I currently run my business as a sole proprietorship, but am interested in converting it to an LLC (or AB as we call it in Sweden).
Now, I would like to hear from everyone in here that runs an LLC (or whatever it is called in your country).
Any tips, advice, pitfalls for running your own LLC business as a composer?
I asked my auditor a few years ago since I also was interested in starting an AB instead of a small business company. He recommended me to get back to him when I have a revenue about 100 000 us dollar/year. Until then there ain’t not a really big reason to switch, but that was just what he told me.
He said it would cost me a lot more for the paper work for the tax administration.
It was also something with the sickness benefit, I think you should check. How that will work?
One advantage of AB is if you get sued then you will not be personal responsible.
Yes I agree the paperwork and all that would get expensive, especially since I would prefer to hand everything over to the accountant firm so that I can focus on the actual business.
I am thinking more about if I want to grow the business, it might make sense to make it AB right now, even if I don’t make that much revenue yet.
Of course I will have a discussion with my accountant, but it’s nice to hear from you all as well. Especially in your case being Swedish so you already know our tax system etc.