Incorporate on line ?

Discussion in 'Business Operations' started by Turfer, Jan 9, 2002.

  1. Turfer

    Turfer LawnSite Member
    Posts: 99

    I am currently a sole proprietorship and have been advised by my attorney and accountant to change to an LLC. My attorney charges $850 to complete this. I have found many sources on the internet who will do this for less than $300. Has anyone had any dealings or problems with using these on-line resources for filing for incorporation ?
     
  2. brentsawyer

    brentsawyer LawnSite Senior Member
    Posts: 663

    I live in Kentucky and I would guess that the fees and everything else is similar to NC. All we have to do here is go onto the Kentucky Secretary of State home page on the internet and find the documents that establish yourself as an LLC, print 2 copies, sign them, send them to the capital with $40 check, receive back stamped from capital and file with the county clerk for an additional $9. Total cost for me, $49.

    I am registered with the state and county just as you would be with an attorney or online filing service but as you see, for much less. If you need help in NC, call your local SBDC or check with the local library.
     
  3. AVRECON

    AVRECON LawnSite Senior Member
    Posts: 290

  4. AVRECON

    AVRECON LawnSite Senior Member
    Posts: 290

  5. Andy Miller

    Andy Miller LawnSite Member
    Posts: 28

    I too live in Kentucky and appreciate your information. What are the benefits of LLC other than liability issues?
     
  6. bruces

    bruces LawnSite Senior Member
    Posts: 648

    Probably none if you are a one person LLC (sole proprietorship).

    This could vary by state, but I doubt it.

    Tax consequences are the same, etc.

    Some people might have a undeserved perception that an

    Stansberry Lawn Care LLC sounds like a more bigger company than Stansbery Lawn Care.
     
  7. brentsawyer

    brentsawyer LawnSite Senior Member
    Posts: 663

    Hey Andy. Not sure how far you have come in your quest as establishing yourself as LLC but here are a few of the things that I have learned in a short time.

    1) obviously liability, your limited to business assets as long as corporate veil can't be pierced. To do this keep everything seperate as far as personal and business interests.

    2) Tax. Same as sub s meaning that company profits fall directly to do w/out double taxation.

    3) Opposed to being sole prop, more items are 100% deductible. I'm not a CPA, so check with him or her on these issues.

    4) The sale of stock is much easier as opposed to sub s or other business forms. This is a good one if you plan to sell business someday down the road.

    These are a few of the ones that I can remember off the top of my head and aside from everyone that I talked with at the SBDC office telling me to be LLC because of the benefits, I went that route.
     
  8. Turfer

    Turfer LawnSite Member
    Posts: 99

    The filing fees are allot higher here in N.C. They total around $150. I have found an internet site that will do it for $205. I'm just not sure how reliable these on line incorporating attorneys are. The on line site allows you to supply the information and they transfer it to the correct state forms and submit it for you and they mail the final package to you. This is just too convenient to pass up if I can trust them.
     

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