Forming LLCs

[Drew]

Does anyone have any experience with buying a pre-made LLC from an online company?  What about filing for an LLC yourself?  It doesn't seem like it should be that difficult, and you could save yourself the $600.

[NoMoneyDown]

Hey Drew.  I'd like to know the same thing.  From the Texas LLC form, it appears all you need is the blessing of an approved agent or other legal entity and $200 - that's it.  The one downside I saw is that LLC's in Texas must pay a franchise tax.  I heard (but can't confirm) that they only collect the fee if your proceeds exceed $150,000.  Again, I'd like concrete answers, too, but I may just see a CPA for peace of mind.

[aak5454]

go to the website of your state and most if not all of your questions will be answered in plain english.  Each state is a little bit different, but in any event, forming an LLC is clearly a do-it-yourself process unless you like to waste money.

[Roger J]

Forming an LLC is pretty simple.  However, making the articles of incorporation, operating agreement, etc., etc., is the real trick, not to mention keeping up the paperwork properly and "having" the necessary meetings, etc.

If you have never owned/run a business entity before, it still may be a good idea to speak with your attorney.  You probably also should run it by your tax advisor as well.

Raj

[John Hyre]

Roger is totally correct.  Setting up an entity is child's play.  Knowing which one to select and how to run it is a different matter altogether.

John Hyre