View Full Version : For those who are LLC
04-06-2007, 02:12 PM
Did anyone here form there LLC for less then $500.00? Just wondering!
04-06-2007, 10:58 PM
$500 is a good price. Mine cost me $800 for lawyer fees and state fees.
Duke of Darkness
04-07-2007, 12:10 AM
I formed mine for $50. Then again, I didn't have to pay myself for my time.
Seriously, as long as it is simple (as most haunts would be, I file them on behalf of my clients for about $300 -400 in attorney fees. Then there is the state filing fee. This should include articles of organizaton and an LLC Operating Agreement. State Filing fees (which normaly run between $50 - $100, but your state may vary) would be added to that cost. Bottom line, $500 is pretty reasonable.
04-07-2007, 12:53 PM
it's not a big deal to form an LLC. You just have to go to the state filing office (google it for your state), walk in and fill out a form or two, hand them the filing fee (mine was only $300.00), then they will tell you if your llc name is approved. if it is, you are then incorporated. right there on the spot. attorney and extra legal fees are not necessary. especially if you live near your state capitol which houses the business formation offices. then if just requires a quick drive downtown!
Yeah, we clocked in at about $50, too, and that was the filing fee for the state.
Go get a book, they usually have boilerplate templates you can modify for your own uses. Remember - the state (usually) just needs the articles of incorporation, not the membership agreement (they really could care less).
04-09-2007, 12:00 PM
whats the purpose of getting a llc?advantages ect.
It limits your personal liability if the company should fail/get sued/whatever horrible thing might happen (provided you do things sensibly and don't personally guarantee notes, etc)... while maintaining a pass-through tax structure of a partnership.
At least in my state. Some states vary a bit, but overall, if you are a partnership or sole prop, you should seriously consider moving to an LLC.
04-09-2007, 11:35 PM
My attorney and accountant suggested S Corp....any thoughts from our lawyer friend?
04-10-2007, 12:16 AM
Wow $500! I did mine for just the state fee which I believe was $35 at the time. If you have no partners in your business you should be able to fill out an LLC by yourself. Ohio's is so simple its stupid. However if you have partners you may want to look into other options before settling on an LLC and a lawyer may not be a bad idea either.
04-10-2007, 11:50 AM
Nope no partners, just me.
Duke of Darkness
04-10-2007, 12:40 PM
Gregsalyers -- Each state has slightly different requirements and slightly different protections for various types of entities, so while I can't give you a definitive answer to that question, you attorney should be able to.
In general, LLCs tend to offer the same protections as a corporation with much less hassle and paperwork required. They also don't have to make their earnings and other records public, while corporations generally do.
When advising clients, I generally start with an LLC if there are a small number of owners who are active in the company and a corporation if there are to be stock holders and/or "silent" partners. This, however, is only a starting point. There are other considerations that are too numerous to go into here.
As far as taxes go, you can choose to have an LLC taxed in the same manner as an S corp, so there is no difference there.
So, ask your attorney why he recommends an S corp. Ask why it would be better for you than an LLC. Ask him about the requirements and benefits of each. They should be able to give you simple, understandable answers.
I know that is not a clear, straightforward answer but, as I said, I can't really address your specific situation over the Internet. I hope you find the information at least somewhat helpful.
04-11-2007, 08:05 AM
Someone told me that a judge can ignore an LLC , laugh at it, throw it aside if he wants to , offering then no protection of anything?
I know, states do differently .
Duke of Darkness
04-11-2007, 12:48 PM
I have seen judges allow plaintiffs to penetrate entities like LLCs, PLCs, Incs, etc. They cannot, however, just do this on a whim. There are very strict rules for when the entity will no longer provide protection, fraud being foremost among them. See the other LLC thread in this forum for more info.
04-16-2007, 04:19 AM
I would check with your accountant. When first starting out a sole propriatorship may best suit your needs. If you are worried about protection you will be required to take out insurance no matter where your event is held. Up the limit if necessary.
Small things like the company pays taxes on the income, then if you get paid (a BIG if for some!!!) You get taxed again personally, So unless you have partners or investors you are paying tax on tax.
Everyone's situation is different so check first!
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