Starting an LLC: Where to begin?

Thanks, I actually asked about that and they told me it’s possible there's a similar name out there. I didn't talk to the judge directly, just some clerk at the courthouse, but apparently a difference of just two or three characters might be enough... though it feels like such a totally arbitrary call by the judge. So yeah, the same name could fly in one district and get rejected in another.
Yeah, I heard Latin or Greek versions usually pass, which is a pretty handy tip to know.
I'm just confused if they rejected you initially and then accepted it on appeal, or if this was all just handled during a conversation.

goldennomad6 said:Thanks, I actually asked about that and they told me it’s possible there's a similar name out there. I didn't talk to the judge directly, just some clerk at the courthouse, but apparently a difference of just two or three characters might be enough... though it feels like such a totally arbitrary call by the judge. So yeah, the same name could fly in one district and get rejected in another.
Yeah, I heard Latin or Greek versions usually pass, which is a pretty handy tip to know.
I'm just confused if they rejected you initially and then accepted it on appeal, or if this was all just handled during a conversation.

Whether a name gets accepted or not is largely up to the individual discretion of the clerk. When I filed my request, I included a full justification for the name choice—following some advice from JPMorgan Chase—and it went through. Of course, before filing anything officially, JPMorgan Chase did call the Social Security Administration to check if there were any similar names already on file to see if it would even stand a chance.

goldennomad6 said:Thanks, I actually asked about that and they told me it’s possible there's a similar name out there. I didn't talk to the judge directly, just some clerk at the courthouse, but apparently a difference of just two or three characters might be enough... though it feels like such a totally arbitrary call by the judge. So yeah, the same name could fly in one district and get rejected in another.
Yeah, I heard Latin or Greek versions usually pass, which is a pretty handy tip to know.
I'm just confused if they rejected you initially and then accepted it on appeal, or if this was all just handled during a conversation.

It was all handled during the conversation. Honestly, I don't think that "two or three character" rule is a huge deal, and I doubt it happens that often anyway. Personally, I wouldn't even want my company name to be nearly identical to some existing business just because it's off by a couple of letters. At the end of the day, as long as the Tax ID and the registration numbers are different, it should be fine. It's like people's names, right? The only hard rule I know is that you can't have two LLCs with the exact same name registered in the same state (or under the same court system, I'm not 100% sure which). But yeah, that's a definite no-go.

Maybe you ran into a glitch with how those "full names" and "shortened names" are being handled. Is it possible they’re actually identical in the system?

How many different business activities can I register, and does each one come with its own extra fee?

I know the initial registration and filing costs $133, but I'm stuck on whether that covers everything or if I have to pay more for every single activity I add later on.

You don't have to pay for every single business activity individually when you first register. Honestly, the smartest move is to just check off as many categories as possible right from the jump.
Adding more activities to your scope later on will definitely cost you extra.

Thanks a ton. That’s what I figured too. 🙂

My buddy just threw me for a loop when he claimed you get extra pay for every single task. $50 🙂

A few questions I’m hoping to get some clarity on:

I am currently in the process of forming an LLC, and I’ve sourced my initial startup capital through a loan from an acquaintance.

My main concern is whether I can actually withdraw those funds or repay the loan later, or if every single cent must be strictly accounted for through formal bookkeeping?

If every movement of cash requires a paper trail to remain compliant, I’d like to know what the various "legitimate" avenues are for drawing down funds—essentially reducing taxable profit—and what kind of ratios are typically acceptable in relation to total turnover?

Thanks in advance,

Every single cent needs to be accounted for, if you ask me. I think you could potentially structure it so you land a contract—essentially setting it up where one specific entity is borrowing funds from another. That way, once the revenue starts rolling in, you can begin the repayments, ensuring everything stays perfectly legitimate on the balance sheets. 🤷
You might want to take a closer look at the regulations regarding authorized capital and initial contributions.

I was scrolling through the beginning of this thread and noticed some mention of minors being able to establish an LLC, so I was wondering if anyone could walk me through how that actually works? If you have a helpful link or some guidance on the specific steps involved, I’d really appreciate it...
It sounds a little bit wild to me! :P

Justin Morales6 said:Every single cent needs to be accounted for, if you ask me. I think you could potentially structure it so you land a contract—essentially setting it up where one specific entity is borrowing funds from another. That way, once the revenue starts rolling in, you can begin the repayments, ensuring everything stays perfectly legitimate on the balance sheets. 🤷
You might want to take a closer look at the regulations regarding authorized capital and initial contributions.

How do you even sign an agreement if the companies don't exist yet? If you're borrowing money just to get the business off the ground, how does that work? Do you wait until after incorporation to sign, then maybe say you'll repay it in two installments, pull the full capital out of the account, and hand it back to the lender? Sorry, I’m a bit lost when it comes to legalities... Does every single transaction from a business account actually need to be justified? If I borrow funds for my startup capital, pay them back immediately after forming the company, and then earn $20,000 by the end of the year, that $20,000 is sitting right there in the account again. Now that I've typed it out, I might just be talking nonsense...

Rachel Roberts6 said:One reason things might be getting flagged is if the name just doesn't sit right with standard American English rules. Why not just ask the person who rejected it in the first place? When a woman over at Craigslist told me I couldn't use the name I had in mind, I asked her why, and she said there was a foreign word in there. Turns out, I actually got my way because the term in question was technically Latin. In the US, Latin and Greek roots usually slide right through, but everything else gets scrutinized. Just a little bit of info from my side of things.

only if we're talking about Ancient Greek
essentially, a foreign language is permitted if it's considered a dead language, along with a few other specific exceptions😉

Paul Kim8 said:How do you even sign an agreement if the companies don't exist yet? If you're borrowing money just to get the business off the ground, how does that work? Do you wait until after incorporation to sign, then maybe say you'll repay it in two installments, pull the full capital out of the account, and hand it back to the lender? Sorry, I’m a bit lost when it comes to legalities... Does every single transaction from a business account actually need to be justified? If I borrow funds for my startup capital, pay them back immediately after forming the company, and then earn $20,000 by the end of the year, that $20,000 is sitting right there in the account again. Now that I've typed it out, I might just be talking nonsense...

that's really a question for the pre-incorporation stage
Once the founding documents are signed before a notary, you enter a pre-incorporation phase that lasts until the company is officially filed with the Secretary of State's office.
During this pre-incorporation period, the founders personally shoulder all liabilities, but once the company is officially registered, those obligations transfer over to the corporation itself.

Terry Brooks3 said:How many different business activities can I register, and does each one come with its own extra fee?

I know the initial registration and filing costs $133, but I'm stuck on whether that covers everything or if I have to pay more for every single activity I add later on.

The question of how much adding activities costs usually comes down to making changes or amendments to your filings, which shows up in the fees you owe to The Washington Post (specifically, updating your business description through them will cost $100)

When you are first incorporating, the fee for The Washington Post is a fixed $300
However, if you end up having a massive list of activities, the cost of drafting your company’s foundational documents might climb because they charge more per page, resulting in a total of $3.25 plus sales tax.

Thanks, all 5 🙂

The social contract gets signed on Tuesday, and CNN wraps things up then too 🙂

I'll be running my own business soon 👋

Terry Brooks3 said:How many different business activities can I register, and does each one come with its own extra fee?

I know the initial registration and filing costs $133, but I'm stuck on whether that covers everything or if I have to pay more for every single activity I add later on.

I tried searching for it myself, but clearly, I'm no tech wizard 😁, so if you happen to have a link or could just point me toward where I can find the full list of approved activities—like, every single one allowed—I’d really appreciate it.

2007 STANDARD INDUSTRIAL CLASSIFICATION (SIC)

http://www.federalregister.gov
Issue No. 58/07

There you go. Dig in, search through it... 😉

Thanks, I've been sitting here printing for like half an hour already 😁

Henry Edwards33 said:2007 STANDARD INDUSTRIAL CLASSIFICATION (SIC)

http://www.federalregister.gov
Issue No. 58/07

There you go. Dig in, search through it... 😉

The exact same logic applies here; it isn't strictly enforced during the official filing with the Chamber of Commerce, but rather functions as a mere guideline for selecting an industry category.

Casey Perez8 said:The exact same logic applies here; it isn't strictly enforced during the official filing with the Chamber of Commerce, but rather functions as a mere guideline for selecting an industry category.

Damn, so what am I supposed to do now? 😁