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LLC owner of business?

    • 2 posts
    February 19, 2007 9:52 AM EST

    Hi, I have a question regarding LLCs.

    I have had a business as a Sole Prop. for about 5 years now. I wanted to form an LLC for protection, now that the business is actually making a little money! However, I may run other businesses under the same LLC in the future, so I didn`t want to just convert my existing business -- though now I`m thinking that`s maybe what I should have done?  

    So now I have my LLC set up (with a different name from the business), and how do I make the LLC the owner of the existing business? I can`t seem to find any info about this -- all the info on LLCs that I have read just tells how to set one up (already done), or how to convert an existing business, which I didn`t want to do!

    Should I just scrap the whole thing, dissolve the LLC, and start over (converting the Sole Prop. to an LLC), and write off the couple hundred dollars I have already spent on incorporating? (Which I hate to do, as it will be another month or two, and I wanted the LLC start date to be Jan. 1.)

    I`m very confused, and can`t afford an attorney or accountant, so any  info would be much appreciated!

    Thanks!
    Rose.

    • 2 posts
    February 20, 2007 8:15 AM EST

    Thanks for your response, Nuevolution!

    My question is, how do I actually make the change? (Who do I contact, etc?) Is it the state of OH, like when I moved here and set up my DBA in this state?  I already have a business bank account and all that stuff -- do I just need to change the name on it to my LLC instead of mine?

    Thanks for your help! It all seems so much more confusing than when I started my business, for some reason!
    Rose.

    • 731 posts
    February 19, 2007 8:47 PM EST
    Rose dance, In your Minutes..
    When you sit down and do your resolutions, address that issue. That your LLC will be taking over the Soleproprietor. It would be a good Idea to write to all your customers telling them that there will be a small change.
    Then what you do is you go down to the registrar and your Create a DBA under your LLC... Example: My LLC DBA my sole proprietor. 
    What you are going to need is time. Calling the IRS, Banks and so forth

    ---
    Edgar Monroy
    Web Developer / Owner / Consultant
    When starting your own business the need to "know-how" is greater than money!
    http://www.nuevolution.net

    • 731 posts
    February 20, 2007 8:42 AM EST
    Rosedance,
    I will talk to my CPA today and see what he tells me.. I will get back to you shortly.

    ---
    Edgar Monroy
    Web Developer / Owner / Consultant
    When starting your own business the need to "know-how" is greater than money!
    http://www.nuevolution.net