Incorporating into a Limited Liability Company - your suggestions - GoFuckYourself.com

kush · 02-28-2002, 06:52 PM

Alright guys - with my recent endeavors of content shooting, and now taking on the new task of putting together a pay site as well as webmaster program - I'm deciding to incorporate to take away personal liability from me.

My partner and I will be forming a Limited Liability Company - so I'd like to hear about other people's experience in the past with forming their own Limited Liability Company.

some of the questions that I hope you all can answer for me:

What are the potential pitfalls to forming an LLC - what do I need to be careful of?

Who do you suggest I actually go to create this LLC (a particular website or firm?)

I'm in Texas - would it be better to incorporate into someplace like California with less stringent laws - and if so what tips would you have for me?

Anything I should keep in mind for the issue of taxes?

please post here OR let me icq you (mine's 118192670) OR I'd even be happy to call you on the phone if you're willing to give me some pointers.

- Thanks
Kush

theWatsonian · 02-28-2002, 06:59 PM

kush, I got no experience there but have Incorporate in my bookmarks for future reference. Good luck.

Amputate Your Head · 02-28-2002, 07:07 PM

Be prepared to pay out the ass if you are thinking of incorporating in California in both corporation fees and yearly taxes. Also, the paperwork is a fucking nightmare (regardless of where you incorporate), yet it must be kept up properly or you may as well not incorporate in the first place, because a court can still find you liable if the judge feels you incorporated simply to escape responsibility. It's called piercing the corporate veil, and yes... they can still take everything you've got.

I strongly suggest you talk to two people:

A very experienced tax person.
A very experienced lawyer.

playa · 02-28-2002, 07:12 PM

you have a partner then you should most def need to form a partnership,,,, so you won't get screwed,,,,

you should really consult your accountant,,,,

myself i can't believe how anyone can do this business without legally seperating themselves from the business,,,

TheJimmy · 02-28-2002, 07:13 PM

Kush,

Hit me up via ICQ at 5702550 and I'll give you the name & number of my guy.

They'll give you all the info and a bag of chips...

Put it this way, they're the guys that setup OJ so that he's still making bank today that the gov & all those civil suits couldn't touch....

Don't get me wrong, I'm not saying there is such a thing as a 100% license to go do wack shit but ensuring the highest level of safety, security & privacy is a reality.

And yes, be prepared to spend a few dollars.

kush · 02-28-2002, 07:16 PM

Quote:

Originally posted by Amputate Your Head
Be prepared to pay out the ass if you are thinking of incorporating in California in both corporation fees and yearly taxes. Also, the paperwork is a fucking nightmare (regardless of where you incorporate), yet it must be kept up properly or you may as well not incorporate in the first place, because a court can still find you liable if the judge feels you incorporated simply to escape responsibility. It's called piercing the corporate veil, and yes... they can still take everything you've got.

I strongly suggest you talk to two people:

A very experienced tax person.
A very experienced lawyer.

They can still take everything I have? FUCK!
Then why even bother making an LLC?

It seems to me like Delaware or Nevada is the place to incorporate with an adult business - what do you think about this?

playa · 02-28-2002, 07:19 PM

Quote:

Originally posted by kush

They can still take everything I have? FUCK!
Then why even bother making an LLC?

It seems to me like Delaware or Nevada is the place to incorporate with an adult business - what do you think about this?

i talked to several accountants about this and this is more of a hassle,,,, much better when your doing it in your local state,,,,

and forming an LLC was so simple in my state of Georgia,,,i only had to fill out one form and paid $75 fee,,,

Amputate Your Head · 02-28-2002, 07:22 PM

Quote:

Originally posted by kush

They can still take everything I have? FUCK!
Then why even bother making an LLC?

It seems to me like Delaware or Nevada is the place to incorporate with an adult business - what do you think about this?

yes dude... it's serious business... if you get sued for whatever, the first thing the court is going to want to see is the corporate records. And if the shit is in the wind cuz you got lazy, and hasn't been maintained professionally... your corporate status means exactly fuck all.

I've had 2 General Partnerships, drawn up in papers, signed, and the whole works, and I've had Wisconsin & California Corporations.

Never again. General Partnerships can be your worst nightmare if you don't have your papers extremely carefully worded. Corporate status is very expensive and time consuming to maintain.

Sole Proprietorship is the only fucking way to go.

(unless you got a large group of employees and whatnot, then I would recommend corporate status.) But I'm not a lawyer... that's just my experience.

FloridaKid · 02-28-2002, 07:31 PM

Quote:

then you should most def need to form a partnership

You can set up your corp with both of you as equal shareholders. Most important is to have your lawyer write up a agreement (lost for the word) which basically states what happens if you or your partner wants out. Having this signed agreement is key. As amp said get a good lawyer and an accountant and be prepared for a lot of paperwork. Most accountants will also get your whole business set up in quickbooks or peachtree which makes everything much easier.

Also, anytime you sign your name on anything with your corporate name, make sure to run it past your lawyer.

kush · 02-28-2002, 07:32 PM

Quote:

Originally posted by Amputate Your Head

Sole Proprietorship is the only fucking way to go.

But Sole Proprietorships leave me 100% liable, do they not?

If I'm not lazy with paperwork, would an LLC in Nevada be good for me?

When I said I had a partner I meant that we work together - we're not a "true" partnership.

Wiredoctor · 02-28-2002, 07:52 PM

Kush, you really need to speak to a Lawyer, how will it look in court when you tell the judge that all your legal advice came from your budies at the Go Fuck Yourself Adult Webmasters board...
LOL...Everything so far that has been posted is basically on the right track, but once again the judge won't take the advice of someone named Amputate Your Head very seriously..LOL no offense intented Amo, just trying to make a point to Kush to get a Lawyer to answer all this

02-28-2002, 06:52 PM	#1
kush Confirmed User Join Date: Feb 2001 Posts: 3,382	Incorporating into a Limited Liability Company - your suggestions Alright guys - with my recent endeavors of content shooting, and now taking on the new task of putting together a pay site as well as webmaster program - I'm deciding to incorporate to take away personal liability from me. My partner and I will be forming a Limited Liability Company - so I'd like to hear about other people's experience in the past with forming their own Limited Liability Company. some of the questions that I hope you all can answer for me: What are the potential pitfalls to forming an LLC - what do I need to be careful of? Who do you suggest I actually go to create this LLC (a particular website or firm?) I'm in Texas - would it be better to incorporate into someplace like California with less stringent laws - and if so what tips would you have for me? Anything I should keep in mind for the issue of taxes? please post here OR let me icq you (mine's 118192670) OR I'd even be happy to call you on the phone if you're willing to give me some pointers. - Thanks Kush

02-28-2002, 06:59 PM	#2
theWatsonian Confirmed User Join Date: Feb 2001 Location: PB4L HQ Posts: 1,737	kush, I got no experience there but have Incorporate in my bookmarks for future reference. Good luck. __________________ <a href="http://www.watsonian.net"><img src="http://www.watsonian.net/archives/cjpb6.gif" border="0"></a><a href="http://www.adultplatinum.com/wm.html?id=567353"><img src="http://www.watsonian.net/archives/adult_platinum_85x85_03.gif" border="0"></a>

02-28-2002, 07:07 PM	#3
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	Be prepared to pay out the ass if you are thinking of incorporating in California in both corporation fees and yearly taxes. Also, the paperwork is a fucking nightmare (regardless of where you incorporate), yet it must be kept up properly or you may as well not incorporate in the first place, because a court can still find you liable if the judge feels you incorporated simply to escape responsibility. It's called piercing the corporate veil, and yes... they can still take everything you've got. I strongly suggest you talk to two people: A very experienced tax person. A very experienced lawyer. __________________ SIG TOO BIG

02-28-2002, 07:13 PM	#5
TheJimmy ICQ- five seven 0 2 5 5 0 Join Date: Jan 2001 Posts: 10,747	Kush, Hit me up via ICQ at 5702550 and I'll give you the name & number of my guy. They'll give you all the info and a bag of chips... Put it this way, they're the guys that setup OJ so that he's still making bank today that the gov & all those civil suits couldn't touch.... Don't get me wrong, I'm not saying there is such a thing as a 100% license to go do wack shit but ensuring the highest level of safety, security & privacy is a reality. And yes, be prepared to spend a few dollars. __________________ Investor with 5m - 15m USD to invest. Do you have a site or network of sites earning 50k - 200k a month income? Email your contact and preliminary data to: domain.cashventures (at) gmail.com....Please...no tire kickers...serious offers and inquiries only.

02-28-2002, 07:52 PM	#11
Wiredoctor Confirmed User Join Date: Dec 2001 Location: The Great USA Posts: 1,632	Kush, you really need to speak to a Lawyer, how will it look in court when you tell the judge that all your legal advice came from your budies at the Go Fuck Yourself Adult Webmasters board... LOL...Everything so far that has been posted is basically on the right track, but once again the judge won't take the advice of someone named Amputate Your Head very seriously..LOL no offense intented Amo, just trying to make a point to Kush to get a Lawyer to answer all this __________________ Search For Everything In One Easy Portal Big Juicy Nipples.com

02-28-2002, 07:12 PM	#4
playa Confirmed User Join Date: Feb 2001 Location: atlanta, GA Posts: 6,432	you have a partner then you should most def need to form a partnership,,,, so you won't get screwed,,,, you should really consult your accountant,,,, myself i can't believe how anyone can do this business without legally seperating themselves from the business,,,