Anthony Chaney
Active Member
After being a hobby maker off and on for over 10 years, I want to start up as a business. I'll be retiring in about 14 years and will use the income to supplement my income.
I would like to launch my company on Jan. 1st
Yes, I plan on consulting a lawyer, but I know there are several makers here and I would like you opinions.
1. I've read that an LLC is a good thing to do to protect yourself. Anyone care to elaborate?
2. I was thinking of making a personal loan to my company in the amount of 5K to get it off the ground. I want to keep the business totally separate from me. I plan to open a business account at the bank and deposit the money in the account. How would you draw that up as a loan to the company?
3. Should I pay myself a salary or funnel everything back into the company until all debt is paid in full. What I'd like to do is pay myself a salary, but have it go straight into a 401 for my retirement.
4. I bought a new 10x16 building this month to use as my clean room. I already have my Grinding/forging area set up. I paid for this building out my personal account. How do I list this as a debt to the company? Can I use this as an expense for next year since I'm not starting my company till Jan?
Am I going about this correctly or am I way off track? Any advice would be appreciated.
I would like to launch my company on Jan. 1st
Yes, I plan on consulting a lawyer, but I know there are several makers here and I would like you opinions.
1. I've read that an LLC is a good thing to do to protect yourself. Anyone care to elaborate?
2. I was thinking of making a personal loan to my company in the amount of 5K to get it off the ground. I want to keep the business totally separate from me. I plan to open a business account at the bank and deposit the money in the account. How would you draw that up as a loan to the company?
3. Should I pay myself a salary or funnel everything back into the company until all debt is paid in full. What I'd like to do is pay myself a salary, but have it go straight into a 401 for my retirement.
4. I bought a new 10x16 building this month to use as my clean room. I already have my Grinding/forging area set up. I paid for this building out my personal account. How do I list this as a debt to the company? Can I use this as an expense for next year since I'm not starting my company till Jan?
Am I going about this correctly or am I way off track? Any advice would be appreciated.
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