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I'm creating an LLC (need advice)

Panthro

By Panthro,
in Huddle Lounge

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Panthro Community Regular

Panthro

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I have a couple different ideas/companies that I am working on and would love some input from people on forming an llc. Any do's and dont's I should look out for?

As of write now I am going to have 2 DBAs under this llc each DBA is me partnering with a different developer to deliver me a product/application. I have basic agreements in place between them as far as cost and revenue splits.

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Panthro Community Regular

Panthro

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Since you are having partners, make sure that you have a legal and official business model and operating agreement. That's really all you need to cover your ass. The actual formation with the state is very simple.

thanks. Ive been reading up on and have begun drafting an operating agreement.

Can I limit partnership in the other DBAs? Can I be specific about who was what right to what profits?

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Floppin Grand Master

Floppin

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thanks. Ive been reading up on and have begun drafting an operating agreement.

Can I limit partnership in the other DBAs? Can I be specific about who was what right to what profits?

You can. You can even have separate operating agreements for each dba

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Panthro Community Regular

Panthro

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My brother and I set up an LLC. Depending on the type of business you have, it may be better to incorporate in another state.

We were just creating a web company, so we incorporated in Wyoming because it was super cheap and there are no taxes.

Yeah I'll be delivering some hosted applications so perhaps I need to look at Wyoming. Doesn't really matter where we are.

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Happy Panther Grand Master

Happy Panther

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I was an LLC. Just used legalzoom and they were fine.

But it was tax advantageous to set up as an S-Corp, pay myself a salary and then take distributions. Saves like $6k a year so not earth shaking but still. That is where I am now.

I guess what i am saying is investigate other corporate structures and find a really good tax attorney.

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the butch Newbie

the butch

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filing is the easy part. business expertise is what is really required. consult a cpa. talk w/ the other partners about their expectations. DO EVERYTHING ON THE FRONT END. also consider registering as an s corporation, which offers many of the benefits of incorporation w/o the negatives, such as pass-through taxation and different classes of stock.

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pstall Newbie

pstall

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wait to you get to making more dinero for an LLC. s-corp as happy said is the more prudent move first and move up. LLC's are good if you have the ability to write off equipment etc as well as depreciation or utilizing pass thru.

passive income is something else to consider. then ya got general partner's and all that jazz.

do the s-corp to get your feet wet and build your own portfolio/cache, then re-evaluate from there.

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