Becoming an LLC

Has anyone used Legal Zoom to start an LLC. I have been a sole p. and looking to convert in California. I know nothing about the process or the details. How much will I have to pay in taxes as an LLC in CA. besides the profits I will have to pay taxes on. Any help would be appreciated. I am looking for answers from people who are experienced in CA. LLC’s

Thanks ahead of time for your help.

www.nachi.org/inc.htm There is no reason to incorporate in the state you live or work in, and in fact, some asset-protection reasons to incorporate in a different state.

I responded to your post about Legal Zoom. Get an Atty. or your Accountant to advise you on specific benefits of LLC vs S Corp etc. How you set up will make all the difference if or when you need this protection. Just my opinion.

Accountant, get his advice.

Use both.

Here in Indiana, LLC does provide legal protection as long as it’s set up correctly and you run your business correctly. Your state might be the same or it could be different.

A lawyer cannot do an accountants job and an accountant is not going to do a lawyers job.

Wow, the information about the LLC from Joseph Ferry is weak. There can be a lot more to it.

Form a LLC yourself and save all the money…

http://www.sos.ca.gov/business/be/faqs.htm

My accountant set up my Corporation for about $300 and does the annual filings.

That is the way to go.

Most attorneys don’t know squat about asset protection, a subject that is very important to inspectors. Most attorneys are too hung up on preparing to win a lawsuit instead of preparing to lose one. Too many inspectors end up paying through the nose to beat a lawsuit. What a waste.

I’d much rather pay nearly nothing and keep my money. I take certain strategic actions to cause the plaintiffs to think they about to hit the jackpot, which in turn causes the plaintiff to spend more of their money trying to win. Then, after enticing the plaintiffs to pay to fight through every roadblock I put up, I eventually permit the plaintiffs to win the judgment. Then I take more strategic actions to cause the plaintiff to think they are about to collect the jackpot, which in turn causes the plaintiff to spend even more money trying to collect. After years of this, when they finally get to the finish line, exhausted, and often penniless, it is only then that I find it in my heart to inform them that all the money they spent is all for not, because I’m totally collection proof. I know, I’m evil :twisted:.

One way to lose a small fortune… is to sue me and win.
One way to lose a large fortune… is to sue me and win, then try to collect.

Mike;

I have a LLC. in Cali I used Legal Zoom they will save you time and do a great job with that being said, you can save money if you have the time to do the filing yourself. If you are going to run your business as a Sole p. I think it is a waste of time and will cost you a minim of $800.00 a year for the LLC. Every 2 years you send in a form along with $20.00 stating no changes or any changes to your LLC. You have to be able to separate your self personalty or it does no good at all. You will need to set up a manger which will be you and at least one officer. Get a EIN number setup L. Zoom will do that for you or it is a simple form you can do your self. I have spoken with a couple of Atty. & Accountants and have been told if you treat it as a Sole P. it is not worth it. There reasoning is you have E. O insurance 99% of the cases are settled for 3K to 10K and paid of by your E. O.because it cost them more to fight it. If the Lawsuit is or more well if they find you in the wrong they your E. O. will have to pay it up to what you are covered by your insurance. Now I don’t know what your net worth is but if it is a high amount you should have had it protected already hope this helps…;):wink:

How do you sign checks, documents, contracts, ect… so that you do not pierce the corp. and your personnel self, Thank you

You sign as you would any other documents with your Sig as you do everything else…

Thanks Louie for the info. I thought you would have to sign like your company name then per your name

David,
Your welcome say if you receive a check it should be made out to your company I use a bank stamp for deposits. Sign contract or Inspection agreement it has my LLC name and I sign my name since I am setup as Manger of my company the same with other legal docs.

Thanks again, Louie

but even if your llc…and YOU do the inspection the llc means nothing…they will still personal take you to court along with the llc…get it? they may get noting from the llc…may be a ladder and a few tools…however your personal assets will still be on the hook……this is how I read it?

Yep, get an accountant.

Nick,

Would you be interested in elaborating further, or perhaps have some reference material. I understand if you want to keep your strategies private, however.

Jeff Tatlock
BEACHSIDE Home Inspection
Serving Brevard County FL. Areas include Cape Canaveral, Merritt Island, Cocoa Beach, Satellite Beach, Indian Harbour Beach, Indialantic, Melbourne Beach, Viera, Melbourne.
www.beachsideinspection.com/why_beachside

Good info for me, thanks everyone

Jeff writes:

No big secret strategy. Basically, I don’t own any assets (in my personal name) and never will again. I see no reason to ever title anything in your own name or use a ball point pen.

No one can be judgment proof unless you give up your U.S. citizenship (which I won’t do). But you can be, like me, 100% collection proof.

I sleep like a baby at night and couldn’t care less if anyone sues me. I love watching them waste their time and money.