| Forming an LLC is pretty easy to do. Just make sure | | | | and legal form templates that are available on the |
| you follow the directions that your state has laid out | | | | internet that can be had for a few dollars. As long as |
| for you. There are rules that govern the number of | | | | all the local and state laws are followed and the forms |
| partners, the length of time that an LLC is in effect and | | | | are filled out correctly attempting this pro se may save |
| transferability of partnership. Each state also may | | | | quite a bit of money. The forms will have to be |
| have their own set of guidelines for setting up an LLC. | | | | notarized, with each partners signature and the forms |
| Basically the rules are based on: | | | | filled out correctly. The forms will have to be filled and |
| * There must be one or more members. | | | | the LLC will have to be registered in the state where |
| * The LLC is only effective for thirty years. | | | | the business is located. There is some good |
| * Partnership rights cannot be transferred. | | | | information on the internet and how to books available |
| * Partners in the LLC have to elect the main managers | | | | that can provide in depth information on how to fill the |
| of the LLC. | | | | legal forms out, how to file the forms and where to file |
| * There is not a numerical limit on the number of | | | | the forms. |
| members. | | | | Hiring an attorney to setup an LLC is probably the best |
| The forms that are filed from locality to locality may | | | | bet if there is a certain level of discomfort with |
| also differ. It is a good idea to seek legal advice when | | | | preparing the forms without one. An attorney that |
| setting up and LLC. | | | | practices business law or corporate law is the best |
| For federal tax purposes the LLC is looked at as an | | | | bet. The attorney will prepare all the legal forms and |
| association. There are specific tax forms that need to | | | | get them filed. The fees will vary so shopping around is |
| be filed each year on behalf of the LLC. The benefit | | | | a good idea. |
| again is the liability is not personal and personal assets | | | | Either way pro se or with an attorney setting up an |
| cannot be attached for back taxes. | | | | LLC is a good way to protect an individual from |
| Setting up an LLC pro se (doing it yourself) sounds like | | | | personal liability. |
| it would be complex, but there are some legal forms | | | | |