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Starting an LLC: Where to begin?

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mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#421 ·
Charles Howard74 said:So, I swung by the notary's office today to sort out my business registration stuff. Turns out, things got a bit messy because of some legal shifts a couple of months back. That old national classification system we’ve been using since 2007? Yeah, it's basically dead. Now, these notaries have to follow specific guidelines handed down from the commercial courts—guidelines that are strictly internal. You won't find them floating around on Google or anywhere else online. Total mystery, right?
"Per Article 51 of the Judicial Register Act, any business activities being registered must align with specific federal statutes. If there isn't a specific law governing a particular activity , then it gets logged based on the entity's own filing and official documents, provided the business isn't prohibited by law, doesn't violate public morality, and isn't tied to government agencies, public officials, political parties, or other legally restricted entities."

Try searching for a file named Nasdaq in PDF format
Gary Thompson88 Gary Thompson88 Newcomer
3 messages
joined Feb 2009
#422 ·
I’m hoping you folks can point me in the right direction here. I'm a complete novice at this whole thing.

So, here’s the deal. A colleague of mine suggested we start a business together as equal partners. He’s willing to front all the initial startup capital, but there’s a catch: he wants me to pay him back half of that initial investment—so, $10,000—once the company starts turning a profit. On top of that, he wants to register the business headquarters at my house, claiming it'll save us money on local taxes.
Since I don't actually own my place—it's in my parents' name—do I need their permission to use this address as our official business location? Should I just tell him to use his own address instead? I’m worried about the legal fallout and the practical headaches if we list my home as the primary office. What kind of mess am I walking into?
Gary Thompson88 Gary Thompson88 Newcomer
3 messages
joined Feb 2009
#423 ·
Oh, and one more thing,
this individual intends to stay put at a firm doing the exact same line of work.
Is there any real reason—besides the obvious—why they’d be pushing for me to be a co-owner rather than just an employee or some director?
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#424 ·
Gary Thompson88 said:Oh, and one more thing,
this individual intends to stay put at a firm doing the exact same line of work.
Is there any real reason—besides the obvious—why they’d be pushing for me to be a co-owner rather than just an employee or some director?

Look, first things first: when you're starting a business or a small LLC, you really need to weigh the pros and cons before jumping in, especially if you're teaming up with someone. From what you're saying, it sounds like he wants the business registered under your name so he stays clear of any trouble at his current job. Since you'd both be working in the same industry, he could run into major legal issues with his employer regarding non-compete agreements. As for the tax benefits, I don't see much of a huge win there, unless you're setting up shop in a specific low-tax zone or a special economic area. You could always register the LLC at your own home address and then just sign a lease agreement for office space with someone else—even your parents if they own the building where you'll be working.
If you file with the Commercial Court as a 50/50 partnership, you'll both contribute $3.25 as initial capital, and everything gets split right down the middle based on those shares. Seriously though, do some more digging and get all the facts before you pull the trigger.
Gary Thompson88 Gary Thompson88 Newcomer
3 messages
joined Feb 2009
#425 ·
Thanks for getting back to me so quickly.

And for clearing some of this up.
I’m planning to run this by a lawyer next, too—this is just the preliminary stage of my research.😁

Regarding that commercial lease situation (for the space in my parents' house), I’m still a bit fuzzy on the details.
My sister-in-law used to run her own accounting firm out of her home—which is the same address where my parents live—so she never actually dealt with a formal commercial lease.
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#426 ·
Gary Thompson88 said:Thanks for getting back to me so quickly.

And for clearing some of this up.
I’m planning to run this by a lawyer next, too—this is just the preliminary stage of my research.😁

Regarding that commercial lease situation (for the space in my parents' house), I’m still a bit fuzzy on the details.
My sister-in-law used to run her own accounting firm out of her home—which is the same address where my parents live—so she never actually dealt with a formal commercial lease.

Actually, running an accounting business is one of those things where you can often work from home without needing a dedicated commercial space. It really just depends on the specific type of service you're offering, so I'd definitely recommend looking into the local zoning laws or checking with the IRS to be sure.
silverbison293 silverbison293 Active Member
94 messages
joined Feb 2009
#427 ·
silverbison293,

You come across as pretty green—honestly, you seem to lack the fundamental business acumen required for this kind of thing—so I wouldn’t recommend diving into the entrepreneurial deep end with such limited knowledge... it's risky.

If you’re the one actually owning the company, then legally, the buck stops with you—you’re responsible for everything the business does—but since you don't even grasp the basics being taught by your professor (and let me tell you, she's been an absolute lifesaver with her guidance so far 🙏), it would be incredibly reckless to launch a venture that your partner will be running while you sit there with almost zero understanding of how commerce actually works.

One more thing—while advice on a forum like this can be helpful, it should never, ever be the foundation of your expertise; think of it as a mere suggestion or a starting point, nothing more... you need to seek out actual verification elsewhere to confirm if what you're hearing is right or wrong.

Some things here aren't quite clicking yet—there's a clear lack of the essential information that your partner clearly possesses... 🤷
mellowfox56 mellowfox56 Active Member
94 messages
joined Mar 2012
#428 ·
silverbison293 said:silverbison293,

You come across as pretty green—honestly, you seem to lack the fundamental business acumen required for this kind of thing—so I wouldn’t recommend diving into the entrepreneurial deep end with such limited knowledge... it's risky.

If you’re the one actually owning the company, then legally, the buck stops with you—you’re responsible for everything the business does—but since you don't even grasp the basics being taught by your professor (and let me tell you, she's been an absolute lifesaver with her guidance so far 🙏), it would be incredibly reckless to launch a venture that your partner will be running while you sit there with almost zero understanding of how commerce actually works.

One more thing—while advice on a forum like this can be helpful, it should never, ever be the foundation of your expertise; think of it as a mere suggestion or a starting point, nothing more... you need to seek out actual verification elsewhere to confirm if what you're hearing is right or wrong.

Some things here aren't quite clicking yet—there's a clear lack of the essential information that your partner clearly possesses... 🤷

Anyway, thanks for the kind words. Cheers!
Henry Moore2 Henry Moore2 Active Member
69 messages
joined Feb 2009
#429 ·
I’m trying to get my bearings here, but there’s so much back-and-forth going on that I feel a bit lost. If anyone could point me in the right direction, I’d really appreciate it.

So, the big dream is to launch my own online marketing agency. A friend of mine mentioned he started his whole business with just a few thousand bucks instead of the twenty grand people usually talk about, and now I'm sitting here scratching my head wondering if I've got the math wrong.
It would basically just be me—acting as both the sole employee and the CEO.

Also, I’m looking into grabbing a .com domain. I heard there are certain rules about what you can actually name it—like, apparently you can't pick something totally ridiculous or unprofessional? Does anyone know how that process actually works or what the deal is with naming conventions?
Charles Ramos7 Charles Ramos7 Regular
529 messages
joined Jul 2010
#430 ·
Henry Moore2 said:I’m trying to get my bearings here, but there’s so much back-and-forth going on that I feel a bit lost. If anyone could point me in the right direction, I’d really appreciate it.

So, the big dream is to launch my own online marketing agency. A friend of mine mentioned he started his whole business with just a few thousand bucks instead of the twenty grand people usually talk about, and now I'm sitting here scratching my head wondering if I've got the math wrong.
It would basically just be me—acting as both the sole employee and the CEO.

Also, I’m looking into grabbing a .com domain. I heard there are certain rules about what you can actually name it—like, apparently you can't pick something totally ridiculous or unprofessional? Does anyone know how that process actually works or what the deal is with naming conventions?

$2000 covers your overhead, while $6667 is basically the seed money you have to put in upfront. Your company can then use that to buy a laptop, cover payroll, or even pay for my expenses at the 😉 games...
As far as I know, getting a domain like yourname.com or yourcompany.com is free—it’s just the hosting you actually have to pay for.
Henry Moore2 Henry Moore2 Active Member
69 messages
joined Feb 2009
#431 ·
And he’s claiming his base level was at 6k, but I honestly don't see how that works out.

Yeah, true, but what are the actual rules about names? Apparently, you aren't allowed to pick something "funny," but who gets to be the judge of what's actually funny?
I do know you can't have xyz in the name, though.
Charles Ramos7 Charles Ramos7 Regular
529 messages
joined Jul 2010
#432 ·
Henry Moore2 said:And he’s claiming his base level was at 6k, but I honestly don't see how that works out.

Yeah, true, but what are the actual rules about names? Apparently, you aren't allowed to pick something "funny," but who gets to be the judge of what's actually funny?
I do know you can't have xyz in the name, though.

There's no way he only had 6. He probably had at least 10 in cash plus another 10 in gear—you have to estimate.
As far as domains go, there’s no such thing as "funny" if it’s actually your name or your business name. You could literally call yourself Smiley Smiley and still snag smiley.smiley.com.
George Wilson4 George Wilson4 Member
38 messages
joined Nov 2012
#433 ·
Ned told you everything exactly right—he’s spot on. You really need to have either $20,000 in liquid cash or about $10,000 worth of assets. If you go the asset route, that’s another $10,000 in cash just to cover the appraiser to actually value them. As for that $6,000? The only way he could have burned through that was on legal fees and paperwork—maybe paying an attorney to draft all the contracts and handle the bureaucracy. Otherwise, there just isn't much else it could have gone toward.

Can you really drop $20,000 on business expenses without anyone blinking? I mean, sure, if it’s legitimate, it’s fine. But then there's the matter of the domain. It really ought to match the company name exactly—something like CompanyName.com. If you want to go with something else, well, that's a different story. You'd likely have to file a special request just to justify it. Is it worth the extra paperwork? Who knows.

For instance, say you have your own LLC... I can't quite make sense of that link. Is there something specific you were trying to share? If you're looking for information or want to start a discussion on a particular topic, just let me know. I'm listening.

So, you decide to grab a .com domain for... what exactly? Is it just for the sake of owning a little corner of the internet, or are you actually building something meant to last? It’s an interesting choice. One wonders if the prestige of a dot-com still carries the weight it used to, or if we're all just chasing digital real estate for the hell of it. What's the end game here? $20 A yearly hosting plan for maybe $250 to $300 and the whole headache just disappears. Problem solved? Perhaps.

P.S. Your friend seems to have gotten a few things mixed up.
Henry Moore2 Henry Moore2 Active Member
69 messages
joined Feb 2009
#434 ·
So, what's the deal with this rule about names having to follow certain regulations?
I mean, what if I just wanted to call my company www.zbljb.com or maybe something like www.varampomalo.com

Do they actually have to give me the green light on stuff like that?
Charles Ramos7 Charles Ramos7 Regular
529 messages
joined Jul 2010
#435 ·
Henry Moore2 said:So, what's the deal with this rule about names having to follow certain regulations?
I mean, what if I just wanted to call my company www.zbljb.com or maybe something like www.varampomalo.com

Do they actually have to give me the green light on stuff like that?

You're mixing up two different things: the legal business name and the domain.

It’s unlikely you'll get a business name that’s totally inappropriate, but if you somehow pull that off, your domain can be whatever you want.

By the way, you can grab a .com domain without even having a registered company...
George Wilson4 George Wilson4 Member
38 messages
joined Nov 2012
#436 ·
Your business name needs to be official;

It has to be in English or Latin, and you’ll need to provide a justification for it. If you’re using personal names, they have to belong to an immediate family member, and there are plenty of other little rules to navigate. Your best bet? Give Swift a call so they can run a check for you. Or, if you really want to be thorough, call the clerk at the local courthouse who works directly under the judge handling new business registrations. Basically, first check the availability on the Secretary of State website, then double-check with the court itself—sometimes they'll reject a name because it's too similar to something already registered.

I already touched on how US domain names work above, but regarding .com domains, you don't actually need to own a company to buy one. In fact, the domain name doesn't even have to match your legal business name.

You could technically register your LLC as Henry Moore2 LLC and still use CrazyCabbages.com as your web address. If you end up selling products through that site, you just list the actual legal entity in your website's imprint or "About Us" section—though even that isn't strictly mandatory in every case.
mellowscout7 mellowscout7 Newcomer
8 messages
joined Feb 2009
#437 ·
I’ve been seriously thinking about striking out on my own and starting a little business of my own...
So, here’s the deal... I’m looking to launch either a sole proprietorship or perhaps a full-on corporation...
What kind of ventures can I get off the ground if I don't have specific professional certifications or degrees?
What does the setup process actually look like, and what are the perks?
In terms of cost-effectiveness and simplicity, which route is better: staying small as a sole proprietor or going the corporate route?
Who should be my first point of contact to get the ball rolling?
Are there any government grants or startup incentives out there that I could tap into?
What am I looking at for monthly or yearly tax obligations?
How do taxes and other various fees shake out?
And most importantly, what are the red flags? Are there any hidden traps or legal landmines that could absolutely ruin me if I'm not careful?.....
Am I allowed to run multiple different types of businesses under one umbrella?
Do I need to hold specific credentials, like being a licensed professional or having certain educational backgrounds?
Also, if I run into some trouble or get hit with fines in my personal life, can that mess with my business standing or vice versa?
Basically, anything else you think is vital that I haven't even thought to ask yet....
Henry Moore2 Henry Moore2 Active Member
69 messages
joined Feb 2009
#438 ·
Charles Ramos7 said:You're mixing up two different things: the legal business name and the domain.

It’s unlikely you'll get a business name that’s totally inappropriate, but if you somehow pull that off, your domain can be whatever you want.

By the way, you can grab a .com domain without even having a registered company...

I actually meant a .us domain, my fingers just slipped and I typed .com instead.
lonedriver18 lonedriver18 Newcomer
3 messages
joined Apr 2010
#439 ·
Hey there, Henry Moore2!

Regarding those .com domains—you can head over to http://www.dns.com/registration.html to see exactly who qualifies for a free registration.

A company falls into one of several categories, and by default, they can grab a domain that matches their business name—provided it’s actually available, of course. You can double-check availability at http://whois.com/ to see if your choice is up for grabs.

Now, if a company wants a domain that doesn't perfectly match its official name, they'll have to submit a formal justification in their application—though just a heads-up, the commission can totally deny that request if they aren't feeling it.

As for those names like 'zbljb' or 'little liar'—well, the issue is that a company wouldn't even be able to register those in the first place! They'd get rejected immediately by the Commercial Court during the initial business naming process.😁
The specific rules for picking a company name are laid out in the Companies Act
and I believe it's covered in sections 11 through 19. That said, a good chunk of the decision comes down to the subjective judgment of the judge at the Commercial Court who oversees the filing. To see which names are already taken, you'd need to check the official Secretary of State registry https://sos.state.gov/registry/index.jsp to make sure your choice is unique enough compared to existing businesses in your jurisdiction. Just keep in mind—online registries aren't always 100% up-to-the-minute, so even if it looks free online, there's no absolute guarantee!
wearytrucker22 wearytrucker22 Active Member
222 messages
joined Dec 2012
#440 ·
Here’s the lowdown on micro-entrepreneurship, specifically regarding the startup phase.

JPMorgan Chase won't just hand you a business loan out of thin air; unless you have a mortgage to leverage or an existing successful company to act as collateral, you're out of luck.
Your only real options are personal loans or checking if your local county offers any self-employment programs—otherwise, beginners can basically forget about credit entirely.

If you're setting up an LLC where you own the company but hire someone else as the director, you need to be extremely careful when drafting the Articles of Organization. Honestly, just hire a lawyer; otherwise, you'll regret it. It’s better to ensure you sit on the Board of Directors and retain sole signing authority for documents through $3333 or some other platform. Alternatively, don't give the director independent signing power. If you happen to live far from the main office, the director can input data via online banking for you to authorize remotely. You should also make sure your accountant is authorized to co-sign reports and various filings for the IRS or similar agencies alongside the director.

When money is on the line, remember: there are no friends, no family, and no siblings. Money ruins everything, period.

To actually tap into European Union funds, you generally need to show at least two or three years of successful operation.
That doesn't mean if you had a revenue of $33333 last year and a profit of 90,000, you'll suddenly see a massive windfall—unless, of course, you're tight with politicians who can pull strings for you. Banks love seeing high turnover and a large headcount, even if the company isn't actually producing anything.

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