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LLC Advice


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#1 Michael T.

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Posted 30 April 2004 - 03:35 PM

Hello;

I'm looking to set up an LLC and have investigated possible companies to go through, but I wanted to get some input on who this forum thinks might be a good choice. I'm looking for inexpensive, complete and timely.

Thankyou.

Michael T. CA

#2 MichaelC

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Posted 01 May 2004 - 08:40 AM

MT, how about doing it yourself? I've done it, as have numerous others on this board. It is a relatively easy process, and you'll save on all the fees you would otherwise pay someone else to do it for you.
Start by visiting the CA Secretary of State website. There you will find the necessary info, forms, phone numbers, etc. You can generally get some assistance online or from a rep in the office. Shouldn't take you more than 15 minutes to do it.
Also, our Legal Eagle is in CA. He'll be coming along when he is done schmoozing with Gov. Schwartzenegger. Maybe he can give you some inside info, get some fees waived, etc. :P It's good to know people in high places :lol: .

#3 pinkerton

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Posted 01 May 2004 - 07:49 PM

Nolo Press has a series of excellent self-help books on the law. One of them is on forming LLC's. They also have another on operating them. Good for lay people, bad for lawyers. :( The next thing you know some wise guy will publish a book on performing your own simple surgery. :lol:

Anyway...head for your local book store and get the Nolo Press books...and "LLC-on." :P

Mike P. :P
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#4 MichaelC

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Posted 02 May 2004 - 04:39 AM

The next thing you know some wise guy will publish a book on performing your own simple surgery.

The Idiot's Guide to Self-Appendectomy is now number three on the NY Times Best Seller list. :lol:

#5 pinkerton

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Posted 02 May 2004 - 09:24 PM

The Idiot's Guide to Self-Appendectomy is now number three on the NY Times Best Seller list.



MC--Know of anything on neurosurgery, plastic surgery or liposuction? :( Then we'd be smart, good looking and thin.. :P

Mike P. :lol:
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#6 Guest_Guest_*

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Posted 13 July 2004 - 12:57 AM

For LLC, do we need to go down to the city record and file a fictitious name for the LLC?

#7 MichaelC

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Posted 16 July 2004 - 05:11 PM

What do you mean when you wrote "file a fictitious name for the LLC"?

#8 -Tony-

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Posted 17 July 2004 - 09:05 AM

I think they are thinking of a DBA "doing buissness as"
Tony

#9 pinkerton

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Posted 17 July 2004 - 11:40 AM

Ok, if I understand this question, when you form an LLC you have to do so under a business name that hasn't already been used or reserved by someone else in the state. Don't worry, the folks at the Secretary of State will check to determine whether the name you want is "available." They usually ask for several potential names...if the first one is unavailable, they go to the next, and so on. :)

Once you actually form your LLC, the name of the company is, as Tony pointed out, your "dba"--the name you're "doing business as."

The purpose of the dba is so that folks are put on notice that its really John E. Blow who is putting out all those bandit signs using the name "We Sell-em Fast, LLC." :ph34r:

Remember, you still have to publish a dba notice in a newspaper of general circulation (and perhaps perform some other acts such as writting out more checks) before you're "good to go."

Best of Luck,

Mike P. <_<
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#10 puls1234

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Posted 27 July 2004 - 11:16 PM

I just operate under my social security number. I am not convinced that LLC is worth doing. If someone truly wants to sue you they can break an LLC.

Pete- My opinion is that you do this business without an llc

#11 <Steve>

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Posted 28 July 2004 - 07:42 AM

I am not convinced that LLC is worth doing. If someone truly wants to sue you they can break an LLC.

Sorry Pete I have to disagree!
Forming an LLC offers protection against someone suing you and going after your personal assets and everything you have built up in your business. With an LLC, they can only go after what is in your LLC. Can someone still sue? Yes. Is an LLC totally fool proof? Probably not.

But why leave yourself exposed. Protecting your business is as important as a good contract. It only takes one law suit to flush everything down the tubes.

I am currently still involved in a law suit on a L/O that went bad. This was back when I only knew enough to be dangerous. I had weak contracts, and no LLC in place. And this suit has been going on for over a year now.

I would even go as far as to pay $100 to sit down with a real estate attorney and let the attorney go over the options in protecting yourself and business.

Line things up before you plunge. You can save yourself thousands down the road.

<S>

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#12 puls1234

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Posted 28 July 2004 - 08:13 AM

Steve,

I did have an attorney look over Michael's contracts. What is nice Steve is that Michael's contracts are so solid they relieve us of all responsibility. If you read them they absolve us from all responsibility.

Pete-- The contract is air tight.

#13 -Tony-

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Posted 28 July 2004 - 08:21 AM

Pete,
I agree with Steve on the whole LLC thing, but with you just doing CA's I could maybe see your point. Let me ask you this, would you do a sandwich deal without an llc?
Tony

#14 MichaelC

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Posted 28 July 2004 - 08:39 AM

Pete, while I appreciate the favorable endorsement of my contracts and agreements, in our litigation crazy society, anyone can sue anybody for any reason. Good paperwork is certainly a plus, but it won't stop some greedy, disgruntled individual and his equally greedy attorney from trying to separate you from your dollars. Better to be safe than sorry. So, anything that shields your personal assets can only be a good thing.
On the other hand, as Tony noted, doing CA's is a very low risk proposition since we aren't in the deal long term. In that case, our exposure is virtually nonexistent and the need for an LLC or corporation is reduced.

#15 Gene

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Posted 28 July 2004 - 11:40 AM

The attorney at our REIA meetings always states that although a legal entity can separate your personal assets from a lawsuit, we should not rely solely on its protection. We should be properly insured to protect us from situations where we or our company can be deemed liable for an unfortunate situation.

He says the best protection is to insure, insure, insure!

I plan on taking his advice very soon! :P :D :lol:

Gene




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