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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!
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Comments

  • 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
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  • MNGrillGuyMNGrillGuy subscriber Posts: 2 Member
    An LLC can be one person, at least that is the rule in MN.
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  • 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!
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  • 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!
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  • 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.
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