Forming A Llc

[sifuwong]

I am wanting to start a biz as LLC(Limited Liability Corporation). I want the LLC to include several online sites. Basically, i want several dot.com(s) under this LLC. Is this ok or do i need to create different LLCs for them? I've noticed some websites are under an LLC, which is their parent company. Also, how much is it to form an LLC? How long would it take before it gets done and i should be able to go to the local courthouse to do it right? Hiring a lawyer can get expensive, thus trying to do this myself. Thanks.

Edited January 14, 2008 by sifuwong

[TheNiche]

I am wanting to start a biz as LLC(Limited Liability Corporation). I want the LLC to include several online sites. Basically, i want several dot.com(s) under this LLC. Is this ok or do i need to create different LLCs for them? I've noticed some websites are under an LLC, which is their parent company. Also, how much is it to form an LLC? How long would it take before it gets done and i should be able to go to the local courthouse to do it right? Hiring a lawyer can get expensive, thus trying to do this myself. Thanks.

It'll cost $300 and for a small bit extra, it can be processed in as little as a few days and the papers can be faxed back to you immediately. You'll have to mail in a form to a state office, but if you want to file an Operating Agreement, which is advisable, then do that at the courthouse. Then you open a checking account for the LLC and just draw from it as you create your websites. They can all be owned by the same company, or you can register additional companies under the first LLC.

Just about everything you need to know is at the url below:

http://www.sos.state.tx.us/corp/forms/fili.../html/llc.shtml

[editor]

I am wanting to start a biz as LLC(Limited Liability Corporation). I want the LLC to include several online sites. Basically, i want several dot.com(s) under this LLC. Is this ok or do i need to create different LLCs for them? I've noticed some websites are under an LLC, which is their parent company. Also, how much is it to form an LLC? How long would it take before it gets done and i should be able to go to the local courthouse to do it right? Hiring a lawyer can get expensive, thus trying to do this myself. Thanks.

You don't need to have a separate company for each web site. HAIF is owned by the Artefaqs Corporation, which has about 15 web sites.

You can do it without a lawyer if you want. It's not as hard as you might think. I set up Artefaqs by myself simply because I didn't have the money for a lawyer and I thought it would be important to really understand the process if I'm going to be successful.

I went for a full C corporation... and in Illinois... so your process may be different. Here's what I can remember of the process:

1. Step One was not the city or the county or even the state. Step one is to get a FEIN (Federal Employer Identification Number) from the IRS. It's your business' equivalent of a Social Security Number. You can apply online and you're given a "provisional" FEIN immediately. The paper with your permanent number (which is most likely the same) comes in the mail in a week or so. It's all free.
   
2. File articles of incorporation with the Secretary of State's office. The form was available online, but I filed in person. It cost $180.
   
3. Register with the state tax department to get a tax ID number. This was free.
   
4. File a copy of the articles of incorporation with the county clerk. This was $26.50.
   
5. Get a city business license. This cost $250 for two years.
   

And that's it. The first thing you will notice is your mailbox filling up with credit card processing brochures. The processors watch the list of new businesses in each state from the Secretary of State's office and send you a bunch of junk mail hoping you'll sign up with them.

With your FEIN and state tax ID and a copy of the articles of incorporation and city business license you can open a bank account in the business' name.

Again, I did this in Illinois. Your process and fees will vary.

[rapturematt]

I just recently started my LLC's last year for my Houston Based business. I have owned S-corps and LLCs and I feel the LLC is the right way to go. One word of advice for you though if you seek legal advice. There are a lot of problems that you might not be thinking about right now that an attorney can bring up before they are a problem.

My attorney has been great. If you want his name you can PM me.

[RedScare]

Before you set up any business entity, you might consider studying the new Texas tax rules, or consulting an accountant. A sole proprietorship would not owe taxes, but most other forms would. Depending on what type of business you have, the protections of an LLC may not be as important as saving money on taxes. You can buy insurance to protect against lawsuits.

[sifuwong]

Before you set up any business entity, you might consider studying the new Texas tax rules, or consulting an accountant. A sole proprietorship would not owe taxes, but most other forms would. Depending on what type of business you have, the protections of an LLC may not be as important as saving money on taxes. You can buy insurance to protect against lawsuits.

Hmmm..interesting. The reason i was thinking about going with LLC vs. Sole proprietorship was that i might be sued or something in the future. Initially, i had thought about Sole proprietorship. I will give your reply a thought.