Forum Moderators: phranque
I have an ongoing web-based sole proprietorship that sells a service. Its physical inventory is just about nothing...just a part of a desktop computer. I use my personal checking, credit card and Paypal accounts for the business.
I filed the online LLC documentation late last week and expect to receive approval in a day or two. I'm not sure what to do after that, but I assume they include all these:
1. Apply for a checking account for the LLC
2. Apply for a credit card for the LLC
3. Apply for a Paypal account for the LLC (or maybe convert existing account from personal to LLC?)
4. Get new business cards
5. Add LLC to the name on the website.
Has anyone seen a checklist of "what to do next?"
I utilized the Nolo book, "Form Your Own Limited Liability Company," and it was very helpful. Now I need to see if they have something like, "Start Up Your Own Limited Liability Company."
Item 6 to add to the above list would be, "Get an EIN, or not."
Why mess around? Make sure you are safe and secure by utilizing the services of someone who is a professional at such things!
Talk to the accountant the lawyer recommended.
The lawyer and accountant are a team when it comes to managing your business. I don't think you can effectively run a business without both on your team. The lawyer helps keep you out of trouble and from some looter coming along and taking everything with a trumped up lawsuit. The accountant helps keep the government's hands off your stuff. Both are critical if you plan on being in business for any period of time and making any type of real money.
I interviewed a lot of accountants after reading the books and it was startling how many claimed to have expertise that simply did not have.
[edited by: Jane_Doe at 3:34 pm (utc) on Oct. 1, 2008]
Do you really need "LLC" on everything to make it stick?
When I set up my LLC several years ago now I asked my attorney the very same question. His answer was yes, you should use it on all documents, your web site, biz cards, etc. The reason is that you were putting the world on notice that this was an official LLC. He said in court it would give you that extra bit of protection by keeping another lawyer from punching a hole in your "corporate veil" so to speak and getting at your personal assets. You made it clear to everything that this was a separate entity from you, which is important in protecting its status.
