Starting an LLC: Where to begin?

Greetings,

I am uncertain if this is the appropriate forum for this inquiry, though perhaps someone here possesses the specific knowledge I require.

I am wondering whether a single corporation engaged in ten diverse sectors—such as engineering, retail, construction, or boat rentals—operates under one unified tax ID, or if separate identifiers are required for each distinct line of business. It may be a somewhat trivial question, but I am curious.

Thank you.

There’s really only one Social Security number 😉

Back in the thread regarding "starting a startup incubator," I noticed someone mention that minors are actually allowed to form an LLC... I tried following up to get some specifics on how that works, but I didn't get a single response...
so, I figured I'd just start this new discussion to pick your brains and see if anyone can dive into the details for me...
if anyone has any insight at all, please feel free to share what you know...

edit: specifically, I'm curious about the actual formation process... like, what kind of role or legal standing would a minor hold within that LLC structure, and anything else relevant you might be able to tell me...

Paul Kim8 said:I’m trying to put together an annual budget for a new LLC... so far, these are the expenses I’ve managed to track;

- Salaries including payroll taxes
- Website development
- Website maintenance
- Accounting fees
- Phone and travel expenses
- Rent and utilities
- Annual business registration fees
- Incorporation costs
- Corporate income tax

Setting aside salaries, web costs, travel, and rent—can you help me with two things? 1. Roughly how much should I budget for the other items listed? 2. What am I missing? Is there anything else I'll be paying monthly or annually?

I need this info fairly quickly, so apologies if this has already been asked somewhere else...

Thanks

forestry fees
historical preservation levies
U.S. Chamber of Commerce dues
then a percentage of revenue goes to them

Once you wrap up your first year, you end up paying the forestry fees, the Chamber, tourism taxes, and then immediate prepayments for the next cycle

At the end of the day, after you finish one decent year, you'll have maybe scraped together a little paycheck and a used car, leaving just enough profit left over to cover all the nonsense this government demands from you

God bless our country 🙏

Taxes are really just the icing on the cake—you have to be patient and just deal with them. Sometimes doing business in America, with all that heavy paperwork, feels so
complicated that it almost makes small local projects feel pointless. But since the global market is always knocking, when you're building
websites, it’s smart to have content ready for startups in English, German, and more, plus some solid SEO optimization.

The owner of the beauty salon where my wife works just passed away. Honestly, we’ve both been feeling pretty burnt out working for someone else for years, so we’ve decided to bite the bullet and launch our own LLC to take over operations in the same leased space. The current lease expires on May 1st. If I step in as the new tenant and keep up with the rent payments, am I legally allowed to use the existing inventory while we wait for the probate process to wrap up? And more importantly—can my wife even show up to work at the salon right now given that the boss and owner is gone, or does she have to walk away immediately until things are settled? Who actually fires her in this situation? Who holds the corporate seal? Can I even start operating out of that same space before the old business is officially wound down? (We have zero intention of taking over the old entity since it's drowning in debt.) Also, when setting up the LLC, if we list our home address as the registered office instead of the salon itself, do I have to essentially pay myself rent?
And so... there are plenty more questions, but it all boils down to one thing: we want to keep working in the same location with as little downtime as possible under a new business structure, ideally buying out the equipment from the estate once the dust settles. We're basically stuck in this legal vacuum until probate is finalized. If anyone here has dealt with something similar or knows which specific US laws or regulations apply to this mess, I’d really appreciate the insight...

Was the late CEO actually the sole founder and owner of the company?

Yeah. It’s just one founder and owner. I honestly have no clue if the business just evaporates once she passes away, or if it gets handed down to someone during probate. And here's the kicker—would an heir actually be on the hook to settle all the outstanding debts—like social security and pension obligations for her one sole employee—before they could even think about shutting the whole thing down?

Now, this is getting into legal territory—I’m really not an expert here—so my advice is to just give a notary public a call. You know, one of those offices where people go to file paperwork for startups or handle ownership transfers through updated operating agreements... I think they'll have a much clearer handle on the specifics than I do.

Matthew Ward81 said:Yeah. It’s just one founder and owner. I honestly have no clue if the business just evaporates once she passes away, or if it gets handed down to someone during probate. And here's the kicker—would an heir actually be on the hook to settle all the outstanding debts—like social security and pension obligations for her one sole employee—before they could even think about shutting the whole thing down?

Business interests are inherited, plain and simple.
Consequently, once the probate court issues the decree regarding inheritance, that serves as the legal foundation for filing the change of ownership with the state.
Since an LLC or corporation is required by law to have at least one officer, when you file that change of membership, the new owner or owners must formally pass a resolution to appoint the management.
If they fail to do so, the local courts would be forced to step in and appoint a receiver to manage the entity.

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?

They aren't cheap, but the upside is you don't have to sink extra cash into your initial capital reserves...

swiftbear6 said: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?

No downsides here—you hit the nail on the head. Timing-wise, it’s a wash; you can set up a new LLC in just a few days these days. The real win is that your parents avoid those massive dissolution fees (maybe $7k-$10k), and you don't have to worry about initial capital requirements.

swiftbear6 said: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?

It’s actually quicker to just start a new firm, but you’ll need to have that initial capital ready to go.
Closing down an old company will likely cost about as much as all the paperwork required to update everything during an acquisition.
The court processes those changes in anywhere from 15 to 30 days, depending on how fast they move.

What are your thoughts on this?
http://www.poduzetnistvo.org/news/re...o-za-4000-kuna

Hey there.
I’m a young entrepreneur trying to get my feet under me, and I’ve got a bit of a specific question for the group.
Basically, I’m looking at setting up a booth at some local trade shows, and I want to sell seeds and various plant starts. The thing is, I won’t be growing them myself; my plan is to buy everything from a wholesale supplier and then repackage it under my own branding and logo.
Is that actually legal to do, and what kind of permits or red tape am I going to run into? Like, what does the whole legal setup look like for something like this in the US?
Thanks 🙂

Question: I currently work for a publishing and book editing firm, but I’ve been thinking about launching my own startup doing the exact same thing. I want to make sure I'm not stepping on any legal toes, as I'd really rather avoid any drama or conflict with my current employer. In principle, all the industry knowledge I have—everything from sourcing materials to the specifics of text processing—comes directly from my experience working there. However, I am a bit unsure if they have any legal claim over my business ideas or anything similar to intellectual property.

Also, I assume I won't need any specific credentials to get this off the ground, seeing as the CEO at my current company holds a PhD while I just have a standard bachelor's degree.

Thanks for your time

Anonymous said:They aren't cheap, but the upside is you don't have to sink extra cash into your initial capital reserves...

I'm actually wondering the exact same thing—what does the actual cost of an acquisition look like?

Andrew Brooks8 said:I'm actually wondering the exact same thing—what does the actual cost of an acquisition look like?

The costs involved depend entirely on several moving parts:
- the total amount of initial capital held by the entity you're acquiring
- how many different shareholders and stakeholders hold equity in the business
- and, quite frankly, everything else you decide to overhaul beyond just swapping out the board members and executives.

The total cost really depends on how many documents the notary has to certify and how often you end up making changes. Honestly, if you want to save some cash on filing fees and official notices, it’s probably best to just update everything all at once.