We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co

Questions about LLC

opieopie subscriber Posts: 15
edited December 2006 in Business Planning
Totally new to the business scene, and I freely admit I don`t know what I`m doing!  I create a product that I wish to sell to upscale children`s boutiques.  I think I want to structure under LLC, as it seems too risky to structure under myself (would like to keep my assets, thank you!).  Do I need a partner to structure under LLC?  What exactly do I need to do for LLC?  What kind of fees am I looking at?  Are there any downfalls to structuring under LLC?  What about licenses for new business?  Like I say, I am brand spanking new to all of this, so any advice would be greatly appreciated.  Thanks!


  • NuevolutionNuevolution subscriber Posts: 30 Bronze Level Member
    Opie,Form what I understand, in order for you to have an LLC there must be other parties of interest, because an LLC is a Limited Liability Corporation, which means its considered a partnership with the exception that it has the corporate veil to protect your assests [which is what you are trying to do]. What I am suggesting for you to do is, if you want for your company to have one owner, go with a C-corp status and a Sub-chapter S filing. As a C-Corp you can be the Single owner playing all 4 major roles: president, Vice-president, Treasurer, and Secretary. But before I venture into this, I would check with your State`s secretary of State to assure that it can be done in your state.I know there are some states that do not allow for a corporation to have only one owner. If you Claim the Sub-Chapter S status, that means all the company`s earnings at the end of the year will be passed on to you. you can check out www.llc.com</A> 
    I hope this can help you in your Journey
  • MNGrillGuyMNGrillGuy subscriber Posts: 2 Member
    An LLC can be one person, at least that is the rule in MN.
  • opieopie subscriber Posts: 15
    Don`t you need to actually live in the state in which you form a business structure?  I live in Montana, so don`t I need to form an LLC in Montana?  I would like to sell to other states, not just this one, but have no plans for a house in Miami just yet!
  • opieopie subscriber Posts: 15
    Thanks Jeff!  Thanks to everyone else, too, for your input.  I`m sure you`ll all have your fill of seeing my posts before I`m up and running.  Probably after I`m up and running, too!
  • rajinenterprisesrajinenterprises subscriber Posts: 3
    To my knowledge you don`t have to incorporate in the same state your in. Alot of businesses incorporate in Delaware and Nevada due to low fees and other benefits.
Sign In or Register to comment.