how much does an llc cost in mdcs the pattern [New Info]


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Last updated : Sept 29, 2022
Written by : Kathlene Guilbeau
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how much does an llc cost in mdcs the pattern


Comment by Sheldon Marner

okay so the question is this do I need to be making money before I found my LLC and the answer to that kind of varies because they can mean two things some people say when I say do I need to be making money they mean do I need to be making a profit should I have like lots of customers and making five figures a month before I for my LLC some other people just like when in the wind in my business do I form my LLC and this is my answer to that well and the first thing I would say is don't just file an LLC because it's the most popular thing to do because you see everyone doing it because it is pretty simple simple in most states now LLC's are state regulators so it's not federal until the roost vary from state to state in Alabama you fill out paperwork with the Secretary of State's office in some states you have to give notice that you're forming an LLC which can take a few more weeks so it varies but you don't want to just form that LLC because you see that's what everyone else is doing you want to do what's best for you and when you're making that decision you have some things to consider which I talked about in the incubator I talked about and going to more details between the different types of business entities but that's the first thing I would say don't just form an LLC because you see everyone doing it that's number one number two I will tell you that LLC's the whole purpose of it is to limit your liability that's what that LLC stands for limited liability company and what it does is that it it puts a barrier between your business and see this is the barrier the water-bottle is the barrier and this is your business and this is your personal and this water bottle is making sure that nothing over here gets into this nothing from your business gets into your personal so that's that's what this LLC does it limits your liability so we go to the question of whether or not you need to be making money before you get this barrier right the question then becomes is do you need protection do you need protection so when you think about that it's not just before you make any money how about when you're entering contracts are you entering business relationships under your personal name what happens if something goes wrong now instead of suing your business you know it's stopping here now they're gonna sue you because there is no barrier right so those are just that's just one thing to consider and the other thing you consider maybe you're not making five figures a month maybe you made your first sale and what I'm doing is like worst-case scenario right because you always want to be prepared so maybe you made your first sale and something went horribly wrong and now they want to sue you well they're gonna sue you personally are they gonna sue the business I would say that before you enter into so some people business it takes a while to launch right so you don't just go and start selling stuff and enter into contracts you do the kind of the legwork first and still in doing that initial legwork of putting your business together I can understand waiting but if you're gonna enter into business contracts and if you're gonna start selling products you want to make sure that you are protected and now I've heard some people say that you shouldn't get an LLC until you're making money and the reason that they say that is because an LLC costs money not just the filing fee that you pay to form the business but it also called cost money on an annual basis well clearly Fowler LLC what it does is lets the state know that hey there's a business here running and operating so when it's you can taxed and so they want their money on a regular basis which is why before you even think about forming an LLC or anything like that you want to make sure you have a viable business and that's what any anything so whether it's an LLC or whether it is a trademark or anything of that nature you want to make sure that you have a viable business is your business stainable do people want what you're selling do you know who you selling it to and how much you're selling it for just simple things of that nature if you have not thought about that I would say pump the brakes on going out and getting a business for an LLC just because you have an idea you want to push that thing out a little bit and I'm not talking about a business plan for like an investor I'm talking about a business plan for you like you need to know this stuff which is why let me see that's why I did this this is the business plan workbook that I created so that you can get the answers to all of those questions you know what to ask you know asking the answer so that's what the business plan workbook is for if you have if not in that face your business yet you haven't done that I highly recommend you get the business plan workbook all right so the pathways from today's video very short video but the takeaway from the video are one you don't just want to get an LLC because it's the in thing to do you want to make sure that it's the best thing for your business and when you're making that consideration you want to think about it from a legal standpoint and from a tax standpoint so you want to talk to your lawyer and your CPA to make sure that you're doing the best thing for your business so that's number one number two I would say that that limited liability company remember the purpose of it this is the liability company all right is to keep your business separate it from your personal so that means that if something if you have any liabilities on the business side then you can sleep at night knowing that your home is protected because your personal is not taken is protected the limited liability company keeps your personal liabilities out of your your business liabilities out of your personal assets which is really important when you're doing business it allows you the opportunity to take risks as an entrepreneur but there are some things that you want to do to make sure that once you file that paperwork once you file that paperwork that actually staying protected so and we talked about that - in the incubator sometimes I get the question do I need to get an LLC or a trademark and I will just tell you very quickly that they are not comparable like it's not do I get an LLC or do I get a trademark they're not the same thing the LLC as I said before is is one that state regulated is more in line with your business to let the state know that there's a business being operated so it's not an either/or thing a trademark protection is a brand of protect your brand identifiers while the LLC makes sure that your personal assets our personal life your business liabilities are not affecting your personal assets meaning if you get sued in the business you don't have to worry about selling your house to take care of that business debt there are some things you have to do in order to keep that liability but to answer the question about whether or not you should get an LLC or a trademark they're not the same thing so it's when you get an LLC or when you get a trademark it's not an either-or type of thing so if you are in busine


Thanks for your comment Sheldon Marner, have a nice day.
- Kathlene Guilbeau, Staff Member


Comment by Dorthea

the process of forming an LLC is different in every state and the costs are different as well in this video we will give you a general overview of the fees you will need to pay when you start an LLC as well as those you need to pay to maintain it over time we will also address fees that you do not have to pay to form an LLC so make sure to watch to the end to save some money forming an LLC requires you to pay a one-time state filing fee in addition to ongoing annual maintenance fees first let's take a look at one time filing fees the main cost when forming an LLC is typically the fee of filing your articles of organization with the state this one-time payment ranges between 40 and 500 dollars depending on your state visit our site to determine the exact filing costs for your particular state several states Arizona Nebraska and New York also require your newly incorporated LLC to publish a statement of formation in a local newspaper these publishing costs can be anywhere from forty to two thousand dollars depending on your state specific requirements visit our site for strategies to publish in your state as cheaply as possible in addition to the initial formation fees there are regular maintenance fees that you'll need to pay to keep your LLC in good standing let's take a look at these now annual biennial report most states require LLC's to submit a fee along with an annual or biennial report which includes updating the name and address with the LLC the report fee varies state by state but in most cases is less than $50 per year some states levy a yearly tax on LLC's often call the franchise tax this is most often a flat tax but can also vary accordingly to your LLC's annual earnings in certain states for instance California LLC's must pay a yearly $800 franchise tax if they make less than 250 thousand dollars and more if they earn more than 250 thousand dollars to calculate the specific costs of maintaining an LLC in your state visit our website for an additional cost of 50 to 150 dollars you can use the professional formation service to create your LLC this can save you both time and the headache of filling out legal paperwork various service providers have different packages which generally charge for LLC formation registered agent service creating your LLC's operating agreement obtaining an employer identification number E I n from the IRS researching which business licenses your LLC will need you may not want all of these services so shop around for different providers and packages you can also visit our site for reviews of the top five formation services the value of a hired professional service goes beyond the convenience however using a service for your registered agent means that they are the first point of contact for all inquiries allowing for an enhanced level of personal privacy of course you should be mindful of certain aspects of LLC formation that are either free or unnecessary if you are looking to save money you can avoid the following research your LLC's name a service may offer this but you can perform a name search for free on your state's website LLC kitten seal these types of fancy documentation are a vanity product and unnecessary from a legal standpoint yah n if forming an LLC on your own you can get your employer identification number for free from the IRS visit our site how to start an LLC com to get all the specific details regarding the costs of setting up an LLC in your state not only do we gather all the essential information in one place we also offer other free resources and tools for getting your business up and running check out the links in the description below and please give us a like and subscribe if you appreciate our content we are dedicated to providing the most useful information for small business owners and would love to see your feedback in the comments on what other information you need to help follow your entrepreneurial dreams you


Thanks Dorthea your participation is very much appreciated
- Kathlene Guilbeau


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how much does an llc cost in mdcs the pattern

how much does an llc cost in mdcs the pattern