Limited Liability Company???

Discussion in 'Pesticide & Herbicide Application' started by tennissippi, Jan 26, 2004.

  1. tennissippi

    tennissippi LawnSite Member
    from zone 7b
    Posts: 77

    I was thinking about becoming a LLC this year. How many of you are LLC's and what are some of the benifits of becoming one? I am planning on seeing my lawyer Friday but until then I would like to hear from you guys/gals first. Thanks for the info.
     
  2. Tscape

    Tscape LawnSite Bronze Member
    Posts: 1,370

    Your name is incorporated in the state register of corporations so nobody else in your state gets it. You can get a tax ID # and begin to build a credit profile that is seperate from your personal credit. Your personal assets are protected from your business' liabilties (you won't lose your house or your car if an employee cripples somebody).
     
  3. tennissippi

    tennissippi LawnSite Member
    from zone 7b
    Posts: 77

    What if you choose not to get a tax I.D. #..I have been told to go ahead and pay the taxes on the products you buy that way at the end of each quarter you don't have to pay taxes on the products and the labor.
     
  4. PeachState

    PeachState LawnSite Member
    from Georgia
    Posts: 21

    When you talk to your lawyer tell him all of your short term and long term plans for the company. He will be able to help you make a decision on what is best for you.
    I got an LLC last year and everything has gone very smoothly. Couldn't be happier.

    Good luck. Phil
     
  5. Tscape

    Tscape LawnSite Bronze Member
    Posts: 1,370

    Tax ID # is similar to your social security number, only it ID's your company.
     
  6. SodKing

    SodKing LawnSite Bronze Member
    Posts: 1,648

    unless you injur someone with your mower, truck, etc...then they can go after your house, your income, your life.
     
  7. James Cormier

    James Cormier LawnSite Bronze Member
    from Ma
    Posts: 1,218

    That corp. shield can be pierced, dont be fooled into your protected just cause your a LLC
    neglect is neglect, anyway you slice it
    Straigt from a lawyers mouth
     
  8. Dennis Spencer

    Dennis Spencer LawnSite Member
    Posts: 108

    IF you live in MS. you can go to www.sos.state.ms.us
    Then go to forms,corporation then F0100 .cost 50.00
     
  9. tennissippi

    tennissippi LawnSite Member
    from zone 7b
    Posts: 77

    yeah...but I do some work in TN. I was informed to become a LLC in TN as well which is $300 plus an annual fee. I'm spraying the lawyers lawn so his fees have been waived..lucky me.
     
  10. Tscape

    Tscape LawnSite Bronze Member
    Posts: 1,370

    Being straight from a lawyer's mouth doesn't give it any extra weight. Lawyers will say that because they feel they can make a case, and it has precedent for being pierced. It is however a "Limited Liability Company" for that reason: to limit liability. They'll pierce you a lot faster and deeper if you are a sole proprietorship. Neglect is neglect. Don't be neglectful:D .
     

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