Alright, has anybody ever worked under a LLC, it is some type of Limited Corporation, and I heard you can pay companies to handle a lot of the paperwork for you. I would really like to have some more information about this, and I like to hear about personal experiences if anybody has had any.

Anything is appreciated.

You can pay someone to set up a Limited Liability Corp. (at least that is what I think it means) There are places online like LeagalZoom, but I would shop around; many things you can do for yourself for free or much cheaper. I would Google the term "set up LLC".

Good luck with it!

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Heidi

Alright, thanks. I remember that name now, and this time I won't forget it. I have to wait a little while until I can actually set it up, and have it running since I'm not 18 yet. I just think that pay the money, and not having to worry about losing my personal assets is a lot better than taking a risk. I know freelancing isn't a field where lawsuits occur much, nor will they be for much, but all it takes is that one time to lose everything.

What exactly are the benefits of setting up an LLC? I know it keeps your personal assests separate from your business, which seems like a good thing. But what else?
What are the tax ramifications for this? You pay yourself a salary right?
I'm thinking if you have a pretty small business anyway then there would really have to be some good benefits to going through the time, trouble and money to set one up. But people do it all the time, so there must be some good reasons.