LLC, A Distinct Legal Entity, A Limited Liability Company

How To Start An LLC:

• This site makes starting an LLC easy. Click here: How To Start One
  1. Name it – But don’t name it theses things. This is a lists of restricted words. It makes sense. You cannot say you are a Day Care Center, LLC when you take care of your own house plants. Or some such silly thing.
  2. Is the name available? Check here, if you are in michigan. Go here and enter your state first.
     1. Buy the domain name to go with it. Search if it’s available here.
     2. Email Name. You can get one (yourname@yourbusinessname.com) with google apps
     3. Business Cards
  3. P.S. Sorry, You have to pay a fee and it varies by state. Save up your pennies, $50-$10 dollars for the LLC pieces of offical-ness.

Maybe More Importantly, What Is It?

1. LLC VS Sole Proprietorship VS Partnerships VS S Corporations. What is it not?
   1. Sole Proprietorship – google says, “Also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.”
      1. An LLC is NOT you. There is a legal distinction between you and your business.
   2. Partnership – google says, “A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business.”A multiple member LLC is actually more common.
      1. SMLLC, single member LLCs, were recently up for debate in some of states. Luckily all 50 states allow them, otherwise there would have been a question about SMLLC is some states being recognized in other states. All is set for GO!
   3. S Corp – Is a little more complex.
      1. The jist:  an S Corp is to avoid double taxation…once to the government and another time to share holders. Here is an article about it.
         1. An LLC doesn’t have shareholders.
      2. In a S Corp you pass the profits and losses through your personal tax return
      3. The S stands for Small. 
      4. Good news, you could get S Corp status for your LLC.
2. 1. Corporation – a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
      1. Theses are the Top 6 Reasons to Incorporate
         • Personal asset protection
         • Tax flexibility and incorporation tax benefits
         • Enhanced credibility
         • Brand protection
         • Perpetual existence
         • Deductible expenses
      2. Did you  know you can incorporate your business in any state you want? Some states are better for your bottom line.
3. If you are ready to get your business process going but don’t have money to make money
   1. Click here to get a loan. 
   2. Click here to enter for a $1000 Best Buy gift card to stock that business, whatever sort you choose

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