'm not sure you are really exposed to anything -- through the business anyway. If your inventory becomes substantial, and/or easily accountable, you may find it to be a good idea. Imo, I don't think anyone with a bunch of Lego at home or in a storage unit is a target. A talk with your accountant never hurts 😁 Quote Link to comment Share on other sites More sharing options...
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