Starting a business down the road........

redice357redice357 Posts: 1subscriber
edited January 2008 in Watercooler Talk

I have a business idea and business name picked out, and I am currently considering forming an LLC. I live in the state of Michigan. Does anyone know what the legal consequences would be if I were to form this Limited Liability Company, but not actually CONDUCT any business for a year or two down the road.
Would I need to file quarterly & yearly tax forms and/or have meetings when I have not yet opened the doors on the business?

Comments

  • redice357redice357 Posts: 1subscriber
    With the little research that I have done, it is legal and possible to incorporate a business in another state. I believe Delaware is very popular along with Nevada. As far as Michigan goes, a Limited Liability Company is the way to go for my situation.
    Back to my original question: Does anyone have any in sight into what happens if you form a corporation or LLC, but do not conduct any business for a year or two. Would I still need to submit quarterly and yearly tax forms and/or conduct the required meetings? Or does the company not technically exist until you conduct your first sale or transaction?
    Any advice or opinions would be greatly appreciated.
  • stonesledgestonesledge Posts: 8subscriber
    Yes, yes, yes.. Still have to file even if it is 0 and required meetings etc.
  • redice357redice357 Posts: 1subscriber
    Does anyone know if there is a way to legally RESERVE a business name without forming a corporation then?
  • redice357redice357 Posts: 1subscriber
    I should have phrased it as follows:Does anyone know if there is a way to legally RESERVE a business name without forming a separate legal entity? (Strongly leaning towards an LLC)
    Currently my present job is going to support me through 2008 and possibly early 2009. I would like to spend this year planning certain aspects of the business, including designing a website, working on a logo and other details. Before I can do any of this I need to secure a name. I would like to avoid the hassle of filing taxes and dealing with those legal issues until I actually launch the business.
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