Getting an LLC

G

GrahamRobbins

Active member
Hey guys I am in the process of financing a feature. I own most of the equipment I need, so I am not trying to raise a ton of money here. I plan to get an LLC because I heard thats a good approach to get financing. I am relatively young at 19 so I would like to try and avoid being sued on my first feature. So my question is what do I need to do to get an LLC business license? I understand I need a buisness plan but what do I need from there?

Thanks,

Graham Robbins
 
You can do it online, man.
But you're best bet is to get a cheap lawyer to draw it up for you. I think mine charged me 75 bucks for his services.
Look at an LLC as a seperation of your business and personal assets, not a business license.
 
Ok cool that makes sense. I am probably going to get a lawyer, but what type do I need? Also if i were to do it online where would I go?

Thanks again

Graham Robbins
 
Having an LLC is really not all that it is cracked up to be, honestly. It makes sense to have one if you are turning alot (100k and up) of profit or if you employ a few people.

An LLC can be alot of hassle when you have to worry about the quarterly tax assessments and other such aspects of owning a corporation, unless you have an accountant who can handle all of that for you.

Also, the "corporate veil of secrecy" that so many people seem to think an LLC will provide them is not as strong for small businesses as it used to be, in terms of seperating your business and personal fianances and saving you from being sued.
I would really talk to a lawyer about this however and get their take on it.

Based on your age and the goals you want to achieve I would think a sole proprietorship with a good DBA would accomplish the same thing as having an LLC, and its a much easier way for someone to come into running their own business to learn the ropes, so to speak.

Just a thought...
 
Thank you for the advice guys I really do appreciate it. I have decided on going with an LLC, because my father is an accountant so he is handling most of the logistics. I am still going to check with a lawyer on some of the legalities because I happen to also know a business lawyer. I would have gone with a sole propriatorship had I not had those connections but because I wont have to handle the fuss im going to go with and LLC for the long run incase I hire some people, ect.

Thanks again I love this community,

Graham Robbins
 
GrahamRobbins said:
Thank you for the advice guys I really do appreciate it. I have decided on going with an LLC, because my father is an accountant so he is handling most of the logistics. I am still going to check with a lawyer on some of the legalities because I happen to also know a business lawyer. I would have gone with a sole propriatorship had I not had those connections but because I wont have to handle the fuss im going to go with and LLC for the long run incase I hire some people, ect.

Thanks again I love this community,

Graham Robbins
Click to expand...

Wow, sounds like you have a leg up then...good luck with your endeavor!
 
You can walk into your local Office Depot or Staples. They have the paperwork you need to file the LLC yourself. It should not cost any more that $25. Then you take that paperwork to your Secretary of State. Here in Georgia they charge $100. I'm not sure what they charge in your state, but it may be more or less.
Also, Be sure to get an EIN. You can file for that from the IRS. It is totally free. You can file for that by calling them directly. They will give it to you over the phone.
Getting a Dun and Brad helps too. DnB.com

All of this will help you along your journey as a businessman.

Good Luck
 
GrahamRobbins said:
Thank you for the advice guys I really do appreciate it. I have decided on going with an LLC, because my father is an accountant so he is handling most of the logistics. I am still going to check with a lawyer on some of the legalities because I happen to also know a business lawyer. I would have gone with a sole propriatorship had I not had those connections but because I wont have to handle the fuss im going to go with and LLC for the long run incase I hire some people, ect.

Thanks again I love this community,

Graham Robbins
Click to expand...


also, if you are the only person in your company (LLC) the IRS taxes it the same as a sole proprietorship and in the event you're sued it will be treated as such meaning you DO NOT have protection from someone suing you for your personal assets, etc. the only way to get the full benefit of an LLC is to have a partnership and be making money which is what it's designed for. i just found this out by reading and having some IRS conflicts last year when filing my return. Everything got straightened out, but it was a hassle. i recently created an S-Corp for my production company in addition to the LLC I already have. all this can be done online, it's just a matter of knowing what forms to fill out and reading them. i got my business name registered, tax ID, etc all in one day by doing it online.
 
Nascency Chris said:
Having an LLC is really not all that it is cracked up to be, honestly. It makes sense to have one if you are turning alot (100k and up) of profit or if you employ a few people.

An LLC can be alot of hassle when you have to worry about the quarterly tax assessments and other such aspects of owning a corporation, unless you have an accountant who can handle all of that for you.

Also, the "corporate veil of secrecy" that so many people seem to think an LLC will provide them is not as strong for small businesses as it used to be, in terms of seperating your business and personal fianances and saving you from being sued.
I would really talk to a lawyer about this however and get their take on it.
Click to expand...


exactly....and when talking to a lawyer know what questions to ask so you don't find out the hard way.
 
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