Updated over 10 years ago on . Most recent reply
Advice for my LLC/Domain name
I need some advice. After a lot of contemplation, I've decided forming an LLC would be best for my business.
My original plan was to name my LLC: Peracca Enterprises, LLC, and file a DBA for Chicago Home Buyers. When I inquired to see if the DBA of Chicago Home Buyers was available they told me that it was. They also said I could just form as: Chicago Home Buyers, LLC.
I am still figuring out how this works, but what I do know is Chicago Home Buyers is a premium name. I would imagine this would be a great business move.
On another note, I looked up the domain for Chicagohomebuyers.com and it cost $22,000.00 to buy it out right. Something unique that I haven’t seen before is they also offer options to lease the domain and rent to own. The monthly lease is $110.00/mo. Do you think this would be worth it?
Only reason I wanted to do Peracca Enterprises then file a DBA, is because when I start doing buy and holds in the future I do not want to hold them under Chicago Home Buyers.
Thoughts?
Most Popular Reply
Not only should you speak to your accountant but also an attorney. There are two areas to cover.
1. Tax issues, how your income is taxed, the write-offs and deductions that are possible based on the entity, as well as, how the business is 'transferred' should you meet an untimely end.
2. Legal and Liability issues. Don't lose everything you have because you had the wrong entity and/or didn't file it correctly.
As to the $110/month, that is still over $1300 annually and you could easily file 2 new LLCs each year for that.
There is a meeting tonight, that i will not be able to attend personally as I am not in town, but in Elmhurst, where an attorney is presenting about entity structure and asset protection> Might be worth it considering you are just in Lombard.