Llc

[randy2625]

Cant there be two owners for a LLC in ohio

[lrose2]

Randy,

Have an appointment with the attorney this coming week. He says there can be 2 owners however, the fee rises from approximately $500 for one owner to between $1500-$2000.

[GreenQuest Lawn]

WOW here in Mi Price just went up for my llc from $5 to $25 per year.

I could not imagine $500-$2000:eek:

Just watch showing a profit with an llc, you will get taxed ALOT

I will be switching to S corp yet this year

[randy2625]

it cost like 150 dollers if you do it your self:)

[DRM Ventures]

what fee is that Larry.......

I am in the same process....my wife and I will be the owners ....that has never been an issue with the set up cost......the state fee is $125 in Ohio, plus the lawyer fees......I think I will be finished with it for around $500-$600.

By the way I live in Bellbrook also.....

Maybe you ought to talk to another attorney.....

Derek

[lrose2]

Derek,

The appoiintment with him is this Wednesday. Only had a brief conversation with him over the phone. Will know more after our meeting hopefully.

[DRM Ventures]

well let me know if you want to talk to the attorney that is doing mine. Good Luck....

I just got confirmation on the LLC's (2) names today. Yes 2 of them.....rental properties and mowing/snow removal biz....decided to separate them......

Derek

[Team Gopher]

Hi Randy,

Here is a quote from this site (http://www.universitytax.com/iom_9909.htm).

"The limited liability company (LLC) is a relatively new form of legal entity in the United States. The first LLC statute was passed by Wyoming in 1997, but today all 50 states and the District of Columbia have statutes which permit the formation of a LLC.

A LLC is a hybrid between a corporation and a partnership. Like a partnership, and unlike a corporation, the LLC itself is not subject to tax; rather, the owners of the LLC are taxed directly on the income earned by the LLC. But, like a corporation, the liability of the owners of the LLC is limited in the same manner as shareholders in a corporation. The state laws governing LLCs vary from state to state, but most states give LLCs a wide latitude in conducting their affairs.

A LLC is normally formed by filing articles of organization with the state (similar to articles of incorporation), and the LLC operates in accordance with an operating agreement (similar to bylaws). The owners of the LLC are referred to a "members," and the LLC is governed by "managers," which generally serve the same function as the Board of Directors of a Corporation. Some states permit a LLC to have a single member, but other require that there be two or more members."