LLC easy or hard way

[W4RHRSE]

There are a number of ways to start an LLC and there are websites allowing you to start one for dirt cheap. However, sit with a lawye and they will say you need their services and the websites do not cover all the ins and outs of competely setting up an LLC. However, I have to think they are biased.

Can you set up an effective LLC to safeguard you and your wealth online or is it better to pay more and get a lawyer to do it?

 

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[Ron Dee]

I talked to several lawyers over the phone before I incorporated. Typically they offer a free consultation and will answer many of the general questions you have. When I first incorporated my business I met up with an attorney and discussed several topics. He understood I was bootstrapping a business and didn't have a large budget. He said that there were things I could do myself and save some money. No one here can give you legal advice. The way I looked at it was if I am going to build a business worth hundreds of thousands of dollars whats a few thousand starting it on a solid foundation.

 

[Justin Gesso]

It depends on two things:

1. Do you know an LLC will protect your interests in the situation you're heading into? If not, good to research and probably talk to an attorney.
2. The state in which you'll setup your LLC. Each state is different. I'm in Colorado and it's super easy and cheap to setup and maintain an LLC. In fact, it's probably more work to have someone else do it for me.

 

[JasonR]

Can you set up an effective LLC to safeguard you and your wealth online or is it better to pay more and get a lawyer to do it?

If you have enough money to be worried about protecting your wealth, what do you think the right answer is?

Pinging @GlobalWealth

 

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[GlobalWealth]

If you are serious about your business it should be done right the first time to eliminate future issues.

Do you know which state is the best for your situation? Do you need and LLC in your home state?

Are you concerned about privacy? Are you concerned about ongoing fees?

Do you know how to draft a proper operating agreement? Should your LLC be member managed or manager managed?

If you are serious about your business and don't know the answers to this, this is not DIY.

Sent from my SM-G900FD using Tapatalk

 

[sWALK90]

I probably didn't need one but i still set one up, just in case Cause you never know...

i could pay it at once but broke it up in payments..150 for 3 months...




Rather pay this now then lose my house in a few years

 

[W4RHRSE]

The way I looked at it was if I am going to build a business worth hundreds of thousands of dollars whats a few thousand starting it on a solid foundation.

Thank you much for your input! Obviously, I do not want to build my foundation on sand, but I had to wonder if there was a differance.

 

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[W4RHRSE]

If you have enough money to be worried about protecting your wealth, what do you think the right answer is?

Pinging @GlobalWealth

I dont have the wealth yet. But, soon.

Thank you for your reply and ping!

 

[W4RHRSE]

If you are serious about your business it should be done right the first time to eliminate future issues.

Do you know which state is the best for your situation? Do you need and LLC in your home state?

Are you concerned about privacy? Are you concerned about ongoing fees?

Do you know how to draft a proper operating agreement? Should your LLC be member managed or manager managed?

If you are serious about your business and don't know the answers to this, this is not DIY.

Sent from my SM-G900FD using Tapatalk

Thank you Global Wealth! I appreciate your honesty and rapid response!

 

[OldFaithful]

When I setup my LLC, I first contacted a local professional. Their advice was to simply use the state's website since everything is so simple here. Indeed it was incredibly easy. The state gov website has a simple "walk thru" site for setting up an LLC. I researched/googled the meaning of the various picks and the effect on ownership/management. It only took about 10 minutes to setup the LLC on the website but I spent several hours looking up the info to make more informed decisions. The fee was around $80 and paid online via CC.

 

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