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fuzzylogic

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Question on filing an LLC

07-31-2008, 10:30 PM

I am using legalzoom.com ($140) which seems to have good reviews and came across a question that i would like suggestions on. Why would i want to put anything other than zero for initial capital contributed?

Who are the initial members of the LLC? Please also state their initial capital contributions and their ownership percentage in the LLC.

(LegalZoom HelpCapital contributions consist of the cash, property and services contributed by that person into the LLC. Unlike a corporation, the ownership percentage of the members in an LLC do not have to correspond to the amount of money they contribute.)
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After Shock Media

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#2

07-31-2008, 10:34 PM

Well ask yourself this.
Are you contributing anything such as a PC, domains, content (assuming it is transferable - read those licenses), design work, script costs, etc? Or do you just plan on renting them to the LLC or selling it to them latter?

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TampaToker

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07-31-2008, 10:41 PM

You sure thats the correct price? I went to there site first and they wanted like $1100 to setup a LLC.

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yahoo-xxx-girls.com

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07-31-2008, 10:44 PM

What are you referring to fuzzylogic when you say LLC? I have looked up the abbreviation, but it deals with incorporating business... Am I missing something?

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#5

07-31-2008, 10:45 PM

Originally posted by TampaToker

You sure thats the correct price? I went to there site first and they wanted like $1100 to setup a LLC.

legalzoom is a rip off. TampaToker, if you want to do it in florida go directly to sunbiz dot org, cut out the middle man, not sure if they have this in other states besides florida.
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07-31-2008, 10:46 PM

Price ranges from 149.00 to 359.00 if I recall plus state fee's. Could be wrong but I used them like a month ago to set help set up a LLC for a friend of mine.

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07-31-2008, 10:46 PM

Originally posted by Balalsubturfyooj

What are you referring to fuzzylogic when you say LLC? I have looked up the abbreviation, but it deals with incorporating business... Am I missing something?

LLC = Limited liability company.

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07-31-2008, 11:30 PM

LegalZoom rocks. I used them for all my LLCs.
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fuzzylogic

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08-01-2008, 01:18 AM

Originally posted by After Shock Media

Well ask yourself this.
Are you contributing anything such as a PC, domains, content (assuming it is transferable - read those licenses), design work, script costs, etc? Or do you just plan on renting them to the LLC or selling it to them latter?

thank you. you not only cleared things up but gave me a lot to think about tonight.

for simplicity let's say all i have is one computer which i am using right now. it's my property but the LLC needs one to operate. if i give it to the LLC it becomes business property and no longer mine. so, if the LLC get sued the computer is added to the list of assets the LLC has. if i rent the computer to the LLC, the LLC has no physical assets in this situational example, because the LLC never bought anything and therefore has nothing to be taken except it's money in the bank.

is what i wrote above the reason this question is important?
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08-01-2008, 01:33 AM

Thanks After Shock Media

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V_RocKs

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08-01-2008, 01:54 AM

Originally posted by TampaToker

You sure thats the correct price? I went to there site first and they wanted like $1100 to setup a LLC.

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#12

08-01-2008, 01:56 AM

Originally posted by fuzzylogic

thank you. you not only cleared things up but gave me a lot to think about tonight.

for simplicity let's say all i have is one computer which i am using right now. it's my property but the LLC needs one to operate. if i give it to the LLC it becomes business property and no longer mine. so, if the LLC get sued the computer is added to the list of assets the LLC has. if i rent the computer to the LLC, the LLC has no physical assets in this situational example, because the LLC never bought anything and therefore has nothing to be taken except it's money in the bank.

is what i wrote above the reason this question is important?

If your wife or friend joins your LLC as a partner they also can take those possessions.
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#13

08-01-2008, 02:02 AM

Originally posted by fuzzylogic

thank you. you not only cleared things up but gave me a lot to think about tonight.

for simplicity let's say all i have is one computer which i am using right now. it's my property but the LLC needs one to operate. if i give it to the LLC it becomes business property and no longer mine. so, if the LLC get sued the computer is added to the list of assets the LLC has. if i rent the computer to the LLC, the LLC has no physical assets in this situational example, because the LLC never bought anything and therefore has nothing to be taken except it's money in the bank.

is what i wrote above the reason this question is important?

This is where a CPA will do you wonders. Each has its own reasoning. One owning it can take advantage of depreciation with taxes, while another way would be it paying for the use of such items. It is and can get highly complicated. As it stands do you even have reasoning of picking a LLC over another type or did you go with what was cheapest or looked the simplest?

Then what is the likelihood that your LLC or anything else would end up sued or going bankrupt while owing creditors? When you do speak with a CPA have them also explain the whole veil thing and how to keep it intact to prevent piercing if your concerned about your personal assets versus the LLC's assets.

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fuzzylogic

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08-01-2008, 02:22 AM

Originally posted by After Shock Media

This is where a CPA will do you wonders. Each has its own reasoning. One owning it can take advantage of depreciation with taxes, while another way would be it paying for the use of such items. It is and can get highly complicated. As it stands do you even have reasoning of picking a LLC over another type or did you go with what was cheapest or looked the simplest?

Then what is the likelihood that your LLC or anything else would end up sued or going bankrupt while owing creditors? When you do speak with a CPA have them also explain the whole veil thing and how to keep it intact to prevent piercing if your concerned about your personal assets versus the LLC's assets.

the cpa i have been using over the years suggested an LLC for me. he offered to fill it for me for $600 or said that i could do it myself and it would cost me around $300. well, i found it for $140 or so on legalzoom so i thought i would give it a go. but, as you see i dont know what the fuck i am doing exactly. it doesnt seem hard to understand. it's just that it's a foreign world to me.

here is a solid question: how long does it take from submitting the app online for the LLC to be created?
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fuzzylogic

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#15

08-01-2008, 02:24 AM

Originally posted by After Shock Media

This is where a CPA will do you wonders. Each has its own reasoning. One owning it can take advantage of depreciation with taxes, while another way would be it paying for the use of such items. It is and can get highly complicated. As it stands do you even have reasoning of picking a LLC over another type or did you go with what was cheapest or looked the simplest?

Then what is the likelihood that your LLC or anything else would end up sued or going bankrupt while owing creditors? When you do speak with a CPA have them also explain the whole veil thing and how to keep it intact to prevent piercing if your concerned about your personal assets versus the LLC's assets.

ohh... i dont think there is a high chance of going bankrupt or being sued, but i think i want my assets secured anyway.
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#16

08-01-2008, 02:44 AM

Originally posted by fuzzylogic

the cpa i have been using over the years suggested an LLC for me. he offered to fill it for me for $600 or said that i could do it myself and it would cost me around $300. well, i found it for $140 or so on legalzoom so i thought i would give it a go. but, as you see i dont know what the fuck i am doing exactly. it doesnt seem hard to understand. it's just that it's a foreign world to me.

here is a solid question: how long does it take from submitting the app online for the LLC to be created?

2 weeks to a month and a half. Depends if you want to pay for the rush which I think is like 349.00 plus state fee's or so. If not in no big rush then about 45 days or so.

Well you can start with zero assets if you wish and then sell them to the LLC if you wish a bit latter after you speak with your CPA.

Just do yourself a big favor and really RTFM in the kit you will get. Yes your CPA or accountant will help some. You will also just want to know the shit you need to do and not do with running such a beast.

PS I tried you on icq but you were off line.

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