Need advice on starting an LLC

broncosbybart

broncosbybart

Is it 5 YET?
Joined
May 15, 2008
Location
Charlotte, NC
So, where better to ask than on a 4x4 forum...

I'm looking to do some investing/flipping/renting of houses (like many of us who were in the field). I've done it all before as an individual and think it might be time to start an LLC mainly to protect our house/things.

I really don't know anything about starting something like this from a paperwork standpoint. Anyone have any advice?

Thanks guys!
 
You still got my number? LLC was the way to go for me, less paperwork/reports etc than an S-corp, and just stood out as the way to go for a small/personal business.

The secretary of state website has good info and you can go through that web site to file the paperwork for formation of the entity, federal EIN etc. You can also find info on Legalzoom.com and use them to file your paperwork for you (for a fee), or do one of their package deals where you get a bunch of other services too. I'm no expert but have been dealing with the same issues recently.

Feel free to give me a call whenever and I can relay what I have done/learned in the recent past.
-Kyle
 
Charles my company is a LLC. My lawyer took care of everything, cost me around 300-400. Also if you need help with any work give me a call, I do ALOT of work for a few investors in charlotte. Goodluck
 
Although I filed as an S-corp many years ago, my accountant did it all and shes right down the road from you. PM me if you want more info.
 
Fill out a form, cut a check to the Secretary of State ($250?), then submit your annual report every year with a check for $200.

Pretty easy. Not sure why you'd want to pay an accountant or attorney to handle it. Probably better that you understand the process yourself.
 
shawn said:
Fill out a form, cut a check to the Secretary of State ($250?), then submit your annual report every year with a check for $200.

Pretty easy. Not sure why you'd want to pay an accountant or attorney to handle it. Probably better that you understand the process yourself.
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I learned this the hard way. I thought I needed a lawyer but ultimately didn't. I ended up paying him $750 but I do get to write it off later. Just sucks having to take that kind of chunk out of your initial start up fund.

I chose LLC over S-type Corp for a few reasons. Mainly paperwork. S-type have to have bylaws, annual meetings, board of directors, shares in the company, etc. it's really not that bad but I'm too lazy to keep up with all of that. the annual filing fee is more for an LLC than S-type but if your business ever gets large enough they can tax you 15% of the company's worth. I didn't want to get into that hassle so I kept it LLC. LLCs are straight up $200 each year regardless. The best place to spend your money is with an accountant. they can tell you more about how to set it up and segregate it from your income.

I've got my meeting with my lawyer on Thursday to wrap up the details and apply for my tax ID #. then I go get my farm status so I can get tax free stuff and I'm off to the races. good luck with your business. mine will fledge out in March :D
 
EIN you can do online, too. The only thing I can't remember off the top of my head was what order those things had to happen in. I think you had to have the LLC first, then the EIN, then you could get a bank account for the business.
 
correct. we just got our LLC 2 weeks ago so i worked a deal with the lawyer and we're lumping all those services in together for the fee he asked for (LLC, EIN, farm status, etc.). i'm also going to see if I can get him to do my trademark as well. hell for $750 I better get something more than a one page piece of paper filled out.
 
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