Starting an LLC: Where to begin?

I can't say for sure about the contract side of things, but you could definitely handle the sales tax (maybe a 70-30% split) if you request an invoice under the company's name. Plus, you can always bill $0.67/mile to cover your own vehicle usage for business.

From what I’ve seen, the IRS only cares about the receipts. They aren't looking at your vehicle title—and honestly, I don't get why someone's name would be on the title if you already have the invoice in hand.
You could try drafting a private contract, but that rarely holds up during an audit by state inspectors. Plus, most loan agreements with banks like Chase or Wells Fargo explicitly state you can't sell or lease the car until the debt is cleared. You really need to read the fine print on that contract.
If your main goal is just justifying business expenses, it's much cleaner and more professional to just use a mileage reimbursement log.

you can only expect a crazy ride, honestly... anything else? just forget about it

Looking for some advice from anyone who runs an LLC.
A buddy of mine has a dormant company sitting there. We’re thinking about reviving it to actually start doing business. Is the process for reactivating one a total headache? And do we need to cough up all that cash again (like another couple thousand bucks plus fees)?
Also, how much does an LLC without employees actually cost per month if—hypothetically—we don't land a single client or sell anything? Are there mandatory fees similar to what sole proprietors deal with through the Chamber of Commerce? Basically, if we hit a dry spell for a month or two and nothing is moving, what’s the damage for just keeping the entity alive?
Thanks, and sorry if this sounds super amateur.

I mean, I’ve heard people bring up the whole idea of a dormant company a million times, but honestly? I don't think that’s even a real thing. When I think about what actually keeps a business running—like, the stuff you're constantly shelling out for—it's more like monthly payroll processing fees and those pesky $18 dues to the U.S. Chamber of Commerce.

Uhm, I'm pretty sure it exists. I think it’s called a forbearance period or something... I should have all the specifics in a couple of days, so I'll let you guys know then. In the meantime, does anyone happen to know more about how the payment processing side works? It would be amazing if there was a way to handle those months where nothing's coming in without getting absolutely crushed by fees. Though, honestly, that might just be wishful thinking.

I recently "launched" my own business, but honestly, I’m a little lost on the actual logistics because my accountant handled all the heavy lifting. From what I gather, you basically need to set up a business bank account and register everything with the IRS... as for the rest, I'm still figuring it out 😳

Anonymous said:I recently "launched" my own business, but honestly, I’m a little lost on the actual logistics because my accountant handled all the heavy lifting. From what I gather, you basically need to set up a business bank account and register everything with the IRS... as for the rest, I'm still figuring it out 😳

Wait, so we're talking about a company that hasn't even started operating yet?

They kicked things off back in the 90s and basically coasted on that momentum until just recently...

So, if you don't mind me asking, how much did you actually end up shelling out for that?

Thawing out?

yeah

Hey, does anyone here know anything about getting government grants or subsidies for small business owners?

I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

Raymond Peterson81 said:I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

Look, until you actually start doing business, you don't have any overhead—nothing. But once the wheels start turning, everything kicks in. You’ll have bank fees for your business account, you'll have to pay an accountant, and then there are all those little miscellaneous taxes and fees... It adds up. Honestly, your biggest headache is going to be the accounting side of things—it really just depends on who you hire and what kind of deal you strike—but I wouldn't expect to find anyone for less than $60 a month.

Raymond Peterson81 said:I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

It's pretty much up to you—I mean, you obviously can't go selling pharmaceuticals or weapons, but beyond that, it's whatever you want. As for updating it later, you basically have to file an amendment with the Secretary of State, which... well, it's a bit of a hassle. It's not impossible, but it involves paperwork and sometimes needing a notary involved. My advice? Sit down at the very beginning, really think it through, and list everything that might even remotely cross your mind. The price doesn't change based on the number of activities, you just have to make sure you clearly designate one as your primary business purpose.

Raymond Peterson81 said:I have a few questions regarding setting up an LLC here in the States

1. What are the minimum monthly contributions required for an LLC (if there are any at all)?

2. Once the LLC is established, how do you decide which business activities to list? Is there a limit on how many industries I can include, what does the filing cost, and what’s the process if I need to add more later?

3. How does it work if I want to add a second line of business under my existing LLC? For example, if I already have an LLC registered for hospitality services but decide to open a coffee shop—are there any specific advantages to doing that through the existing entity versus just starting a fresh small business from scratch?

That’s pretty much everything...

That's a question you should definitely run by an accountant.

What’s the minimum capital requirement when setting up an LLC?

Do I need to have the full $25,000 $0.00 sitting in the bank account right at the start, or is there some way to structure it differently?

Also, what does the actual cost look like to get everything running—meaning the initial $25,000 $0.00 plus the legal fees, filing costs, accountants, notary services, and all that paperwork?

So, you're looking at roughly 25,000 bucks, and that’s before you even factor in paying an accountant to make sense of it all...
And honestly, instead of just dumping cash into it, you could always look at rolling some assets in to build up the company's equity...

Richard Lewis16 said:So, you're looking at roughly 25,000 bucks, and that’s before you even factor in paying an accountant to make sense of it all...
And honestly, instead of just dumping cash into it, you could always look at rolling some assets in to build up the company's equity...

Just keep in mind, those business assets can only cover up to 50% of that minimum $6667
requirement.

Nathan Newman3 said:Just keep in mind, those business assets can only cover up to 50% of that minimum $6667
requirement.

Oh, really? So something actually changed in the regulations?

Because I could have sworn that previously, the initial capital could consist of cash, physical assets, or various legal rights.

I mean, I’ve been running my own setup for about five months now, and back then, everything was actually worth the full amount, no questions asked...
so, my initial valuation came in at $7333, and they went ahead and listed that entire sum as the core capital