San Jose, CA · Member since 2008 · 137 posts · 2 votes
Team
I am looking to form a LLC through Legal Zoom or Incorporate.Com or some other site (LLC.COM). Which one is best? The rates are almost the same if I include Tax ID preparation and receiving, Operating Agreement, Expedited Processing, Registered Agent for 1 Yr, etc. (works out to about $650.00 total). Suggestions, please?
Real Estate Investor · OH · Member since 2008 · 1k+ posts · 86 votes
18y
EIN is your Employer Identification Number. You can get one for your business by going out to the .gov web site. They are free. When you setup you business banking accounts, this is the number that you use. You also use this number on credit applications.
Just wanted to add that I’ve used The Company Corporation "incorporate dot com" in the past, and they’ve been a big help. I wasn’t sure of a lot of the steps, and they do a pretty good job of guiding you. I’ve gotten help with my Inc, business license, EIN, Web site, business credit, you name it. Prices are reasonable too. Hope this helps anyone who’s researching their options.
Commercial Real Estate Agent · Los Angeles, CA · Member since 2008 · 148 posts · 39 votes
18y
We used them to form our LLC, we went ahead and did the EXPRESS............ It worked out GREAT !!!! and fast. a little under $400........ in my opinion it was worth it.
Homeowner · Shreveport, LA · Member since 2008 · 52 posts · 0 votes
18y
Originally posted by "dtwilson":
legalzoom is convenient but frankly is not worth it. register through your state at half the cost, the forms you can download for free.
QFT.
Doing it yourself it much more cost effective. You have to give these sites all of your info anyway. You could be using that time to type your information directly onto the forms. Lawyers here charge $1200, but that's my problem.
One other thing I have heard of is filing in Delaware. Anyone hear about the benefits of that?
Seattle, WA · Member since 2008 · 16 posts · 1 vote
18y
I've formed my LLC and am trying to get my EIN from the irs.gov website. I formed the LLC in CT (plan to do business there) but live in NY. The site asks questions about the LLC's physical address. Has anyone tackled these questions? I've been on hold with the irs for 20 min. Any help would be great!
Real Estate Investor · San Diego, CA · Member since 2008 · 10 posts · 1 vote
18y
Yes, I would recommend LegalZoom. I created a LLC and a DBA through them buy while paying for priority processing, registered agent, etc. Either way, using an attorney or LegalZoom, you can't go wrong.
Residential Real Estate Broker · Grand Blanc, MI · Member since 2008 · 885 posts · 316 votes
18y
I wouldn't pay anyone else to set them up. It's very simple in the state of Michigan. I've successfully setup several and gotten the EINs, too. It only costs $50.
Real Estate Investor · Las Vegas, NV · Member since 2008 · 10 posts · 0 votes
18y
When I set up my llc, I thought about going to one of those online sites. I read that setting up your LLC is only like 10%. The real protection is how it is set up and you need an attoreny for that. Things like resolutions, notice of meetings, minutes, etc. Some of the stuff i still don't understand. If you have limited knowledge, then I would suggest you use an attorney who can explain in detail, what needs to be done to fully protect your assets. "You don't want to be exposed" - thats what the lawyer said.
I went with the attorney simply because of my lack of knowledge. Now I know, I have a solid entity that will protect me. Mines cost around 500 in nevada. Its ok, if you want save some money and to get it online, but make sure its compliant.
Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
17y
I recently formed an Iowa LLC through Legalzoom and was very satisfied with the service and speed. It cost me $190 for the 'economy' package. I got the EIN number on my own for free from the IRS website https://sa1.www4.irs.gov/modiein/individual/index.jsp (which took me like 5 minutes).
I would definitely not pay for them to get the EIN for you- it's a waste of money considering how easy it is to DIY.
Real Estate Investor · Toledo, OH · Member since 2008 · 234 posts · 53 votes
17y
Originally posted by Mark Yuschak:
I wouldn't pay anyone else to set them up. It's very simple in the state of Michigan. I've successfully setup several and gotten the EINs, too. It only costs $50.
I couldn't agree more. It's very easy in MI and just a matter of filing out the form and getting EIN. Also like you said it's very reasonable in cost.
Buy and Hold Investor · Commack, NY · Member since 2008 · 353 posts · 33 votes
17y
Originally posted by Joe Bauer:
I've formed my LLC and am trying to get my EIN from the irs.gov website. I formed the LLC in CT (plan to do business there) but live in NY. The site asks questions about the LLC's physical address. Has anyone tackled these questions? I've been on hold with the irs for 20 min. Any help would be great!
Hi Jon,
Hopefully you're off hold by now with the IRS, lol, but your physical address would be your NY address, but you will need a Registered Agent with a CT address in order to file for your LLC. You will need a CT Registered Agent for as long as you have your LLC. I'm assuming you got this resolved by now, but I posted to help anyone else that might have that same question.
Real Estate Consultant · Somerville, MA · Member since 2008 · 339 posts · 52 votes
17y
You can get Nolo's book "How to Form an LLC" from the library for free. It's clear and walks you through every piece.
If it's a single-member LLC (just you) then you don't need to pay anyone for help since there's no need to worry about the Operating Agreement...it would just be an agreement with yourself.
The only thing worth paying someone else for is the Operating Agreement if there are more than 1 member/manager in order to clarify the roles of partners.
I've started several LLCs myself and have given an LLC workshop at Babson College to MBAs where we started over 20 more LLCs. Once you know the process (or read it in Nolo's book or similar), it's incredibly easy and quick. Here's the link to the next workshop in February 2009 if you're in the Boston area: http://www.babsoneclub.com/events/
Real Estate Investor · marathon, OH · Member since 2008 · 33 posts · 1 vote
17y
Guys,
There is a heck of a lot more involved that just creating an entity.
I won't bother going into details because I'm not interested in any potential debate here.
I will say this: For your first entity, hire an experienced, non-cookie cutter type AP attorney. He/she will explain the consequences of not following the rules of using the entity.
Once you get the understand the purpose of each entity and their rules required to maintain them, then you can add more entity via online.
To those of you who purchased and created an entity via online without the much needed benefit from an attorney, well, good luck if you find yourself in court and/or with the IRS.