any good books on setting up an LLC?
- Thread starter HiddenAgenda
- Start date
Quote from HiddenAgenda:
Thanks for the info guys! This may be easier than I thought, at least the set-up formalities.
Sounds like there are a number of ways to do this, but our goal is to try to do this with the least amount of pain possible.
just remember the phrase, penny wise and pound foolish. Trying to save $100 up front may lead to big problems 6 years from now.
LLCs look simple, but they are steeped in requirements and complex law. You can bet that people who did not do their homework are the most likely to get slammed later.
"Oh, was that a requirement? Oh, so THAT'S how it works... But the book said I didn't have to file it that way..."
Just your thought about not doing the LLC locally to save local taxes was WAY out of line. That is not how things work. That is what $20 books say to convince you to buy the book Incorporate in Nevada! LLC in Delaware!!!
Not when you actually sit down to do it. Your state requires you to convey everything to them anyway, so most people just wind up doing an LLC/S Corp in their own state, otherwise you will have to incorporate in the "easy" state PLUS your own state.
It is like working in NYC, and expecting to avoid NYS taxes because you live in PA. It just does not work that way.
HiddenAgenda,
You are suggesting setting up an international operation and US LLC entity with partners in multiple countries but want to set up your LLC and operating agreement online or yourself? That, with all due respect, is penny wise and pound-foolish IMHO. You say you are âvery successful tradersâ and this is a critical issue for you, but instead of hiring someone well versed and able to tailor the entity to your needs, you are asking for professional advice at ET from people who could be a 14 year old living at home instead of a professional (including my advice).
As you said, you want to focus on trading, so what is the problem with hiring a pro to do your setup as that is their area of expertise and that leaves you to your expertise, namely trading. If you are truly successful, the money is not much of a concern for good advice (or it shouldnât be). You arenât going to diagnose yourself the next time you get sick, even though that is critical issue presumably are you? Now at the end of the day, when someone says they are very successful traders but wonât/canât spend the money for professional advice upon which they are basing a business around their trading, it just doesnât make logical sense for someone who is supposedly a successful trader and I become skeptical. A professional will hire someone who is an expert to make sure it is done right, especially if we have international issues involved. If this was a single member LLC just for yourself, that would be different but we are not talking about that scenario.
Bottom line is get a referral from someone you know and trust, your attorney, your clearing firm or your circle of friends/business acquaintances. At the end of the day, I donât care whether you are successful or not as that is none of my business. But if you are serious about your trading and a business built around it as you say, then you wouldnât think twice about using a pro as that is money well spent IMHO. To do otherwise is just crazy to me.
Best of luck
BM
You are suggesting setting up an international operation and US LLC entity with partners in multiple countries but want to set up your LLC and operating agreement online or yourself? That, with all due respect, is penny wise and pound-foolish IMHO. You say you are âvery successful tradersâ and this is a critical issue for you, but instead of hiring someone well versed and able to tailor the entity to your needs, you are asking for professional advice at ET from people who could be a 14 year old living at home instead of a professional (including my advice).
As you said, you want to focus on trading, so what is the problem with hiring a pro to do your setup as that is their area of expertise and that leaves you to your expertise, namely trading. If you are truly successful, the money is not much of a concern for good advice (or it shouldnât be). You arenât going to diagnose yourself the next time you get sick, even though that is critical issue presumably are you? Now at the end of the day, when someone says they are very successful traders but wonât/canât spend the money for professional advice upon which they are basing a business around their trading, it just doesnât make logical sense for someone who is supposedly a successful trader and I become skeptical. A professional will hire someone who is an expert to make sure it is done right, especially if we have international issues involved. If this was a single member LLC just for yourself, that would be different but we are not talking about that scenario.
Bottom line is get a referral from someone you know and trust, your attorney, your clearing firm or your circle of friends/business acquaintances. At the end of the day, I donât care whether you are successful or not as that is none of my business. But if you are serious about your trading and a business built around it as you say, then you wouldnât think twice about using a pro as that is money well spent IMHO. To do otherwise is just crazy to me.
Best of luck
BM
In this day of viruses and malware, could you at least list the title of the document you are directing people to, before showing them how to steal copyrighted materials off a mostly unknown torrent??? site...
I cannot imagine people would want to possibly infect their computer with an unknown file. Many people are nervous enough even downloading a file from their friends.
Once burned (as millions have been), you never look at downloads the same way again. At least with major freemail sites, they usually virus check downloads...
i'm not directing anyone to anywhere. it is all up to you.
without going into long conversation about computer security-PC cost close to nothing these days and anyone,who care about their network security should use separate computer for "common" activities such as browsing,downloading,sharing, whatever..along with couple decent anti virus soft(which is also available for free).so-i see no problem downloading anything, as long as appropriate security steps are taken. download,scan,use it. simple.
without going into long conversation about computer security-PC cost close to nothing these days and anyone,who care about their network security should use separate computer for "common" activities such as browsing,downloading,sharing, whatever..along with couple decent anti virus soft(which is also available for free).so-i see no problem downloading anything, as long as appropriate security steps are taken. download,scan,use it. simple.
Thus, not even willing to provide the title of the referenced document...