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Benefits of starting LLC with no current business plan?

NmurNmur subscriber Posts: 2 Member

Hello All,

I have future plans of setting up as a small business for doing minor home repairs, and being able to personally invest in real estate on the long term end of the goals. Currently doing small jobs for cash, flipping our personal homes and have accumulated mass amounts of tools, equipment and parts.

Have been dabbling with an ebay store for the last couple years, doesnt generate a lot of income but has helped me learn some basic business skills, customer interaction, and experience maintaining a positive cash flow balance.

Would it be worth starting an LLC for the ebay/handyman operations, if the long term goals are to eventually drop both streams of revenue for bigger waters :D

I feel (pre-pandemic) I missed out on a few good opportunities due to not being set up already, but just curious if an LLC has to have a defined function, or if it can just be the legal equivalent of me doing whatever I can get my hands on for income.

Side question: The successful spend a few minutes each day focusing on positivity and self growth, what sources - books/websites/other are they going through for this?

Any advice is greatly appreciated!

Best Answer

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    startupsophstartupsoph subscriber Posts: 2 Member
    Answer ✓


    It depends, do you file taxes for this online business? If your are operating as a sole proprietor and file taxes to reflect that, than it may be beneficial to switch to an LLC to limit the amount of taxes paid... but generally the only thing required to file an LLC is about $500 (depending on what state you're in) and the articles of incorporation which is super short.

    A business plan is good to have before hand to plan out our business and decide if its worth investing your money in, but its more of a tool for you than anything else.

    As far as books, and resources, The Lean Start-up is a good book. I prefer business podcasts on Spotify and e-books through Amazon Prime.


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    NmurNmur subscriber Posts: 2 Member

    Part II:

    I've narrowed the idea down, $150 to register. How are you coming up with $500, is there something I am overlooking?

    Plan on being an in-person housing tour-er (title not found yet) for out of town or on quarantine renters that are moving and cannot trust the listing photos or legitimacy of an ad. The expenses will be minimal, as will the income.

    Registered name, small amount of liability insurance and a box of business cards, are there any expenses I'm missing?

    Doing this more as a self funding venture that covers my expenses while building a network and learning basic operations as it grows into whatever it can become. Profits aren't anticipated but would also prefer to keep expenses very low while self-educating.


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