This is the first time opening up my own business. What are some key points I should keep in mind when creating a LLC? Does this automatically trademark my company name? Thanks in advance!
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Starting a LLC - Key Points?
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I`m not sure what key points to which you`re referring, but establishing a fictitious name through the creation of an LLC does NOT automatically trademark your company name. Trademark rights arise from actual use of the name in commerce.
Also, obtaining a fictitious name does not mean you are not potentially infringing another party`s trademark. Depending upon the business name, it may make sense to have a trademark search conducted for you to determine if there is a likelihood of infringement by using the business name.
-------------------------
Pepper Law Group, LLC
21 E. High Street, Suite D
Somerville, NJ 08876
informationlaw.com
Now available on DVD!
The Legal Considerations of Starting an Online Business
Also, obtaining a fictitious name does not mean you are not potentially infringing another party`s trademark. Depending upon the business name, it may make sense to have a trademark search conducted for you to determine if there is a likelihood of infringement by using the business name.
-------------------------
Pepper Law Group, LLC
21 E. High Street, Suite D
Somerville, NJ 08876
informationlaw.com
Now available on DVD!
The Legal Considerations of Starting an Online Business
What I mean by `Key Points` is that if there is anything else I should take into consideration when forming an LLC. For example, trademarks of the company name, etc... I`m doing all this on my own so any advice would be appreciated.
Get a good "self-help" book on starting an LLC....
That being said...any good self-help book will tell you the same thing that I`m going to say now....
The theory behind self-help law books is like the theory of taking aspirin. When you have a headache, you take aspirin and the pain goes away. On some level or another you are playing doctor and assuming that your roll of the dice will fall in the bottom 99.99%.
If that .01% comes up and you really DO have a brain aneurysm, then you`ve just wasted your money AND time you could be rushing to the hospital.....
Especially if you have ANY questions or hiccups, competent legal counsel is advised ;) BTW....a good CPA and bookkeeper are also recommended :) Did you at least examine the possibilities (and ramifications of) an S or C corporation? Will your LLC be member or manager managed? This is pretty much a no-brainer if you`re going to be the "benevolent emperor"....but if there`s going to be anyone else in a member or manager role, this becomes an issue-- to say nothing of the added complications regarding taxes.....
Good Luck :)
P-
That being said...any good self-help book will tell you the same thing that I`m going to say now....
The theory behind self-help law books is like the theory of taking aspirin. When you have a headache, you take aspirin and the pain goes away. On some level or another you are playing doctor and assuming that your roll of the dice will fall in the bottom 99.99%.
If that .01% comes up and you really DO have a brain aneurysm, then you`ve just wasted your money AND time you could be rushing to the hospital.....
Especially if you have ANY questions or hiccups, competent legal counsel is advised ;) BTW....a good CPA and bookkeeper are also recommended :) Did you at least examine the possibilities (and ramifications of) an S or C corporation? Will your LLC be member or manager managed? This is pretty much a no-brainer if you`re going to be the "benevolent emperor"....but if there`s going to be anyone else in a member or manager role, this becomes an issue-- to say nothing of the added complications regarding taxes.....
Good Luck :)
P-
Well, there are numerous considerations. To name a few:
-------------------------
Pepper Law Group, LLC
21 E. High Street, Suite D
Somerville, NJ 08876
informationlaw.com
Now available on DVD!
The Legal Considerations of Starting an Online Business
- Tax consequences (including the requirement to estimate and pay your taxes quarterly as an LLC, with no such requirement as a corporation, in most cases)
- The ability to add owners to your business in the future
- The ease in which to obtain investment capital
- Division of management and ownership
- Transferability of ownership interests
-------------------------
Pepper Law Group, LLC
21 E. High Street, Suite D
Somerville, NJ 08876
informationlaw.com
Now available on DVD!
The Legal Considerations of Starting an Online Business
Find an intellectual property attorney that you like and trust. It will pay off in the long run.
-------------------------
James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com
-------------------------
James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com
if cost is an issue, do it yourself. of course, this is often the most costly option in the long run when a mistake is made, but it will save some money now. unfortunately, some believe that forming an entity or creating intellectual property is pretty much "filling out a form." you can hire a lawyer now or later.
-------------------------
James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com
-------------------------
James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com
We have formed an LLC and in addition to the Board who are investor/owners we have awarded some equity to two additional employees, who are not members of the Board. Does the Board have a responsibility to furnish the Board`s agenda, and or minutes of Board meetings to these small equity owners?
If they ask for it, then yes.
Hi mentao,
This is the check list for your New LLC.
1)Decide on a business name for your Limited Liability Company
2)Search availability of your LLC`s chosen business name, and for similarity to existing names.
3)Register your LLC name
4)Create and sign an LLC Operating Agreement.
5)Write your LLC`s Articles of Organization
6)File your LLC`s Articles of Organization with the Secretary of State office in your state.
7)Obtain business licenses and permits for your LLC from:
- The federal government.
- Your state government.
- Your local government.
Forming a limited liability company (LLC) can be a long-term benefit to your new business in the long run, but the process can be complicated. To ensure that your new business complies with your state`s legal requirements at all steps in the LLC formation process, you may wish to consult an experienced business attorney.
good luck..
-------------------------
Rebelpreneur
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