How do you start an L.L.C.?

Cerberus · 08-05-2005, 09:50 AM

see title.

Ghryphen · 08-05-2005, 12:32 PM

By filling out a form and paying some money

STUWEY · 08-05-2005, 02:09 PM

Whats an L.L.C. ?

Stang · 08-05-2005, 04:30 PM

Limited Liability Company

Thinkin of making one up Jester? Whatcha gonna do?

Ghryphen · 08-05-2005, 06:31 PM

Been a while since I messed with the LLC stuff, so I am a bit rusty. You have to write up an operating agreement and register for a tax id number (EIN), and fill out a form you can get on the WA.gov site. Probably cost around $90 to complete it all and it is about $60 a year to renew the license.

They make some kits that will get you through it, I would probably go that route myself next time.

Gambit · 08-05-2005, 08:27 PM

Stu, the LLC is a legal category of business whose main purpose is to protect the people that run it or invest in it from being sued out of house and home. It's not as complicated or expensive to run as a full-blown S-corp or C-corp, and other business entities such as single-proprietor or partnership don't do squat in this regard. On the downside, you don't get the tax advantages of schedule S or C.

See, without such legal protection, I could own any amount of stock in Huge Giant Company X, which makes a colossal Enron-style boo-boo, and then get held responsible for a portion of HGCX's legal damages - which might or might not be equivalent to the percentage of shares owned by me. Without such protections, businesses would have a hard time raising money and there would be no such thing as "venture capital." Well, there might, but it'd be a heck of a lot harder to get.

Raiyven · 08-07-2005, 09:57 PM

ooo, there's my lesson is business for today

Thanks Gambit, i didn't know what it meant until now either. Good show

08-05-2005, 09:50 AM	#1
Cerberus One bad mofo'n Hound Join Date: Mar 2001 Location: Your Mom's House Age: 47 Posts: 1,319	How do you start an L.L.C.? see title. __________________ Tribes:Ascend Play it today for free

08-05-2005, 12:32 PM	#2
Ghryphen THZ Founder Join Date: Mar 2001 Location: WA, USA Age: 50 Posts: 3,927	By filling out a form and paying some money __________________ The Hounds of Zeus \| Allied Tribal Forces

08-05-2005, 04:30 PM	#4
Stang Team Captain Join Date: Mar 2001 Location: Everett, WA, USA Age: 50 Posts: 3,859 Xbox Leaderboard: 1^st	Limited Liability Company Thinkin of making one up Jester? Whatcha gonna do? __________________

08-05-2005, 06:31 PM	#5
Ghryphen THZ Founder Join Date: Mar 2001 Location: WA, USA Age: 50 Posts: 3,927	Been a while since I messed with the LLC stuff, so I am a bit rusty. You have to write up an operating agreement and register for a tax id number (EIN), and fill out a form you can get on the WA.gov site. Probably cost around $90 to complete it all and it is about $60 a year to renew the license. They make some kits that will get you through it, I would probably go that route myself next time. __________________ The Hounds of Zeus \| Allied Tribal Forces

08-05-2005, 08:27 PM	#6
Gambit Forum wh0re Join Date: Apr 2001 Location: DFW area, TX Posts: 744	Stu, the LLC is a legal category of business whose main purpose is to protect the people that run it or invest in it from being sued out of house and home. It's not as complicated or expensive to run as a full-blown S-corp or C-corp, and other business entities such as single-proprietor or partnership don't do squat in this regard. On the downside, you don't get the tax advantages of schedule S or C. See, without such legal protection, I could own any amount of stock in Huge Giant Company X, which makes a colossal Enron-style boo-boo, and then get held responsible for a portion of HGCX's legal damages - which might or might not be equivalent to the percentage of shares owned by me. Without such protections, businesses would have a hard time raising money and there would be no such thing as "venture capital." Well, there might, but it'd be a heck of a lot harder to get. __________________ XMEN member Card-carrying DTM OKL Fish-napper Though a program be but three lines long, someday it will have to be maintained. -The Tao of Programming

08-05-2005, 02:09 PM	#3
STUWEY Forum Regular Join Date: Mar 2001 Location: Right behind you Age: 41 Posts: 242	Whats an L.L.C. ?

08-07-2005, 09:57 PM	#7
Raiyven Big Bad Thread Boogeyman Join Date: Nov 2004 Location: Burlington, ON. Age: 42 Posts: 406	ooo, there's my lesson is business for today Thanks Gambit, i didn't know what it meant until now either. Good show __________________ "For in that we are both especially daring and especially thorough in calculating what we attempt, we can truly be distinguished from other men, for whom ignorance is boldness but calculation brings hesitancy. Rightly would they be judged strongest in spirit who recognize both dangers and pleasures with utmost clarity and are on neither count deterred from risks." - Thucydides, The Peloponnesian War: 2.40, "The Funeral Oration of Perikles" (431 BCE)

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