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Have Some Questions About Setting Up An LLC

    • 63 posts
    September 7, 2009 10:08 AM EDT

    Don't be too quick to jump on the LLC bandwagon...understand that just because you set up as an LLC, that won't necessarily protect you from being sued.

    Incorporating does not put a magic cloak around your personal assets as is widely believed.

    My attorney let me in on that little known fact. Vendors, landlords, banks, merchant account co's, etc., "ask" you to sign personal gaurantees which render the "protection" null and void.

    For a relatively simple internet business such as yours, filing as an LLC might be overkill. Rethink and check with a lawyer. The first consultation visit is usually free. Take advantage of that and find out if you should stick with your original thought. DBA might be all you need.

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    Sylvia Business Plan Mentor

    • 88 posts
    May 16, 2010 7:32 AM EDT

    It's way better to have a company secretary rather than a lawyer to guide you through the necessary regulations. Then again it varies between countries.

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    Seo Consultant | Cure Autistic Adults | Industrial For Rent | Business Park

    • 6 posts
    September 2, 2009 3:58 AM EDT

    Thanks Molly,

    I wasn't sure if I needed one of those services because of all of the legal forms and what-not. I know I'm fully capable of filling out the necessary forms I just wasn't sure if it was legal for me to do so.

    I think I'm making the situation more complicated that it really is. I keep reading about filing in different states and that's a little confusing, obviously I don't have a brick and mortar business it's just based on the internet so I would imagine that I would be able to file anywhere I wanted to.

    As far as a registered agent is concerned, now that I know what one is now, is it smart to be your own LLC, I've read on a few sites that are trying to sell their services as registered agents but is it smart to be your own registered agent?

    Thanks for your help,

    Vesone Dean


    • 6 posts
    September 2, 2009 4:31 PM EDT

    Thanks Greg for the info,

    I've wrestled with the decision to hire a registered agent through a company probably the one that myllc.com recommends, my plan was to act as my own registered agent temporarily and then in a month or two I would hire a company.

    My business is one the internet, educational material, I don't see myself being sued within the first two months but I don't know I should probably cover that base or brace for that bridge before I get to it.

    I'm sure I answered my own question but what do you guys think act as my own temporary agent or hire the company myllc.com recommends which is InCorp Services.

    • 6 posts
    September 1, 2009 8:14 AM EDT

    Hey everybody,

    This is my first time in the forum, love all of the information I've found on this website. I had a few questions about setting up an LLC for anybody who's done it before.


    I'm starting a company based around educating entrepreneurs on setting up functional monetized websites with unorthodox tools like wordpress. Easy to manage and attractive to their audience.

    I'm going to run this from home through my own website, membership/fixed continuity program and drive traffic with social media/attraction marketing. I have all of that stuff set but I was doing some research on what I could call my business and I ran into the different types of business structures you can have.

    I was going to run as a sole proprietor and just register a DBA so I can call my business something other than my name but I've found alot of information on how registering an LLC is absolutely the way to go for any business because of the benefits and the separate liability.

    There are a lot of companies on the internet that will do this 'for a fee' and set everything up for you, one of the most popular that I've found was Legalzoom. I've found horrible reviews but I've also found really good reviews.

    I have to be honest I don't have a lot of start up capital with this being an internet based business but I'd rather wait and talk to a lawyer than pay for a template a company is going to give me.

    Am I wrong in this decision? Have you guys dealt with the Legalzoom type companies? How did it work out? A lawyer is more expensive but is it worth it in the long run to have someone look at your business model and set up your LLC personally?

    Thanks for your help guys

    ~Vesone Dean