Starting an LLC - Any pointers?

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I am starting a Florida LLC. I have already done everything, just waiting on the cool FEDEX package to arrive in the mail.

I am going to open a new bank account and get a credit card for the LLC.

Anyone have any other pointer to make things easier or keep things better organized?

Obviously, everything must be 100% legit.

Should I create a website for the LLC? Not sure what I would put there, just wondering if there is a benefit to it.

I know I should have done this long ago - but better late than never I guess. LOL

Allen
#main internet marketing discussion forum #llc #pointers #starting
  • Does THIS help at all, Allen?

    The Details Behind Starting an LLC For Your Small Business – Part 1 | The Smart Passive Income Blog

    (Part 1)
    • [1] reply
    • ...and, I don't think it's necessary to make a website for your LLC...
  • Awesome thanks! - I will read it in the morning. Gotta go be domestic.

    Cheers,
    Allen
  • Good start so far.

    With the bank account, obviously make sure you don't commingle funds as that's a big no-no. Open up a separate paypal account as well and connect it with your bank account.

    I'm not sure if they did the LLC operating agreement for you, but these are pretty straightforward usually. I'm assuming you'll be the sole member? It depends on the state, but most states require something like a President, Treasurer and Secretary at a minimum, and one person can be all 3 of those things. I would just try to keep some basic corporate formalities. Like have a meeting (of yourself, lol) at least once year and record minutes for it. You don't have to file them or anything but keep them organized somewhere.

    Out of curiosity, why Florida? Florida doesn't have a state income tax which is good, but its not one of the havens for new entities so i'm assuming that its not one of the cheapest in terms of yearly filing fees.

    If someone runs, say, a 7-eleven and wants to form an LLC, it usually makes sense to open it where you actually conduct business, because if you formed somewhere like Nevada LLC, then you would have to file as a foreign corp and file in Florida (if that's where you live) anyways, so you don't get the benefit of a place like Nevada.

    But, if you run an internet business, and your business is conducted in the digital world, and you can likely just form in which ever state you wanted to and not have to file as a foreign corp in your own state as you aren't conducted business in your home state.

    For instance, I formed a Wyoming LLC (although I live in Pennsylvania), as there is no income tax and it has the cheapest yearly filing fees.

    P.S. A website certainly isn't required from a legal standpoint, and I would only create one if you actually needed one for your business.

    Tom

    • [1] reply
    • If you live in PA you will have to pay PA taxes even if you incorporated in Nevada. Just because you don't have a 7-11 does not mean you get out of paying taxes by incorporating out of state. You most likely need to operate a foreign entity in PA.

      Did an accountant/lawyer arrange that setup for you?
      • [2] replies
  • For god sakes keep your minutes up to date.
  • Allen,

    I would be interested in what you find out. I live in Florida also and am getting close to needing to do this.

    Thanks,

    John
  • Well, I do have an office in Downtown Tampa, Florida. And that is the address I have used in filing. This is why I chose to use Florida...that's where the business is physically located.

    Got an email today that the name I wanted is too close to another Florida entity - gotta think of a new name now.

    Listen y'all - I am not looking for shortcuts or ways to not have to pay additional money. I don't care about the money. I don't want to do anything that could even be thought of as shady.

    I simply want some tips for running the business - how to keep records, when to do certain things, how to best keep records, how much ahead of time to file renewal, any little known tax breaks or business perks?

    Thanks
    Allen
    • [1] reply
    • I've got a pointer for ya, start building your corporate credit using the LLC's tax ID number. I got started with building our corporate credit with our LLC with places like Staples, Office Depot, Starbucks, etc. and built up a very nice credit line with various vendors which made it easier to get credit lines at financial institutions. Really came in handy when I needed funds to expand in the early 2000s (man, I'm still not used to writing that).

      RoD
      • [ 1 ] Thanks
  • Allen, this is what I used to form my Florida LLC:

    http://www.warriorforum.com/war-room...tructions.html

    You'll probably find all your answers there.

    Edit: Nevermind. It looks like Bob shut down the offer.
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