Forming an LLC
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@scottalanmiller said in Forming an LLC:
Eddie and the Mangoes, Limited.
Perfect. It sounds like an music group with IT experience.
LoL. -
Eddie Jenning Services, LLC.
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I decided on Eddie Jennings Services, LLC. Now I get to contact the Secretary of State's office (Georgia) on Tuesday, since (despite being less than 80 characters and me typing it 100% correctly on the web page) my confirmation E-mail for my name reservation reads "Eddie Jennings Services," rather than "Eddie Jennings Services, LLC" (yes, Eddie Jennings Services comma).
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@eddiejennings said in Forming an LLC:
I decided on Eddie Jennings Services, LLC. Now I get to contact the Secretary of State's office (Georgia) on Tuesday, since (despite being less than 80 characters and me typing it 100% correctly on the web page) my confirmation E-mail for my name reservation reads "Eddie Jennings Services," rather than "Eddie Jennings Services, LLC" (yes, Eddie Jennings Services comma).
I'm not the only one with an injection attack radar yelling loudly in my head am I?
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@travisdh1 said in Forming an LLC:
@eddiejennings said in Forming an LLC:
I decided on Eddie Jennings Services, LLC. Now I get to contact the Secretary of State's office (Georgia) on Tuesday, since (despite being less than 80 characters and me typing it 100% correctly on the web page) my confirmation E-mail for my name reservation reads "Eddie Jennings Services," rather than "Eddie Jennings Services, LLC" (yes, Eddie Jennings Services comma).
I'm not the only one with an injection attack radar yelling loudly in my head am I?
I completed their "Report a Problem" form. Oh well. This will get solved one way or another. I simply wasn't expecting the name reservation process to be as much of a source of stress.
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A LLC is, historically, newer form of business entity, which for tax purposes can elect to be taxed as many different ways. If a single member, by default it will be taxed as a disregarded entity (sole proprietorship). If multiple members, by default a partnership, or if elected, a S-corp or C-corp. While being a state entity, a LLC is not a corporation, but has many similar liability statutory protections, just like a corporation, but generally has less of the formalities as a corporation. If naming has conflicts, in most states you can do a nontaxable reorganization to change names, etc.
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@spiral said in Forming an LLC:
A LLC is, historically, newer form of business entity,
It's not just newer historically, it's still newer today
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That is correct. LLC's still do not have much judicial history in the courts to know how certain facts and circumstances will play out in court.
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And for Delaware LLC, they have a $250 annual fee for LLCs, but many states have much less fees or only one first time initial fee of $50, such as for Missouri.
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Corporations in comparison, have annual registrations, corporate minutes, and other corporate formalities to comply with, in order to keep the business entity intact without the state doing an administrative dissolution, because of failure to comply.
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So, in general, you have state entities, and elected tax treatments, for which the LLC, a state business entity, is the chameleon, which has the flexibility to be elected to be taxed in such a way that best suits the facts and circumstances.
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In addition, not sure if applicable, but "Series LLCs", are even a newer form of LLCs, which have even more functionality, but less statutory history, however, probably not applicable in this case, but used more commonly in multiple rental property unit situations.
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@spiral said in Forming an LLC:
Corporations in comparison, have annual registrations, corporate minutes, and other corporate formalities to comply with, in order to keep the business entity intact without the state doing an administrative dissolution, because of failure to comply.
LLC has some, too, but not very much.
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@travisdh1 said in Forming an LLC:
@eddiejennings said in Forming an LLC:
I decided on Eddie Jennings Services, LLC. Now I get to contact the Secretary of State's office (Georgia) on Tuesday, since (despite being less than 80 characters and me typing it 100% correctly on the web page) my confirmation E-mail for my name reservation reads "Eddie Jennings Services," rather than "Eddie Jennings Services, LLC" (yes, Eddie Jennings Services comma).
I'm not the only one with an injection attack radar yelling loudly in my head am I?
Apparently removing the LLC part was expected behavior (not sure why that would be the case). TL;DR = According to the Secretary of State rep, all is fine.
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I used a lawyer to from mine about 4 years ago. I know some people have said to do it yourself, but this is a lot like IT. You might be able to do it yourself, but
a. isn't your time better spent on your main business,
b. do you recommend that people learn how to do complicated IT stuff for a one time project or hire a pro that does hundreds of them a year?
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@mike-davis said in Forming an LLC:
I used a lawyer to from mine about 4 years ago. I know some people have said to do it yourself, but this is a lot like IT. You might be able to do it yourself, but
a. isn't your time better spent on your main business,
b. do you recommend that people learn how to do complicated IT stuff for a one time project or hire a pro that does hundreds of them a year?
Not diy, LegalZoom. Does this sort of simple thing more often than any lawyer could.
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I'm not in the typical business situation. This is an LLC for my side projects, so I'm not as concerned with the time spent. Also, it seems to make sense to file the Articles of Organization myself (saves on fees) since that document is truly a simple one -- at least for Georgia. Later, if I want to create an Organization Agreement between my LLC and I (since this will be single-member LLC), I would employ the service of an attorney, as the complexity of said document is beyond the reasonable scope of DIY.
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@eddiejennings said in Forming an LLC:
I'm not in the typical business situation. This is an LLC for my side projects...
That's actually VERY typical.
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@scottalanmiller said in Forming an LLC:
@eddiejennings said in Forming an LLC:
I'm not in the typical business situation. This is an LLC for my side projects...
That's actually VERY typical.
True. I mean atypical in the sense that the extra time it takes me to do this, isn't of great consequence to me (from @Mike-Davis 's comment).
