Scared Sh*tless| BaristaFIRE Log 10 (7/14/19)

BaristaFIRE Log

So it’s been almost a whole month since I lost my “full-time employee” status, and became a “full-time self-employed freelancer/entrepreneur.”

It’s been great.

But in truth, nothing much has HAPPENED.

Sure, I’ve been working on my contract work, but that’s just continuation of what I’ve been working on for the past half year.

What I’m TRYING to accomplish is to create a company so that it’ll be easier for other companies to throw me contracts (due to tax implications, I’ve been told).

To be honest, I’m scared shitless. Because this is an actual legal entity. It’s no longer a “side hustle” or “freelance work” that I do on my spare time. This makes it REAL. It makes what I do go beyond “babysitting and dog sitting money” to real-life work money.

And as a naturally anxious person, the legal and tax implications and the NOT KNOWING scares me shitless.

And it’s been so difficult to figure out what I’m supposed to do or what the best way to go about it is.

I chose LLC because that’s what’s been recommended to me to be the easiest to create and maintain by multiple people. But do I know if I’m making the right choice? No, to be frank, no. But if I don’t make a decision on at least THAT, I can’t move forward.

Something I’ve come to learn in the past few weeks while trying to get advice about starting a company is…. That entrepreneurship is like retirement plans and FIRE. Everyone has THEIR method or THEIR thing that they strongly believe in, or what worked for them, and they are VERY excited to share it. But most of them directly contradict what someone else told you yesterday!

Currently I’m debating amongst using LegalZoom, getting an Accountant, or doing it myself.

I’m leaning towards doing it myself and getting a registrar (which will probably be cheaper than using LegalZoom), but at the same time, I do kind of like the comfort of knowing everything’s taken care of with LegalZoom, even if it means that they are adding hefty charges to everything.

My penny-pinching side is fighting with my anxiety-side of wanting someone to do everything for me the RIGHT WAY vs going I can do that for 1/5th the price!

Has anyone started an LLC recently? What was your experience?

Comments

  1. Abigail @ipickuppennies

    Are you starting an s-corporation or just a regular LLC. I’m an s-Corp. it comes with its own share of headaches (like having to go FICA taxes though it’s easier than it sounds) but tax wise it’s worth it for the savings.

    I hired an accountant. LegalZiom wasn’t a thing when I was getting started and it never occurred to me that I might be able to do it on my own.

    Good luck however you proceed.

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