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taught_me_patience

(5,477 posts)

16. It really depends on the projected size of the biz and your assets you want to protect

Wed May 27, 2015, 03:02 PM

May 2015

I'd say that if the projected biz is <100k yearly revs, then don't even bother incorporating
If the biz is 100-500K yearly revs, and a single shareholder, then legal zoom would probably be ok
If the biz is projected to be greater than 500k in yearly revs, then use a lawyer.

If you have substantial assets (>100K) you'd like to protect, use a lawyer. If you have any partners that will be shareholders, use a lawyer and get a good accountant.

One last thing, if your business is in California, it is tempting to incorporate in Nevada to avoid paying the Franchise tax of $800. DON'T DO IT. It will be a complete waste of money and you'll have almost 0 limited liability protection. California courts don't look kindly on businesses trying to avoid paying the franchise tax.

I incorporated through a lawyer and it cost about $1,200. It was an extremely easy process and I'd probably repurpose the forms if I created another entity.

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Has anyone here incorporated or formed an LLC? [View all] NightWatcher May 2015 OP

I had my accountant set up an LLC. Jackpine Radical May 2015 #1

Practicing law without a licence is what put this guy in prison .... dawg May 2015 #15

It's a self-service website. The state obviously doesn't mind Jackpine Radical May 2015 #17

If he charges for it, he could theoretically get in trouble. dawg May 2015 #19

WI Statutes Jackpine Radical May 2015 #20

That doesn't really say what you think it does. dawg May 2015 #22

I think it depends on the state. Lonusca May 2015 #2

I have a friend who did it herself without a lawyer when sufrommich May 2015 #3

Lawyers are the Ones who Eat money williamj Jun 2015 #23

I used a lawyer. Erich Bloodaxe BSN May 2015 #4

For starters, good luck!!!!! NCTraveler May 2015 #5

I think that's the plan. Get setup advice from a business atty, but do the filing/books myself. NightWatcher May 2015 #7

I did it myself. Xyzse May 2015 #6

I hired a lawyer to do it. You don't know what you don't know corkhead May 2015 #8

I used a lawyer to set up an S-Corp. n/t Bonhomme Richard May 2015 #9

If its a sole member LLC Sgent May 2015 #10

In Utah the State has created an online DIY program called OneStop Sheepshank May 2015 #11

5 times alc May 2015 #12

I've done it as attorney treestar May 2015 #13

LLC, yes and we did it ourselves. lumberjack_jeff May 2015 #14

It really depends on the projected size of the biz and your assets you want to protect taught_me_patience May 2015 #16

We went though legal zoom nadinbrzezinski May 2015 #18

Get your accountant to help you. pa28 May 2015 #21