Single member LLC.... Who has one? Looking for advice.

[Fatal_Bert]

Who here owns a small business and operates as an LLC? Looking to swap Hiland Arms over from a sole proprietorship to an LLC.
Particularly looking for advice from people who have done the same, swapped from sole proprietorship to LLC. Was it worth it? What mistakes did you make early on?

Is there any online service provider you'd recommend?

I'm currently looking at using legalzoom to set it up for me. Seems idiot proof. Anyone have experience with legalzoom?

Talk to me like I'm retarded.

 

[Plinker66]

1. Georgia sos website.
2. Federal tax Id number
3. Business license
4. Bank account

You can do it

 

[Crochet556]

IN 4 info.

 

[NDIrish1]

1. Georgia sos website.
2. Federal tax Id number
3. Business license
4. Bank account

You can do it

This………

 

[WallsGa]

Who here owns a small business and operates as an LLC? Looking to swap Hiland Arms over from a sole proprietorship to an LLC.
Particularly looking for advice from people who have done the same, swapped from sole proprietorship to LLC. Was it worth it? What mistakes did you make early on?

Is there any online service provider you'd recommend?

I'm currently looking at using legalzoom to set it up for me. Seems idiot proof. Anyone have experience with legalzoom?

Talk to me like I'm retarded.

Pay one of the good guy lawyers on here $200 to do it. Legalzoom is a clusterf*ck waiting to happen. Other than that the process really is idiot proof.

Your accountant can detail the benefits if there are any. There aren’t always. My SP is a side hustle and a great tax deduction, not my main source of income. My CPA recommended keeping it as a sole proprietorship. There are additional yearly fees and somewhat more detailed record keeping required for an LLC.

 

[GAgunLAWbooklet]

I'm not experienced at business and corporate law and haven't studied those issues since I passed the bar exam,

but I have worked with and for lawyers that do a lot of work for small businesses and start-ups and they've advised clients about the different forms of business ownership. One thing a lot of laypeople (clients) believe is that there's an absolute bar to liability for anything that goes wrong if you have an LLC or an Inc. corporation.
Not so.

This online article from nolo.com explains it pretty well.

LLCs and Limited Liability Protection

Find out what type of limited liability protection you and your business get from an LLC.

www.nolo.com

 

[GAgunLAWbooklet]

Quote: The owner or employee who committed the act might also be personally liable for his or her actions,

but a co-owner of the LLC who was not involved in the act or wrongdoing would not be.

*************

Another theoretical benefit involves the business' debts, but in the real world (as a practical matter) will anybody extend your business a line of credit without having a corporate officer sign and acknowledge personal liability as a guarantor of the debt?

 

[MegaFan]

1. Georgia sos website.
2. Federal tax Id number
3. Business license
4. Bank account

You can do it

For single member LLC, as per the title, you only need an EIN (employee ID/fed tax number) if there are employees or excise tax liabilities. If you receive payment for services via a 1099 form, your SSN is used instead of EIN, and taxes are filed via Schedule C instead of a 1065 Partnership return used by a regular multi-member LLC.

Business license is not always needed, depending on services performed vs. retail sales, etc.

GA SOS website is a piece of cake and annual filings ask no questions; you remain in good standing by simply paying the $50 annual registration fee.

You do need a registered agent in the state, which can be the LLC owner.

LegalZoom is one of many that make it easy to do.

Not a legal expert and offering no legal advice... just ramblings from 40 years of operating several LLCs, including single and multi-member.

 

[wade_660]

My father in law (lawyer) in Thomaston just set one up for my wife. give me a shout if you want his contact number.


Sent from my iPhone using Tapatalk

 

[Plinker66]