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Old 09-16-2013, 01:05 AM
Sonshines Sonshines is offline
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Is an LLC needed?

If you are doing lawns and clean-ups for residential homes (perhaps duplexes), and repo homes, do you need to have an LLC?

Thanks for your responses in advance! =)
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Old 09-16-2013, 01:28 AM
Stillwater Stillwater is offline
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No.......
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Old 09-16-2013, 01:30 AM
Sonshines Sonshines is offline
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When would you need one? DBA or mnic (not sure what these are---saw on another thread).
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Old 09-16-2013, 01:38 AM
Stillwater Stillwater is offline
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You would decide this at the time you decide what type of business you want to have, dba is doing business as. I suggest you use the search feature hear....
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Old 09-16-2013, 12:41 PM
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retrodog retrodog is offline
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Llc will seperate you from your biz. I recommend in case you kill someone or get sued. As a dba they can take your assetts even personally as collateral. I am llc and I lease any equipment or real estate the biz uses to the biz, so technacally the biz doesnt really own anything.. it has tax benefits too
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Old 09-16-2013, 12:58 PM
RussellB RussellB is online now
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I agree with Retrodog. An LLC protects your personal assets. I know people that set up their own LLC but I utilized "My Corporation" to set mine up. Rather pricey but they set it all up (State and Federal) and I didn't have to worry about missing something in the process.
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Old 09-16-2013, 02:18 PM
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baileylawnservice baileylawnservice is online now
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I talked to a knowledgable CPA the other day, I guess there are several things that you need to document to make your llc stand up against a good lawyer. Things like meetings and other meaningless documented things
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Old 09-16-2013, 02:28 PM
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Blade Runners Blade Runners is offline
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Go here and read up...http://www.legalzoom.com
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Old 09-17-2013, 07:14 PM
205mx 205mx is offline
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Quote:
Originally Posted by retrodog View Post
Llc will seperate you from your biz. I recommend in case you kill someone or get sued. As a dba they can take your assetts even personally as collateral. I am llc and I lease any equipment or real estate the biz uses to the biz, so technacally the biz doesnt really own anything.. it has tax benefits too
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What Tax benefits?
The IRS Does not recognize LLC's.

It does not protect you or separate you and your company assets. Especially if you are a single member or you and your wife or you and your single business partner. I think I may have made a mistake going with an LLC. But for $300 a year I figure what the hell.
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Old 09-17-2013, 08:30 PM
RussellB RussellB is online now
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Quote:
Originally Posted by 205mx View Post
What Tax benefits?
The IRS Does not recognize LLC's.

It does not protect you or separate you and your company assets. Especially if you are a single member or you and your wife or you and your single business partner. I think I may have made a mistake going with an LLC. But for $300 a year I figure what the hell.
My attorney did advise that an LLC does provide protection of my personel assets. To play along with your statement, why would anyone form an LLC?
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