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Wallet Squirrel is now an LLC

Believe it not, but registering Wallet Squirrel as an LLC was pretty freaking easy.

Personal Goal – I’ve always wanted to be a business owner and now is the moment. Wallet Squirrel is legit!

My fear – I was always terrified that registering a company would put a spot light on me by the IRS to rummage through everything I’ve ever done and hunt me down like a hawk. Perhaps that’s a little extreme, but it’s something that kept me up at night. I’ve finally got over that fear because of two reasons. First, I just have to register it if I expect to earn any income from Wallet Squirrel I need to have it separate from my personal assets. Second, I’ve finally become comfortable knowing that Wallet Squirrel doesn’t make a lot of money, it’s not going to be a ridiculous tax bill.

Why now? – Mainly because Wallet Squirrel continues to see more and more growth. So if Wallet Squirrel plans on making money, I should really file that separately from my own tax documents. PLUS as Wallet Squirrel continues to make a name for itself, I need to have that name protected. Look forward to my trademark post coming up.

How to Set up an LLC in Colorado?

I will breeze through this part because it’s pretty simple.

  1. Check to see if your company name (name + LLC) is available in the naming database. Check here.
  2. If your name is available. Start here to enter the name you want to use.
  3. Fill out your address like 4 times and the rest of the form.
  4. Pay $50 and you’re done.

That’s basically it. I received an email notifying me that Wallet Squirrel is registered as an LLC in Colorado.

Conclusion

I’m super excited to be a legit business owner now, but still have some details to finalize like obtaining a EIN (Employer Identification Number) so I can set up a business bank account for Wallet Squirrel. That’s about it though, I just wanted to share with everyone how EASY it is to set up an LLC and say that Wallet Squirrel is officially legit!

9 replies
      • Mike H.
        Mike H. says:

        Yes, you can do that. Probably want to have some income from the business first, because there are fees associated with setting up a Solo 401k. It’s probably the easiest and quickest way to a self-employment retirement plan, since the SEP and SIMPLE IRAs would leave you in limbo for a bit.

        Reply
        • Wallet Squirrel
          Wallet Squirrel says:

          Hey Mike H!

          I’m totally looking into this over the weekend. =)

          Don’t get me wrong, I’m still banking on living off my dividends, but this is an interesting idea to test out. I’d be cool to have an insane employer match.
          -Andrew

          Reply
  1. Cody @ Dollar Habits
    Cody @ Dollar Habits says:

    Just found your site through a comment you left on Making Sense of Cents. Love your blog and will totally be following along.

    Congrats on setting up the LLC. That is awesome. It sounds like setting up an LLC in Colorado is a way easier, less costly endeavor than setting up an LLC in California.
    Cody @ Dollar Habits recently posted…My Story – Part IMy Profile

    Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      Hi Cody!

      I just checked out your blog as well! We have a pretty similar story of a couple of 30-something (I just hit the big 3-0) trying to gain financial independence with a couple of failed start-ups. We will keep learning from our mistakes. In fact, I have a couple of side businesses I’m starting with the lessons learned of those start-ups in the next couple posts. I hope they help!
      -Andrew

      Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      Thanks Diligent Dividend!

      Because I’m starting to generate revenue in numerous different ways beyond Google Adsense I wanted to list it. I also did a Sponsored Post recently and they listed Wallet Squirrel as the company, so I thought I might as well make it legit. It least paves the way for me to earn additional income.

      According to TurboTax, if you make more than $600 with a side-job/gig you need to report that. I’m being optimistic for 2017!

      Reply

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