Has anyone here gone through the process of forming an LLC? I'm beginning that process, but there's so much conflicting information online about taxes, payroll, this and that. Obviously I will consult an attorney when the time approaches, but I just wanted to see if anyone here had some personal experience dealing with this situation.
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Starting LLC
- Thread starter imaketouchtheme
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Subscribed! I'm planning on expanding a hobby of mine into a "business" of sorts, and I'll need to make an LLC as well...
I knew this would happen. I'm sure a lawyer would love to sit down for a few hours and discuss some personal experiences with me....at the rate of several hundred dollars.
I'm not asking for legal advice, just personal experiences from individuals who have gone through the process. That's also why I said "I will be speaking with an attorney".
Now, anyone here have any personal experience they would like to share with the situation?
I'm not asking for legal advice, just personal experiences from individuals who have gone through the process. That's also why I said "I will be speaking with an attorney".
Now, anyone here have any personal experience they would like to share with the situation?
Since your "location" is listed as West Virginia, can I assume you're interested in setting up a LLC in W.Va.?
If so, there are several sources of (free) information that can answer questions, provide help, etc. and/or direct you to other sources of information/assistance.
Here's a few logical starting points:
The Secretary of State's Office: You're probably aware of the website, but you can call or visit the office to ask questions, seek help/advice, etc.
The West Virginia Small Business Development Center (WVSBDC): A division of the West Virginia Development Office, funded by the State of W.Va., the United States Small Business Administration, and W.Va. Community Colleges and Workforce Investment Board Partners. The agency holds workshops in various parts of the state and you can talk with a specialist via phone or an in person visit to the agency.
SCORE "Counselors to America's Small Business": a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE volunteers provide free, confidential face-to-face and e-mail business counseling to Americas entrepreneurs. Counseling and workshops are offered at 389 chapter offices across the country. See the organization's chapter list for local contact info.
If so, there are several sources of (free) information that can answer questions, provide help, etc. and/or direct you to other sources of information/assistance.
Here's a few logical starting points:
The Secretary of State's Office: You're probably aware of the website, but you can call or visit the office to ask questions, seek help/advice, etc.
The West Virginia Small Business Development Center (WVSBDC): A division of the West Virginia Development Office, funded by the State of W.Va., the United States Small Business Administration, and W.Va. Community Colleges and Workforce Investment Board Partners. The agency holds workshops in various parts of the state and you can talk with a specialist via phone or an in person visit to the agency.
SCORE "Counselors to America's Small Business": a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE volunteers provide free, confidential face-to-face and e-mail business counseling to Americas entrepreneurs. Counseling and workshops are offered at 389 chapter offices across the country. See the organization's chapter list for local contact info.
Try LegalZoom to set it up to avoid some attorney fees. (haven't used it personally but heard good things)
Or in NY state - all of that + advertise in a few newspapers and provide proof to the state.
Really, it's quite easy. Especially for single-members. Now if you are going the partner-route - things can get tricky.
Honestly it took me longer to figure out how taxes worked for a LLC than it took to fill out the papers.
We set up two LLCs. Accountant - yes. Attorney - no.
We used the same accountant we have used for years. He happened to be a really good business accountant as well. Of course my accountant charges like an attorney...
It's just more paperwork. Nothing particularly complicated. If you have specific concerns about legally protecting against lawsuits, yes, talk to a lawyer. But a good business accountant is more than enough for an LLC.
We used the same accountant we have used for years. He happened to be a really good business accountant as well. Of course my accountant charges like an attorney...
It's just more paperwork. Nothing particularly complicated. If you have specific concerns about legally protecting against lawsuits, yes, talk to a lawyer. But a good business accountant is more than enough for an LLC.
Thank you for your input! And thanks to everyone else that contributed. Good reading material and some stuff to think about. Hopefully it all works out for us. I'm going to try the accounting myself initially (we'll see how long this lasts) as there won't be much money involved at the beginning and I've taken my fair share of classes in that realm.
Thanks again everyone.
Consult a good accountant first! The type of entity you set up now could make a huge tax difference if you ever sell the business in the future. It depends if you have appreciating assets like real estate or if it's a service business, for example.