a community of practitioners

Any advice on forming an LLC??

Hi!

I am just in the process of forming an LLC and was wondering if anyone else has done this before and had any advice or warnings? One
suggestion I was told was to not use a lawyer because its simple to do
yourself, any advice on this? I have read the Secretary of State website
for my state (GA) and it seems like the only thing you need to do is pay a fee and mail
in an article of organization (which seems very basic by listing LLC
name and members) and transmittal form. I would love to hear some
feedback. Thank you in advance!

▶ Reply to This

Replies to This Discussion

Permalink Reply by Lynn Johnson on September 8, 2010 at 6:50pm

It is very simple to do following the Colorado Secretary of State guidelines, which may be the case in your state. In Colorado Articles of Organization can be filled out on line at Sec of State website. If you do not have a business plan now is the time you may want to start writing one. This is not an overnight project and is a document constantly needing looked at and updated as time goes on. When I formed the LLC, the business plan was under way and although after one year is not 100% complete I have a good solid format and add to it as needed. Business plan formats can be downloaded free from internet.

The only thing I did when I did mine was I was sharing a room with another massage therapist who I thought had a lot on the ball and turns out she is not very committed. In the short run her name is on everything. The wise stipulation I made in the business pl
an is that we keep our monies separate and file taxes separately which does not affect the LLC. Hope this helps.

▶ Reply

Permalink Reply by Lynn Johnson on September 8, 2010 at 6:58pm

In response to tax implications, ABMP put out a good article on all the different business formations and taxes that was very helpful.