![]() Starting a Hookah Bar Business: Get Your Smoke On the Go! What licenses do I need to start a Hookah Bar business? You do NOT need a special hookah lounge license per se. If you are starting a hookah bar, you will need a tobacco license, a Business License, a seller’s permit and a DBA fictitious business name certificate or an incorporation or LLC formation. , considering and wanna know what do I need toĬonsider forming a Limited Liability Co ( LLC) Set Up, Licenses, Business Permit, Tax IDs and or Fictitious Business Name Required To Start a Small Business ![]() GoTampaSmartLLChookah barCenterProand I'm located inTampa,FL. I'm starting my ownhookah bar, the business name is Hi, I want to start my small business and my name isDerKyleRileySteviebeckgate. Hookah bar materials, items, merchandise, food etc.) Wholesale Resale State ID, (You can obtain and use this sales tax ID if you will sell/lease retail (in small amounts) items or materials, You will Need a Seller's Permit IF, you have a store or for some reason you want to buy to resell or sell to the public So you split the $140,000 to pay for rent to the LLC that owns the Building and pay $140,000 for aadvertising, search engine optimization etc to the other advertising LLC. ![]() That exceeds the $157,500 so you may even need another 3rd LLC to create that does your advertising. So, let us say that you made $280,000 in income from your services as a consultant. The first, your service business cant take the deduction, but the second company may be able to do so if it owns a building and you use the services income to pay the LLC that owns the building that you use for your practice rent. To go around that obstacle, you need to create two separate, companies. However, business people with service businesses such as doctors and lawyers, may not be able to grab the deduction if their income is too high. Tax Cuts and Jobs Act is a 20 percent deduction for qualified business income from pass-through entities, including S corporations and limited liability companies. The new 2018 tax law allows for a 20% reduction in small business taxes if your taxable income is below $157,500 if single or $315,000 if married. How to save with an LLC and the new tax law. How to profit from the new tax law that allows 20% reduction in taxes for small businesses with one LLC or two LLCs On the other hand, you have specific advantages with an LLC such as pass through taxation and flexibility in % in ownership, etc.Īgain, however, an LLC affords all liability protections as a corporation and in some cases an LLC provides more protections than a corporation.Ī Seller's Permit is also required to sell any merchandise or food (any tangible / touchable product) in Tampa, FL. Thus for our purposes, whether it is a Corp or LLC, it is a corporate entity and when it refers to liability protection it is the same thing. Though an LLC is a corporate entity, it is not as rigid as a C Corp or an S Corp. That limitation is specific to the entity. Then a corporation issues shares but an LLC does not - it issues LLC membership certificates. It has no physical body as a human does, hence the designation "human".Īnother LLC advantage is that whereas a corporation cannot have foreign shareholders, an LLC can have them. Taxation a taxable entity that is a legal person as opposed to a natural person like you and me.Īn LLC is a legal person because it exists in paper only. “LLC license,” but an LLC is not a license but a tax legal structure because it determines the type of George is perplexed and rightly so because from their nature legal structures pose a challenge in understanding them. That means which entity is better to register a business ownership structure. Which LLC as opposed to a EIN is issued at the state level.įor instance, Mary is frustrated with ownership registration because indeed are very complex and she asks for the difference in LLC vs. An LLC stands for "Limited Liability Company, " Owners and also holding different percentages ownership in the LLC. ![]() More than 70% these days form an LLC because as opposed to a corporation, has no corporate minutes requirement and can have foreign So, if you do business online and drop-shipping it would be ideal to find from any state. Officers as well as no business license is required there. We recommend a Wyomying LLC because not only it is inexpensive, but you do not need to pay much for the LLC statement of Others, such as Colorado and Michigan, as well as WyomingĪre even less to set up an LLC. You can form an LLC on this site for $45 plus state fee that ranges from $50 to $200 or more because eachstate is different.Ĭalifornia, Arizona, Florida, and others are very reasonable, about $100 to $200 to file.
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