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Author Topic: Setting up a LLC????  (Read 622 times)
catchinpigs
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« on: April 16, 2012, 07:44:56 am »

Does anyone on here know the best way to set up your own LLC and get your EIN number???
I'm not really wanting to pay all the lawyer fees if I can do the same thing on my own.
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Dustin H
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« Reply #1 on: April 16, 2012, 08:49:37 am »


 Check out legalzoom.com there might be something on there to help.
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RL
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« Reply #2 on: April 16, 2012, 10:30:28 am »

Yeah, I can help.  LLCs are a relatively new hybrid type of entity.  The steps, whether you do it or have an attorney do it, are basically these:

1)  Choose a name and check for availability.  Typically you need to call the offices of the Secretary of State.  You name must have "Limited Liability Company" or the abbrev "LLC" in it.  Also, they will not approve a name that is already taken or similar to one already taken.  It usually takes numerous attempts to find a name they will approve.  It can be frustrating.  Generic type names are hard to obtain approval for.

2) Complete and submit the registration form, available at the  Sec of State website  http://www.sos.state.tx.us/corp/index.shtml and pay the filing fee of $300.

You should have an operating agreement, especially if you have more than one "member", but it is not a legal requirement.

LLCs are not corporations and are not partnerships.  They are a hybrid.  They do not have shareholders or partners  ...  they have members.

As to getting a fed'l id #, go to IRS.GOV and in the search box put SS4.  That is the form number.  Complete it and they will send you a number.  An attorney or CPA can get it over the phone.

The there is the taxation.  If you are the only member, you have the choice of treating it as a sole proprietorship (Sch C on your 1040) or as a corporation (files form 1120 if it is a C corp and a form 1120S if it is an S corp).  If there are more than one member, you have the choice of treating it as a partnership (files a 1065) or as a corp.
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RL
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« Reply #3 on: April 16, 2012, 10:34:29 am »

A couple of housekeeping items.  Once you obtain the EIN, federal id number, you can then open a bank account for the LLC.  Banks won't open an account with it.

The LLC will have to file the Texas Franchise Tax Return annually and depending on your revenue and capital, may owe the Texas Margin Tax.
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Eric
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« Reply #4 on: April 18, 2012, 06:01:27 pm »

I would use a lawyer. It shouldnt cost more than a couple hundred bucks. They can answer any questions you may have. Plus, If you need an LLC you probably need a good relationship with a lawyer if you dont already.
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« Reply #5 on: April 18, 2012, 07:35:08 pm »

First pick about 3 names you would be happy with then call legalzoom and they will handle all the rest. Cost around 800 for all fees.
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