LLC in delaware

Posted by jameskia1 on January 12, 2007, 3:06 am

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Does anyone is doing it himself? How difficult it will be to
do it one self? How much does it cost?

How can we form a bank account to cash checks after that?

James

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Posted by Benjamin Yazersky CPA on January 13, 2007, 2:12 am

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> Does anyone is doing it himself? How difficult it will be to

> do it one self? How much does it cost?

> How can we form a bank account to cash checks after that?

these are questions that you need to ask your own CPA
the answers likely depend on your facts & circumstances

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

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Posted by Dick Adams on January 13, 2007, 2:12 am

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Unless you live in Delaware, you may be creating more work
than it is worth because you have to pay your taxes where
you live and you have to register your LLC as a foreign
corporation in States other than Delaware.

As for a bank account for the LLC, you open it as you would
a personal bank account.

Dick

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Posted by David on January 13, 2007, 2:12 am

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jamesk...@yahoo.com.sg wrote:

> Does anyone is doing it himself? How difficult it will be to

> do it one self? How much does it cost?

> How can we form a bank account to cash checks after that?

You should be able to hire a professional company to help
you create your LLC in Deleware for about $200.00 - $250.00
(including all state fees). This price usually includes a
Corporate Kit. I would advise having a corporate kit along
with a good LLC operating agreement otherwise you may not be
entitled to as many liability protection statutes which
Deleware and your state provide. If you know that you will
not have any law suits ever then go do it yourself and
contact the Secretary of State for Deleware and ask them for
the forms and prices.

Make sure you also contact the IRS and get an EIN and
possibly elect for the "partnership" (LLC) to be treated as
an S-corp (I blieve this is form SS-4) if this is the best
choice for your tax situation. Many small business like to
have S status as it can save many small business owners tax
money.

-David

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Posted by Shyster1040 on January 15, 2007, 2:26 am

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First make sure that you actually need a Delaware LLC
instead of a home-grown local one (i.e., one formed under
your own state's LLC law).

There are not always a lot of good reasons to create a
Delaware LLC rather than an LLC under your own state's law.
There are exceptions, however, New York being one of them.
The exception for New York only applies, however, if you're
forming an LLC as an investment vehicle - if you're forming
the LLC to engage in actual business, you're better off
going with a New York LLC. The reason for this is that NY
requires a hideously expensive newspaper notice requirement
for LLCs (it usually costs at least $2,000). The
requirement applies to (a) LLCs formed in NY regardless of
the reason for which they were formed, and (b) non-NY LLCs
that will be conducting business in NY.

Of particular note, the requirement does not apply to non-NY
LLCs that will merely be investing for their own account as
their only activity in NY (i.e., LLCs set up as investment
partnerships). Since trading for your own account is not a
trade or business in New York, it makes more sense to use a
Delaware LLC as your investment vehicle (if you're not going
to use an LP) because that LLC will not have to comply with
the filing requirement, whereas a NY LLC will.

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<< The foregoing was not intended or written to be used, >>
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