Jason VanOver did some research on starting an L.L.C. for the club.
It is possible but we will incur cost.
It will only cost about $50.00. We will be subject to filling taxes every year. We will owe taxes every year. We will more than likely have to pay someone to file our taxes for us. I am estimating taxes, fees, and services will be about $500-$1000 per year.
That being said. I am currently leaning against an L.L.C. right now. I feel that this should be a long term goal of the club. Our budget and spending is less than $3000.00 per year. Why incur more expenses.? The checking account is currently under my social security number. When a new treasurer takes over (it will happen someday) they can just do what I did. Open a new checking account under their social.
If our budget reaches upwards of $10,000 per year we should become an L.L.C. I believe that one day we may be that big but until then my vote is we shouldn't change our current structure.
Sorry for the long post.
Take care everyone.
Why become an LLC? That is for a company, or at least I think it is. That is Limited Liability Company. The LDGC isn't a company per say. Yes you generate money but is it enough to justify taxes being incurred? This would essentially break the bank for you guys!
I just dont think it would be a good idea, but im not a member, so I dont have any say!!!!!
The club doesn't make any money for it's own spending. Why not make it a non-profit organization?
That's good info. I agree, we can put this on the back burner for now. If we need to, we can look into it later down the road if need be. Thanks for looking into that for us.