6 Replies - 2703 Views - Last Post: 04 September 2012 - 06:56 AM

#1 creativecoding  Icon User is offline

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Making an LLC

Posted 20 August 2012 - 01:40 AM

So I'm going to be creating an LLC soon in hopes of having a more professional name, I guess. But anyways, I want to know if I should know anything about the process or things I should look out for. I can supply the paperwork filled out (it's done through an online form) if it's needed.
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Replies To: Making an LLC

#2 no2pencil  Icon User is online

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Re: Making an LLC

Posted 21 August 2012 - 11:48 AM

Do it with the state of Washington (because that's where you live). Don't bother using a 3rd party service, they just fill out the form for you, & collect the difference.
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#3 creativecoding  Icon User is offline

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Re: Making an LLC

Posted 22 August 2012 - 06:32 AM

Yeah that's what I ended up doing. I paid an extra $20 in order to get expedite and I pretty much got my LLC filed overnight.

Pretty awesome, but is there anything I should look out for on the business/laws side of things? Right now I'm giving my LLC it's own email, website+hosting, and bank account in order to separate it from me as much as I can. I heard this is the best way to ensure if it's ever sued, my assets cannot be reached (whereas using a personal account with my LLC can get my personal funds taken).
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#4 Finney_3  Icon User is offline

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Re: Making an LLC

Posted 04 September 2012 - 04:45 AM

You really should be all set with the LLC, I have an LLC and that's only so if there are any issues with clients they can sue the company and not me directly so my personal assets will never be effected. I'm not sure what your take is on this or if you have even looked into but maybe insurance to help cover some issues if your company really is not that big and making tons?

Good luck
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#5 RudiVisser  Icon User is offline

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Re: Making an LLC

Posted 04 September 2012 - 05:20 AM

Not sure about America, but in the UK if a director shows negligence in the management of the company, your personal assets can still be affected, so don't get too cosy on just that point.

Again, I'm only talking from a UK perspective, but an LLC/Ltd requires to be separated from your personal assets, it's not a choice of whether you have a separate bank account or not, or a separate domain or point of contact it's the law.

You also have to remember that the business is not you. This is 1 key point that many people seem to miss, it is no longer "Rudi Visser" and yeah btw you can pay "Whatever Ltd", you become the business for all of your dealings. This means you don't immediately just go buying shit on your company bank account (because everything needs to be accounted for), and you can't just withdraw a load of money to your own account/cash (personal tax reasons). There are also several statutory (again UK but I'm assuming this is the same) requirements that you now have to deal with, including having an accountant and filing annual returns.
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#6 no2pencil  Icon User is online

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Re: Making an LLC

Posted 04 September 2012 - 05:34 AM

View PostRudiVisser, on 04 September 2012 - 08:20 AM, said:

Not sure about America, but in the UK if a director shows negligence in the management of the company, your personal assets can still be affected, so don't get too cosy on just that point.

The example I always use is if I go into company X & there is a power surge, & they sue me for loss of data, the insurance company will fight it in court in defense of the LLC.

If I go into same company X & type mkfs & trash all their data because I can, the company will sue me as an individual.

The LLC does not protect against absolutely everything.
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#7 jimblumberg  Icon User is online

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Re: Making an LLC

Posted 04 September 2012 - 06:56 AM

Also note that because you are a minor there may be other regulations that may affect you, in regards to legally creating an LLC. You may want to get some advice on this issue. There are probably sources of free legal advice you can consult to see if there may be a problem.

Jim
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