BEV! 0 Report post Posted January 5, 2005 I've gotten good at what I do (CA's) so now is time to take it to the next level and start the legal, tax issues of the biz If someone here can point me to the right direction as to what would be the next step in getting all the stuff needed to play it safe with this biz - Biz Name- LLC (is this necessary?)- Anything Else? What I REALLY want is a sorta like a "Consultant" that can do everything for me (tax consultation, biz consultation, take care of EVERYTHING for me biz-wise etc...) preferably local. Would this be a tax Consultant that I'm looking for or Biz Consultant or what? Any and all advice on this matter is extremely appreciated Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 8, 2005 Bev, as you already know, this is not a "one size fits all" issue. So many factors come into play. Your location, your personal situation, etc.Some generalities can be considered, though. You definitely want something to be in between your personal assets and liablities and your business activities. In the event something goes wrong you don't want your name/signature on any documents. An LLC is good for this. Info on LLC's in California can be found here.Another suggestion is to speak with a few experienced professionals in the areas you need help. A CPA, or perhaps a tax attorney. Maybe an attorney who specializes in asset protection. Share this post Link to post Share on other sites
BEV! 0 Report post Posted January 10, 2005 ...In the event something goes wrong you don't want your name/signature on any documents. An LLC is good for this. Info on LLC's in California can be found here That's exactly what I was looking for.. thanx - So when I do get the LLC, will this replace my signatures on all my agreements with the Builders/Sellers (lease agreement/option2purchase/etc??? I'm searching my HUGE network database of partners I have online to hand-pick my team, this should take me a while Thanks Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 10, 2005 Bev, with your LLC in place, your agreements should be signed in this format:Wheatgrass LLC, Bev Bodacious, Manager.But, again, there is more to asset protection and covering your butt that I can tell you here. Locally is where the answers will be found, because state laws come into play here. Share this post Link to post Share on other sites
Hitman712sc 0 Report post Posted February 14, 2005 LLC in California has a minimum annual tax of $800 !!!! Is there a way around this ? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 14, 2005 LLC in California has a minimum annual tax of $800 !!!! Is there a way around this ?<{POST_SNAPBACK}>Ah, yes! One of the many "benefits" of residing in the Golden State. I know any number of investors out your way with LLC's in place. And all have to pay the piper to that tune of $800. Is there a way around it? Vote out the politicians who dare to pass such legislation. Share this post Link to post Share on other sites
California Rick 0 Report post Posted March 13, 2005 Hey, Bevster... Michael and others have brought up some excellent points, but since you and I are in the same state, Bevy, I thought I'd throw in my $.02 as I'm in the process right now of doing research for my own entity formation. Biz NameLLC (is this necessary?)When you go to form an entity (such as a corporation, limited partnership, or, in this case, a Limited Liability Company), you will asked which entity you want to form (of the 3 above), then you'll be asked to submit 3 choices for a Doing Business As (DBA) by the Secretary of State's Name Availability Unit in Sacramento. You definitely want something to be in between your personal assets and liablities and your business activities. In the event something goes wrong you don't want your name/signature on any documents. An LLC is good for this.Don't do business as yourself and tempt fate any longer than you humanly have to, Bev. Pardon the expression, but you're taking a big risk in doing so as you can get sued down to your underwear. On the heels of Michael's statement, you want to be as poor and penniless as possible on paper to avoid being targeted by lawyers and predators should something go sideways on you. I have it on excellent authority that sole proprietorships, general partnerships and joint ventures are BAD entities in terms of asset/personal liability protection should you get sued...stay away from them as they offer none. Bev, with your LLC in place, your agreements should be signed in this format: Wheatgrass LLC, Bev Bodacious, Manager.Exactly. LLC in California has a minimum annual tax of $800 !!!!You got it, Toyota. Is there a way around this ?None that I know of. Not yet, anyway. Except:Vote out the politicians who dare to pass such legislation. And we have way more than our fair share of those here in the Golden State! Hope this helps ya, Bevster! Share this post Link to post Share on other sites
BEV! 0 Report post Posted March 14, 2005 Hey, Bevster...LLC in California has a minimum annual tax of $800 !!!! You got it, Toyota. Yep! I can not put a price when it comes down to protecting myself...$800 is really nothing if it means "can't touch this".. I'm willing to pay a lot more if it need be it Thanks CalRick, very valuable information.I'm taking notes of your $.02 Share this post Link to post Share on other sites
