Starting an LLC: Where to begin?

I was wondering how much it actually costs to register a business name?

Is the fee the same everywhere, or does it vary depending on which city you're in?

Also, does the price change if I'm running a mobile business versus having a physical storefront?

Thanks so much for the help!!!

The second question should have actually been phrased like this:
Is the price different depending on which city you're in, or is it pretty much the same everywhere?🙄 My bad, I'm not even sure if I'm typing this right, sorry!

20 $0.00 is what you're looking at for an LLC setup. An auditor might be able to shave some costs by valuing your desk, chairs, and phone at much less than they're actually worth, maybe around $333.

Then there are the taxes, roughly $667, plus about $1,000 for advertisements in The New York Times or The Washington Post... a notary will run you about $1000 if you have multiple owners, especially if you end up adding more capital later on...

Closing a business is a massive headache. Liquidation or bankruptcy will set you back about $10000, and I still have a defunct company haunting my finances after all these years, even though it’s completely inactive...

It’s actually more affordable to start a sole proprietorship, like a retail business, and it’s much easier to wind down. Just keep in mind you either need the specific credentials yourself or you'll have to hire someone who does...

So, about 12 years ago, I went ahead and registered a business here in the States.
The thing is, the company never actually did a single thing. It just sat there.
Is it even possible to revive this shell of a company, and if I do, am I going to get hit with the same old fees?

Ona007 said:About twelve years ago, I registered a small business here in the States.
The company never actually conducted any business operations.
Is it possible to reactivate this entity, and if so, would the filing fees remain the same?

If you didn't bring it into compliance with the Companies Act back then, it was likely dissolved shortly after.

Deciding whether a sole proprietorship or an LLC is more profitable isn't exactly a simple answer.
If you're running a small business in a city with high local income taxes, it’s definitely going to cost you more.
On top of that, sole proprietors face higher payroll tax burdens, and they can only write off expenses that have actually been paid out.

Quincy:

Shutting down a business is an absolute nightmare. You're looking at roughly $10000 just to handle liquidation or bankruptcy. I’ve got a dead company hanging over my head for years now, even though I haven't done a lick of business with it in ages!!! [/B]

Errr $10000?
Why on earth is liquidation so expensive?
Let's be real: the paperwork should be about the same as starting one, maybe slightly more annoying. How does the government justify these insane liquidation fees?

Jerry Wright6

Commodus said:It’s cheaper to just set up a sole proprietorship—like a small retail business—and honestly, it's way easier to shut down if things go south. The catch is you either need the specific credentials yourself or you have to hire someone who does.

Spot on, though it's worth noting there's a massive pool of "general" freelance gigs where you don't need a specialized degree. Think digital marketing or stuff like that.

Commodus said:Shutting down a business is a massive headache. You’re looking at roughly $10000 just to handle liquidation or bankruptcy. I’ve got a dead shell of a company haunting my life for years now, even though it hasn't done a lick of business in ages.

Well, you might be able to take advantage of summary bankruptcy proceedings if the company has little to no assets left.

There was an article published in the Internal Revenue Code journal titled "Summary Elimination Bankruptcy Proceedings" by Jane Doe, MS.

NPR also hosts an introduction on their website:

The Bankruptcy Reform Act of December 2000 introduced a specific, streamlined procedure for liquidating insolvent legal entities with minimal startup capital. The primary goal of this summary process is to clear out defunct legal entities that can't meet their obligations or have ceased all operations entirely.

Hey there!

What’s the full rundown for setting up—or registering, if we're being formal—a new business?

If I recall correctly... about a decade ago, everyone was jumping on the bandwagon to start companies. You just had to pay a tiny fee, fill out a couple of forms, and you were good to go—there were more businesses than actual people at one point. But then a few years later, they introduced some rule requiring a minimum balance of, say, $5,000 in the account, which basically scared everyone off and led to a wave of liquidations. So, what does it take to get a company off the ground these days?
I'm probably using "setting up" too casually—I might not have the exact technical jargon down perfectly 🙂 but the idea hit me recently, so hopefully you get what I'm asking.
Thanks and cheers!

20k $0.00 in seed capital plus roughly 5-10 $0.00 for a notary or an attorney (depending on who you hire) to handle the paperwork—things like the articles of incorporation, director acceptance statements, and the list of board members. This applies to an LLC.

😲

Does this also include things like an online business 🙂 CNN and stuff like that?

Sole proprietorships are a completely different beast. When looking at corporations, I’m mostly interested in LLCs rather than C-Corps, simply because you need way more capital to launch a C-Corp. As for your business activities, you have total freedom to choose; there aren't any barriers to starting any legal venture you want. I'd suggest browsing through the websites of the U.S. Chamber of Commerce and the U.S. Small Business Administration—you'll definitely find some useful resources there. First, you need to nail down exactly what you plan to do, then take that solid idea to an attorney to ask about the specific timing and requirements.

Sarah Rodriguez8 🙂

mistyjackal8, if you're looking to launch your business today, you'll need about $6.75 in startup capital—not just cash, but equipment worth that amount counts too. Between the notary fees and filing costs, expect to shell out roughly $1.25
.

Honestly, just get over to the States! You can set up a sole proprietorship for as little as $25. That’s basically just what you’d pay in filing fees to get everything registered. After that, you're good to go and can start making moves.

If you want to go the full LLC route, it'll run you a little more—maybe around $130.

Ashley Rogers4 said:Just come to the United States. You can set up a sole proprietorship for twenty-five bucks. That’s basically just what you pay the filing fee to get registered, and then you're good to go.

It’s not like you need a massive pile of capital to start a small business here either, much like how you don't need a fortune just to act as a solo merchant...

goldengull3,

Can you break down what a sole proprietor actually is?
Is it a legal entity or just an individual? And can they handle importing goods and selling them to other companies
here in the US?

Thanks

That’s basically what makes America, well, America.

silentpanther15 said:Hey marker, if you’re looking to launch a business today, you’ll need about $6.75 in capital—and I don't mean just $5,000 in cash. You can put that value into equipment too. Plus, factor in around $1.25 for the notary and all those public filings.

That’s basically how it went for me. My $3.5K ended up feeling more like $4.5K, mostly because I paid for a service to handle all the paperwork. Honestly, if you actually have a job and need to be on-site... it’s pretty much impossible to spend your day running around town handling legal docs.

Tvrtko1995 said:Come to the States. You can set up a sole proprietorship for just $25. That’s basically all you pay for the registration fee. Then you're good to go.

Setting up a full corporation costs a bit more—roughly $130.

The law is one thing, but if there were any loopholes to exploit, being able to open an American company from abroad would be incredible. You'd just register a firm overseas for $130 and then open a branch here following Vojkyjev's method...
I have no clue what the cost for the branch setup would be, but it’s clearly a massive potential saving...
Jerry Wright6