Starting an LLC: Where to begin?
in Business, Accounting & Taxes ·
I’m looking into taking over an established company that’s been sitting dormant for quite some time—basically, my parents don't need it anymore—so I’m trying to weigh the pros and cons of buying an existing entity versus just starting a brand-new LLC from scratch.
The business currently carries zero debt, though I would definitely need to overhaul most of its registered business activities. I'd also want to change the company name to something that actually fits the new direction of the business.
I’m assuming the costs for making those kinds of adjustments are roughly on par with the fees for setting up a new corporation, right?
On the plus side, I wouldn't have to worry about putting up initial startup capital, and it saves my parents the hassle and expense of officially dissolving a company they no longer use.
Is this route actually faster than filing all the paperwork for a new business? I'm wondering if I could get up and running sooner this way.
What am I missing here? What are the potential downsides?
The business currently carries zero debt, though I would definitely need to overhaul most of its registered business activities. I'd also want to change the company name to something that actually fits the new direction of the business.
I’m assuming the costs for making those kinds of adjustments are roughly on par with the fees for setting up a new corporation, right?
On the plus side, I wouldn't have to worry about putting up initial startup capital, and it saves my parents the hassle and expense of officially dissolving a company they no longer use.
Is this route actually faster than filing all the paperwork for a new business? I'm wondering if I could get up and running sooner this way.
What am I missing here? What are the potential downsides?