LLC What does it take and how much does it cost?

Question

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Answer 1

It kind of depends on what state you form it. I know in California, all you do is fill out some forms and send it in to the Secretary of State for registration. The registration fee is something like $70. When you operate in California there is a $800 annual LLC tax too. If you're in Sacramento, you can go to the office directly and get it done on the same day.

Being a Corporation or LLC, you probably also need a "Registered Agent" who has to be available at all times if there are any legal issues. Technically, you can assign this as yourself, but there are other companies like "Business Filings Incorporated" who can handle this for a fee. If you are starting small, you should be able to do this yourself, but it's a tiny bit more liability.

Oh yeah, if you are a home business, you also need to get something called (I think) a home occupation license. I forgot the actual name, but I'm pretty sure that's it. You can get it when you apply for a business license for your County. That being said a business license is still needed for the county you work in. You'll have to contact your county office to see where you can get this. The home occupation and business licence should be under $100 for both.

If you are selling merchandise, I'm pretty sure you need a resale license. Then you have to fill out extra forms at the end of the year and pay your sales taxes received. I'm not to clear about those, since I've only been doing an online service type of thing.

If you are going to be called sometime besides "my Name', LLC, then you'll need to register for a fictitious business name. Usually the fee is really low. There is a requirement in some counties to publish your name in some publication. I believe you can get all this information when you get your business license. The fees are low though....like under $50 total.

If you want to have a bank account or have employees, don't forget to get an EIN (employee identification number). Check irs.gov, about EINs. You can usually get this over the phone really quickly.

Anyways, have fun. It was a pain in the butt for me to figure all this out.

Answer 2

LLC stands for a limited liability company. depends on what kind of business you want to start. The very First thing you need to do is go to your local town business permit(license) for your desired business, Just call your local city hall, They will direct you in the direction you need,Good Luck!!.

Answer 3

LLC means limited liability corporation. To incorporate, you have to hire an attorney and pay fees. The fees vary.