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WeeDr
12-17-2007, 01:32 AM
I am planning on going to see a lawyer to set up a LLC with my brother. What are some questions that I should ask, and what services should they provide? I want to be a legit company with the Tax ID # and insurance and everthing, since we are going to be doing comercial accounts.
I've read not to jump into comerical accounts at first, but we're in a unique situation where my brother is the manager for comerical accounts now at another lawn company that is a multi million dollar business so he has a good handle on how to manage them.
Also who do you use for insurance?
Thanks,
WeeDr.

topsites
12-17-2007, 02:17 AM
1) I wouldn't go into business with family or friends, bad news waiting to happen.
2) Your brother may know how to handle commercials from an employee's standpoint, but not as an owner.
3) Go to your state's corporation commission and set it up yourself, the clerk can answer most of your questions but most likely you'll want to set it up along the lines of a sole proprietorship, I think member based.

You can read up on the various types yourself as well, depending on how much 500 dollars is worth to you.

txgrassguy
12-17-2007, 08:39 AM
First of all, an LLC here in Texas has shown repeatedly not to offer the level of personal asset protection worth the expense/time associated with setting one up.
A good commercial liability policy with addendum's will provide all of the personal asset protection needed at a fraction of all of the associated costs of an LLC.
Additionally, a DBA is not subject to the states' franchise tax, as well as federal filing requirements are much more simple without the LLC.
Third, here in Texas, the Articles of Incorporation is the life blood to the LLC. And you cannot list two director's at equal shares in the AOI - one HAS to have more of a majority than the other.
Also, desolving a LLC here in Texas can be done, but it is much more of a headache than a simple DBA abandonment form filled out at your local county clerks' office.
I suggest you guys get a year or two under your belts first, have a repeating, sustainable business, then address the feasibility of LLC or other types of Incorporation.
Unless you guys operate in multiple states, you are going to find out it isn't worth it.

Young Bros
12-20-2007, 10:32 AM
i went to legalzoom.com and set up an s corp. it cost $400-500 and it said i saved $1,800 not going to a lawyer.

bohiaa
12-20-2007, 10:40 AM
First of all, an LLC here in Texas has shown repeatedly not to offer the level of personal asset protection worth the expense/time associated with setting one up.
A good commercial liability policy with addendum's will provide all of the personal asset protection needed at a fraction of all of the associated costs of an LLC.
Additionally, a DBA is not subject to the states' franchise tax, as well as federal filing requirements are much more simple without the LLC.
Third, here in Texas, the Articles of Incorporation is the life blood to the LLC. And you cannot list two director's at equal shares in the AOI - one HAS to have more of a majority than the other.
Also, desolving a LLC here in Texas can be done, but it is much more of a headache than a simple DBA abandonment form filled out at your local county clerks' office.
I suggest you guys get a year or two under your belts first, have a repeating, sustainable business, then address the feasibility of LLC or other types of Incorporation.
Unless you guys operate in multiple states, you are going to find out it isn't worth it.



WOW thanks for posting txgrassguy, Sounds like you really did your homework on this one