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Yoschie99
nomad



Registered: 11/24/99
Posts: 3,149
Loc: center of earth
Last seen: 2 months, 17 days
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starting an LLC...
#7840232 - 01/06/08 04:03 PM (16 years, 26 days ago) |
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So, in the past year or so I've had serious business plans running through my head... from production company/sound system to retail space to online business to vehicle wholesales... a lot of crazy ideas... but, all also feasible to put together in the next 1-3 years.
So, where does one start when starting a business? or multiple businesses?
Right now, I'm basically reading around online and filling out the "Adam's Easy LLC" registration CD-ROM info. I know it's going to be a few months involved process putting together the initial business plans, filing for a tax number, registering the name, etc, etc... but, other those early steps, i'm not really sure what to do.
What I know so far:
- I need to find out what the benefits are of registering the company(or companies) in my own state, a state i'll be doing business heavily in, or somewhere like Nevada or Delaware which are the most popular.
- I need to determine my realistic amount of start-up capital for each small business that I'm planning, and what my options for outside financing are; i.e., small business loans, investors, etc, etc.
- I need to set up at least one primary business account, and quite possibly seek the help of a professional accountant/financial advisor type.. either through my bank or elsewhere.
- I need to figure out the benefits of several ways of structuring my endevours: One LLC w/ many smaller companies registered beneath it; Several larger LLCs registered, w/ several smaller companies under each, more specified by service provided; or each endevour registered on it's own...
- To take on partners initially, or not.
The basic areas that I would like to get set up in first are:
-Transportation and sales of foreclosed/seized vehicles from one state to another. Including cars, box trucks, RVs, etc.
- Import of hand stitched goods from oversees, used in the making of domestic clothing and sold on it's own.
- A production company focused on throwing several events a year, bridging live music w/ electronic music culture. Also involved with promoting for other larger companies or sister companies. Would also own it's own sound equipment and light equipment, available for renting for outside events. Possibly own it's own large venue, as well.
So, that's the general idea of what i'm trying to tackle right now..
Does anyone have any suggestions on the best laid plan of attack?
Thanks..
yos-
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RandalFlagg
Stranger

Registered: 06/15/02
Posts: 15,608
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Re: starting an LLC... [Re: Yoschie99]
#7841782 - 01/06/08 10:43 PM (16 years, 26 days ago) |
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Quote:
Yoschie99 said: -Transportation and sales of foreclosed/seized vehicles from one state to another. Including cars, box trucks, RVs, etc.
One thing to think about with this is that there are limits on how many vehicles you can sell a year in some states without a dealership license. Zippoz/Capitalistic Nomad ran into this problem in Illinois when he was doing veggie oil conversions and re-selling the vehicles.
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ZippoZ
Knomadic



Registered: 06/17/03
Posts: 13,227
Loc: Pongyang, North Korea
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as for the number of vehicles you can sell in a single state, most are 5 per yaer, some are 3... usually i title vehciles in other states and in other peoples names to avoid this, as getting a dealership license is a pain in the ass unless you actually want to open up a shop.
as for opening up a corporation, the main advantage is legal protection. if someone sues your llc, they cant get at your personal assets, and vise versa. it creates what is refered to as the Corporate Veil.
as for where to incorporate, deleware used to have somthing called a deleware corporation, and they still do. but all in all, any other states LLC is pretty much the same thing.
nevada is a nice place to incorporate a business, thats where i opened up my LLC. the waived personal income tax is nice, but realistically you actually have to be doing some business in the state you are incorporated in to stand up to any tax and or legal scrutiny.
if you would like to chat about any of these matters, im all ears, you have my aim name, and i think my phone number as well. if you dont have it you can get it from OMR or BOm.
peace Zip
-------------------- PEACE
zippoz "in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption" "People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."
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Shroom Empire
Myco Matrix




Registered: 12/26/07
Posts: 1,365
Loc: Plugged In
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Re: starting an LLC... [Re: ZippoZ]
#7848472 - 01/08/08 03:13 PM (16 years, 24 days ago) |
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Incorporate Time
Your One Stop Shop for everything Corporate!
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ZippoZ
Knomadic



Registered: 06/17/03
Posts: 13,227
Loc: Pongyang, North Korea
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also, honestly, if youre going to incorporate a legitimate business, you are going to have legal problems at some point, and are going to need a lawyer. While sites like legalzoom.com offer low budget incorporation, they will leave you swinging in the breeze when you have a complex question.
if youre going to incorporate, shop around for a lawyer to handle your legal needs, and start a business relationship with him, and have him manage your incorporation, and also be your Resident agent.
-------------------- PEACE
zippoz "in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption" "People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."
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