This post is
aimed at editors who are military veterans living in Texas.
Effective from
1-1-2016 until 1-1-2020, Texas law (SB 1049) has eliminated any filing fee for creating
an LLC that is wholly owned by a Texas military veteran having an honorable discharge.
There is also an exemption from franchise taxes for five years, though you would
have to make a lot of money to benefit from that. For anyone else, the filing fee
would be $300.
Details may be
found at the following link: <https://comptroller.texas.gov/taxes/franchise/veteran-business.php>.
Though I am not
a lawyer and cannot offer any legal advice, I have read a very informative book
written by a lawyer: Form Your Own Limited Liability Company: Create an LLC in
any State, 10th Edition, Anthony Mancuso (Berkeley: Nolo, 2017). In many situations,
doing business as an LLC offers protection of your personal assets from attack during
litigation.
In addition,
a single-member LLC is treated by the IRS exactly the same as a sole proprietorship.
You file taxes for your LLC using Schedule C. So, I can keep on using TurboTax Home
and Small Business software to do both my personal and business taxes.
I decided to
take advantage of this situation by forming Barry's Editing & Proofing LLC.
If you need my editing or proofing services, I can be reached at 214-558-9128 or
barry.applewhite@gmail.com.
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