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Discussion in 'Business Operations' started by 1mowlawn, Feb 27, 2003.
I live in Belleville, IL
Could I set up an LLC myself or is this need to go thru an attorney? Also does Quick Book download into TurboTax, or will it be better to let an accountant do the taxes.
You can go LLC over the Internet...I did and it was a complete waste of money. Those companies that offer to help you do it give absolutely no legal assistance at all.
I STRONGLY suggest you spend an hour with an attorney and get answers/recomendations on being a LLC. You won't regret it, believe me.
Don't make the same mistake I did a year ago by trying to "save" some money and doing it yourself.
It is different state to state, but we just did all the paperwork to set up a LLC in Nebraska. The prices with the attorneys really varied, anywhere from $450 to $850 plus the state fees. We were going to go ahead with an attorney until I found out they were charging me to do a name search (the state does that for free) and they needed me to give them an additional $250 for "state filing fees" the state only charged me $120 so I'm not sure who was getting the extra $130. We bought a book at Barnes and Noble to get the operating agreement, it wasn't a big deal at all. In Nebraska the Secretary of State handles inc and llc and they have a fill in the blank form on their web site to set up a llc. I would advise getting together with your cpa to decide how you want to set it up for taxes. You can designate to the IRS if you want to be treated as a partnership, sole proprietor, or a corporation for tax purposes.
This is what we did also. Consulted with our CPA and then became LLC online with the state for $120. It may vary state to state with that cost, I guess you would have to check. Very, very simple to do. Giving an attorney money at your present state of business is a waste. For what you are doing, just stay sole proprietor for now.
You may need a sellers permit for filing your taxes. This you will have to find out from your state.
Deduction issues? Simply, at the least, save your receipts. Any good accountant can make do with those for the time being.
Try a tax attorney instead of a CPA. What the two of discuss is stays in the room. A CPA does not offer that privilage.
Regarding LLC - I did a search on Illinois LLC and found a site that looks as if they could get someone setup as LLC. WWW.legalzoom.com have any of you used this site ?
We looked at legalzoom and a couple of others on the net, not enough cheaper than using a local attorney. That is why we had decided to go with a attorney until we found out they were charging for expenses they wouldn't incur.
just checked out the secretary of state for Illinois web site, wow your requirements for setting up a LLC is a lot more involved than in Nebraska. We set ours up with a couple of hours of work, but after looking at the requirements for Illinois, I would either stay a sole proprietor or run to an attorney.
As everyone has said it is cheaper online, but if you are not familiar with the whole process I would recommend talking to a lawyer or CPA. I am not sure about LLC, but when I incorporated, there was ALOT more that needed to be done besides just the Inc.. Tax Id #'s, SS, employer Id#'s, etc. you only do it once, might as well pay to have it done right!