| Jan 25 @ 6:50 PM |
Does anyone have their own business, could use some advice
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luneib
Posts: 732
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My bf and I will be starting a commercial cleaning business.
I was considering an LLC but perhaps an LLP would be better? All I know is that if we were ever to transfer real estate to an LLP it is exempt from the real estate transfer fee. Now do they mean real estate as in a building for the business? Or, if you move to another residence, just call me confused.  
As I understand it, if we are to set up our business as an LLC we have to fill out paperwork and pay fees and file with the State of Connecticut to legally establish the LLC as a separate business entity. With an LLP I am not sure if we'd still have to file with the state as the LLP is a partnership and perhaps we only have to register our business at our town hall. Since I was going to register our business name with the trademark registry through the Secretary of State's office, was wondering if that is even necessary, or just if we should go through our town hall without bothering with the State.
Also, if we do it as an LLP, would we just have to get licensed through our town, or do we still need to file paperwork with the State of CT going through the Secretary of State's office?
Thank you for any information. I appreciate all your help! 
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| Jan 25 @ 7:16 PM |
Does anyone have their own business, could use some advice |
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signme
Posts: 12,588
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Lune hon sorry but I have no clue. When I retire and start my own business I was planning on coming to you for help!
Good luck and hope someone has the answers you need. 
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| Jan 25 @ 7:34 PM |
Does anyone have their own business, could use some advice
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Laidback742
Posts: 4,679
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Go to StartUpNation .... its a community website for small businesses .... blogs, articles and forums .... you're bound to get some great advice there.
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| Jan 25 @ 7:36 PM |
Does anyone have their own business, could use some advice |
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Loreli
Posts: 25,417
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Call Small business administration
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| Jan 25 @ 8:00 PM |
Does anyone have their own business, could use some advice
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luneib
Posts: 732
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Thanx guys for your replies. I appreciate your help. 
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| Jan 25 @ 8:12 PM |
Does anyone have their own business, could use some advice |
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redhairNfreckles
Posts: 4,698
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I know this much....better do what you're planning on doing soon, before the government changes the rules...... 
Good luck with your new business.
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| Jan 25 @ 8:18 PM |
Does anyone have their own business, could use some advice
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lj450
Posts: 9,551
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I have an LLC with my parents. It varies by state. Check into the pros and cons of each.
The biggest advantage of forming an LLC in Texas is that you are personally shielded from liability for acts that concern your business. Secondly, forming an LLC in Texas will also provide you with tax advantages, in that you won't be "double" taxed.
No one wants to lose their house over a failed business. 
Forming an LLP in Texas allows for equitable shares of ownership to be maintained, in that you will own a percentage of the company based upon the percentage of the total amount invested that you contributed. You will also be entitled to direct access to the flow of income and expenses
That would be good if you want ownership based on monetary contribution only. It does not take into account knowledge, contacts, or any other intangibles.
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| Jan 25 @ 8:35 PM |
Does anyone have their own business, could use some advice |
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missliss78
Posts: 5,213
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I would think the SBA in your area or a local attorney would be the best source for answers to questions like this...as more often than not, laws vary from state to state.
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| Jan 25 @ 11:54 PM |
Does anyone have their own business, could use some advice
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blueyes101
Posts: 12,080
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When my business partner and I started our business, I got a referral to a general law attorney. We sat with him and he layed out what was needed to set up our LLC, and most important why they are needed. He prepared all the paper work, and just had to sign on the dotted line.
Our cost ( a few years ago ) was $450, and knowing we are fully protected, it is well worth it. Attorneys are there for a purpose, this is one of those times.
Call around, see if you can get a free consultation, but only go with someone who specializes in this area.
Here in Michigan, we have lawyer referral phone line. Check in your area.
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| Jan 26 @ 7:10 AM |
Does anyone have their own business, could use some advice |
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daisy315
Posts: 4,946
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Good Lord.. my ex and I had our tile and marble installation biz and I never heard him discuss any of this stuff.. 
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| Jan 26 @ 9:07 AM |
Does anyone have their own business, could use some advice
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lj450
Posts: 9,551
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I think one of the main differences is that with an LLC, everyone is equally liable regardless of their ownership percentage (if the business fails, everyone loses equally). In an LLP, each partnes is only liable to the extent of their original investment (which is strictly monetary).
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| Jan 26 @ 12:32 PM |
Does anyone have their own business, could use some advice |
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blueyes101
Posts: 12,080
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Daisey, it depends on how liability you are subject to.
In construction, even with insurance, if someone was ever harmed due to any work that I performed, without protection, they could come after my home.
You can also just get incorporated.
The more involved the business, and the more people you hire under you, the more protection you should have.
If you wish to paint houses, a simple DBA ( or Doing business as ) will suffice. Plus your insurance.
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| Feb 2 @ 4:14 PM |
Does anyone have their own business, could use some advice
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mystery2u888
Posts: 18,095
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I hope it all works out for you gf
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