Jump to content
Sign in to follow this  

Anyone using motocross as an actual business, what type LLC?

Recommended Posts

Hey guys, I am starting a business related to racing and am thinking an LLC is the way to. Anybody that is selling motocross related parts/bikes how did you do it to limit your personal liability?

*LLC = Limited Liability Corp.

Share this post


Link to post
Share on other sites

I am interested in doing the same. I would love to hear from anyone in here who is doing this. Don't worry about competition cause I am more than likely a wee bit north of you.

Share this post


Link to post
Share on other sites
*LLC = Limited Liability Corp.

LLC is Limited Liability Comapny, not Corporation. I set up my own LLC. I think for the individual an LLC is the best way to go because your personal assets are completely seprate from the LLC's, so if your company gets sued all of your persoanl assets are protected from any judgement.

Share this post


Link to post
Share on other sites
LLC is Limited Liability Comapny, not Corporation. I set up my own LLC. I think for the individual an LLC is the best way to go because your personal assets are completely seprate from the LLC's, so if your company gets sued all of your persoanl assets are protected from any judgement.

Thanks for the help. Did you have to have a lawyer to get set up? I have been told i HAVE too, and that its not required. Which is true? All i know so far is that i want to be an LLC and that i have the form for my state, and its 135$, but it doesnt have any requirements, just ask to be and i guess i am an LLC.??

Share this post


Link to post
Share on other sites

May also want to look into being an S-Corporation. I can't remember the details, but as long as you have less than fifty employees you can do it. I think that there's a no double taxation advantage, things like that (although I think that might stand true for an LLC). Complicated, I know, but worth a look. Someone feel free to correct me or fill me in, just throwin' it out there. Good luck, bro.:applause:

*Try searching Wikipedia... looked like some information there. :applause:

Share this post


Link to post
Share on other sites

it would be nice to be a "business" and be able to write off all my mods, bikes, race fees, gasoline/travel/hotels/food, etc...on taxes...anybody do this currently?

Share this post


Link to post
Share on other sites

I'd contact some of the state agencys were you live and ask a bunch of questions. Most of those places are pretty helpful in helping you get the proper tax #'s ect. My accountant set up my S Corp that I had and it seemed pretty straight forward. If you don't have a lot of assets that will be a part of the business in the beginning, you shouldn't need a lawer. Although, I am not one.

Many people will help you, when I went to open a bank account. They told me I had to register a ficticious name. They told me how to do that.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Reply with:

Sign in to follow this  

×