My First LLC

[Christine Brown]

Hello! I'm looking to set up my first LLC and am wondering if there is a reference guide or book or equivalent that will outline the steps to help me set it up correctly and ensure I don't pierce the corporate veil. It would also be great if the resource outlined the best way to "pay myself" (as I know paying myself as an employee with a W2 and such is not the best way to go). A quick note: I'm looking to reinvest most of the profits, but at some point, I'd also like to have some cash flow on my end as well down the line.

Similarly, is there a guide that outlines what can be written off with LLCs? For example, I am renting my current home but can I write off a portion of the rent for my office, which is used for my LLC? What about my car, as I am taking it to evaluate possible investment opportunities, etc. For that example, would it be better to put the car in my business' name and, if so, what do I need to do to also use it for personal use (like school pick up and such). These are just a few of the many questions I have, but I'm hoping there is a general guide to help me get started and better understand it all from a tax perspective. I'm very much a "do the research first, then ask any outstanding questions" kind of person.