LLC establishment

[Novaowner]

Can anyone tell me what is involved in establishing your company as an LLC, and how long it takes? Thanks.

[JHLawns]

I am new myself but from what I have gathered through research you can either hire an attorney or got to your state website and file the paperwork yourself.

I am in NJ and the website offers online filing or printing & mailing of the forms. I have already printed them so that I know what is involved but will probably file online. As far as time frame - I honestly do not know.

[WJW Lawn]

I was pretty lucky...because my sister in law is a para-legal....and did it all for me lol

[Poncho25]

for 40 bucks go up to stables, or office dep. and ask them for the package for starting a small company, think the company name is bizsmart or something along those lines, they will take care of everything for you and give you a detailed breakdown of each way to incorporate yourself and which is better for you.

[Total.Lawn.Care]

Can anyone tell me what is involved in establishing your company as an LLC, and how long it takes? Thanks.

Each state might be a little different. Go to your states Secretary of State Website and you will find all fo the filing requirements. Or at least, a phone number to their office so you can ask further questions.

I am going to file my LLC after the first fo the year so that I so not have to pay now and then renew in Jan.

[PMLAWN]

I have 2 LLCs for investment reasons, The Lawyer way is the easy way but the most dollars. If you can do it on your own it is the way to go.
Because I do everything thru my lawyer I do that and it is up to $675.00 now. But that includes all filling fees and By-Laws too.
I know there are firms that do it as low as $400.00 around here.

[Allure]

I am new myself but from what I have gathered through research you can either hire an attorney or got to your state website and file the paperwork yourself.

I am in NJ and the website offers online filing or printing & mailing of the forms. I have already printed them so that I know what is involved but will probably file online. As far as time frame - I honestly do not know.

Hi JH
i am also from NJ & i set up my LLC in may. I ended up filing over the phone. The whole process was easy from there. I think i had the certificate of incorporation in a week or two.
GPW

[Thelawncowboy]

I know this may seem dumb but whats an LLC?

[coolbreeze]

I know this may seem dumb but whats an LLC?
Limited liability corporation (a simplier form of a corporation). it only cost me about $200 to get setup (filing fees with my state and county). forms were available online at my SOS and county web site. i also got my FEIN (federal employer identification number) because i didn't want to use my ssn. i printed the form from the site, then i called them with the information and got the number over the phone.

[JHLawns]

Hi JH
i am also from NJ & i set up my LLC in may. I ended up filing over the phone. The whole process was easy from there. I think i had the certificate of incorporation in a week or two.
GPW


Thanks for the info. I'm glad the process was easy, one thing to not worry about.

[Thelawncowboy]

Do you have to worry about LLC even though you are a sole prop??

[Novaowner]

Thanks to all who responded!!

[JHLawns]

Do you have to worry about LLC even though you are a sole prop??

As a sole prop you are personally liable meaning - if someone sues you they can go after your personal assets even if not used in your business - ie, your house!

Making your company a LLC puts a layer of protection between your personal assets and your business.

[Thelawncowboy]

Wow thats kinda scary. Now i am thinking twice about being a sole prop.

[Revival1906]

Finally a question I can help with! I formed my LLC before doing anything else because my aunt owns a wedding planning business (sole proprietor) and was sued big time (she's retired, but her checks are being garnished). She was sued mainly because she's hard to deal with and the mother of the bride hated her. That's why she didn't do my wedding :nono:

Anyway, for an Alabama LLC, I went to the secretary of state website and downloaded the forms (it was only one page front and back), named my business and gave a general purpose statement, took the form along with a picture ID to the county courthouse, paid $40 (secretary of state fee), $16 (county business license fee) and $36 (judge of probate LLC fee) and BAM, I have an LLC. Don't know about your state, but that's how I did it. Took 30 minutes start to finish.

[Thelawncowboy]

So LLC is just a little bit more expensive but more protection. SOUNDS GREAT!!

[PMLAWN]

Now just understand that a LLC is useless if you do not run a true business. You have to have records of all the money and how it is spent, true accounting for everything. Tools and equipment must belong to the business. Meetings and the minutes of those meeting must be kept.

OR any 1/2 butt lawyer will be able to pierce the cooperate vail

[Thelawncowboy]

Wow i really dont know anything i really need to look into what i am doin a lil more.

[JHLawns]

Allure -

You said you were from NJ also. I thought I might be forward and ask a couple questions.

I tried to file the LLC online today and the computer hung up at the payment stage. So I have to call the State tomorrow.

My wife and I saw an accountant yesterday.

My next steps - tell me if I am wrong or if you have suggestions (I am in Salem County) - Call the State about the LLC filing, then Regester the Business with the state, get a EIN from the IRS, contact insurance agency regarding business policies (not sure what to expect here), set up business checking account (am finding out that you get charged for everything and get nothing in return?), file with the county. Anything specific you can tell me that perhaps you learned through this process?

Am also going to get quickbooks to help with the tracking of expenses and such.

[adaptivehomeservices]

I just went through all this stuff myself. Maybe check with your city (if inside the limits) on a business license. Applicators license for fertilizer or pesticides?...that will affect your insurance.

[Bryn]

LLC's are not perfect, and the following should be kept in mind

An LLC owner can be held personally liable if he or she:

personally and directly injures someone:
personally guarantees a bank loan or a business debt on which the LLC defaults:
fails to deposit taxes withheld from employees' wages:
intentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else:
or treats the LLC as an extension of his or her personal affairs, rather than as a separate legal entity.

If you are a sole member of a LLC and blind someone with a mower, not only is your LLC liable, so are you. It seems LLC's have more protection for companies with two or more workers when liability is concerned.

I strongly suggest you speak with both your accountant and lawyer. Try the accountant first. :)

[BarefootLandGroup]

Wow i really dont know anything i really need to look into what i am doin a lil more.

There is one of those Dummies books out there that I recommend you read. I think it is something like Small Business Kit for Dummies. I teaches you about the different corporations, and what they mean for you as far as benefits are concerned.

Some people form an S corporation due to the benefits, and some form an LLC due to the benefits. A good accountant can normally tell you what will help you, and what will give your business the best bang for the buck.

If you do nothing else, make sure that you become incorporated due to the protection. You do not want to remain a sole proprietor for many reasons.

If you remain a sole prop and you default on a loan payment, creditors can come after your personal assets. If you run a red light and hit someone in the side, they can sue your against your personal assets.

Owning a business is risky enough, and I would not go at it without being an LLC, or Inc.

[Grits]

for 40 bucks go up to stables, or office dep. and ask them for the package for starting a small company, think the company name is bizsmart or something along those lines, they will take care of everything for you and give you a detailed breakdown of each way to incorporate yourself and which is better for you.

I was at my local Office Depot today and asked about this package and they didn't know what I was talking about. They directed me over to the section where you can get forms on cd rom and there was a cd rom about LLC, but I do not think this is what you are talking about. Any ideas?

[Allure]

Allure -

You said you were from NJ also. I thought I might be forward and ask a couple questions.

I tried to file the LLC online today and the computer hung up at the payment stage. So I have to call the State tomorrow.

My wife and I saw an accountant yesterday.

My next steps - tell me if I am wrong or if you have suggestions (I am in Salem County) - Call the State about the LLC filing, then Regester the Business with the state, get a EIN from the IRS, contact insurance agency regarding business policies (not sure what to expect here), set up business checking account (am finding out that you get charged for everything and get nothing in return?), file with the county. Anything specific you can tell me that perhaps you learned through this process?

Am also going to get quickbooks to help with the tracking of expenses and such.

I had trouble filing online as well. I called & gave info with no problems.
I did file for an EIN online with no problem. I got liablility ins. for 3 million (1 mil per incident) I think it ran me around $650. They might offer you an equipment package too. I didn't need to protect my shovels so i passed on that for now. I'll add it as i add expensive equipment.

For banking i went with Commerce bank (can i say that). there are no fees for the 1st year then $1000 minimum balance after that to avoid fees.

I don't remember filing with the county.

You may have to get a contractor license from the state depending on what type of work you do. you can find more info here - http://www.state.nj.us/lps/ca/contractor.htm If you dig holes (planting) you must register. there are lots of other criteria as well. If you find out that you need to register consider this - i applied in august ($90) & received my license in early october. A couple weeks later i received a renewal notice. I have to renew in december for 2007 (another $90). had i known i would have waited until january to register. If you need to register & you don't they can come down really hard on you with fines so it's worth the $90 a year.
That's all i can think of right now except to say NJ is a tax & spend state & they will hit you with fees every chance they get.
Also, landscaping (planting) used to be a capital improvement & no sales tax needed to be collected. As of october 1, 2006 that s no longer the case.
Hope this helps. PM me if you have any more questions. I tried to PM you but i was denied. :dizzy:
Glenn

[Jay's Lawncare]

Limited liability corporation (a simplier form of a corporation). it only cost me about $200 to get setup (filing fees with my state and county). forms were available online at my SOS and county web site. i also got my FEIN (federal employer identification number) because i didn't want to use my ssn. i printed the form from the site, then i called them with the information and got the number over the phone.

LLC = Limited Liability Company

[BarefootLandGroup]

I wanted to give everyone a heads up. I am sure that most of you guys know this already, but do not pay for an EIN number.

You can go to the IRS website, fill out the form, and get your provisionary EIN number (that will turn into your true EIN) from their website.

Go to:

www.irs.gov
Click Online EIN Application (on the left of the screen)
Then click Apply Now in the middle of the loaded page

I know a lot of people who pay $10 or $15 for their EIN, and it is just as easy to do it for free.

[BarefootLandGroup]

I was at my local Office Depot today and asked about this package and they didn't know what I was talking about. They directed me over to the section where you can get forms on cd rom and there was a cd rom about LLC, but I do not think this is what you are talking about. Any ideas?

Grits,
The packet that you are looking for is made by Socrates. The package is blue, yellow, and white, and says "Incorporation Made E-Z" on it.

Includes:
CD Software
Users Manual and Forms

Let me know if you cannot find it where you are and I will send you my package. It is reusable and very simple. I used it for my corporation!!

Let me know!!

T

[coolbreeze]

LLC = Limited Liability Company
correct, my mistake.

[GreenNation]

I used a company that specializes in forming companies. The name of the company is '' The Company Corporation''. This is a very reliable and legitimate company that takes care of all of the formation documents, state filings, securing ein's, etc... They also sent me a great Nolo Library on running an LLC, Taxes for Small Business, ,etc... The package they offer is great. I did not want or have the time to invest when we were ready to form our LLC so I went with this company. Nothing but outstanding service start to finish. My total cost for tthis service which included all of my state filing fees was under 700.00 , and all I had to do was sign 1 piece of paper. Could have done it cheaper, but our time was all used up when we needed to roll on the LLC.
The Company Corporation offers different levels from basic to enhanced packages to fit different budgets. Find them online!