Anyone know how to set up a corporate veil with an LLC?

  • Posted by a hidden member.
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    Apr 28, 2012 8:25 PM GMT
    Just curious, can someone guide me to setting up and LLC with a corporate veil for my business consulting business? I dont want to get sued...
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    Apr 28, 2012 8:34 PM GMT
    Name your business Caveat Emptor icon_razz.gif
  • Posted by a hidden member.
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    Apr 28, 2012 8:39 PM GMT
    Claystation saidName your business Caveat Emptor icon_razz.gif


    I shuttered when I saw that you posted on my thread...with good reason too.
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    Apr 28, 2012 8:42 PM GMT
    Chainers said

    I shuttered when I saw that you posted on my thread...with good reason too.


    U scarred?
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    Apr 28, 2012 8:43 PM GMT
    Claystation said
    Chainers said

    I shuttered when I saw that you posted on my thread...with good reason too.


    U scarred?


    Very scarred, clay is rummaging about! Im lining my office with gay fairy dust hoping to keep you at bay.

    The power of gay compels you! The power of gay compels you!
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    Apr 28, 2012 8:49 PM GMT
    Chainers said
    Very scarred, clay is rummaging about! Im lining my office with gay fairy dust hoping to keep you at bay.

    The power of gay compels you! The power of gay compels you!


    Did you get an LLC form from your Secretary of state Office?

    Do you have a name for your business?

    Did you submit your Articles of Organization form (beware of fees)?

    Did you create an LLC Operating Agreement?

    Its alright I'll go away icon_neutral.gif
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    Apr 28, 2012 8:50 PM GMT
    Claystation said
    Chainers said
    Very scarred, clay is rummaging about! Im lining my office with gay fairy dust hoping to keep you at bay.

    The power of gay compels you! The power of gay compels you!


    Did you get an LLC form from your Secretary of state Office?

    Do you have a name for your business?

    Did you submit your Articles of Organization form (beware of fees)?

    Did you create an LLC Operating Agreement?

    Its alright I'll go away icon_neutral.gif


    No, I have no idea about any of these.

    Please stay Clay, help me...I need you...
  • umphreak

    Posts: 43

    Apr 28, 2012 10:59 PM GMT
    Chainers saidJust curious, can someone guide me to setting up and LLC with a corporate veil for my business consulting business? I dont want to get sued...


    First, you can't prevent your business from being sued. The LLC will just reduce the likelihood that your personal assets would be accessible to creditors (whether by contract or judgement)

    Second, you need to respect the formalities of an LLC if you want to retain the limited liability (the inability of creditors to go after your personal assets)

    Third, you should make sure you have an accountant and might want to find an inexpensive lawyer. You could try and do it yourself, but you'll probably fuck it up. No offense intended--you just don't know (or would have any reason to know) what you're doing.

    If you insist on doing it yourself,
    Go to your state's secretary of state's business page. They'll have FAQs. Read all of them.
    Fill out the articles of organization. Check the availability of your intended name (there will be a link to that somewhere on the SOS website) before you file. You should probably get a simple operating agreement (theyre like bylaws for LLCs). You'll either need to find a form online or get an attorney. If you have other members of the LLC (shareholders are owners of corps, members are owners of LLCs) these documents get a little more complicated and I wouldn't recommend using a form off the Internet. You should also get an EIN from the IRS (think social security number for companies)--they're free. Make sure all of your company assets are in the name of your company. Get a bank account for your company and NEVER comingle personal and business funds (you can lose your limited liability). Keep good records. Check to see if you need local business permits. Make sure you sign all contracts under company name with your title (like "sole member"). Talk with your accountant to see if you need anything else.

    Think you've got it? If you don't, get a lawyer. If you do, get a lawyer.
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    Apr 28, 2012 11:06 PM GMT
    I agree with Umphreak. Let professionals do what professionals do best. I'm incorporated but don't know shit about this wedding veil thing, blah blah blah. My lawyer and bookkeeper handle anything involving fine print or numbers. icon_neutral.gif
  • mybud

    Posts: 11837

    Apr 29, 2012 4:31 AM GMT
    Go to Zoom .com...cheap and fairly easy...
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    Apr 29, 2012 5:46 AM GMT
    umphreak said
    Chainers saidJust curious, can someone guide me to setting up and LLC with a corporate veil for my business consulting business? I dont want to get sued...


    First, you can't prevent your business from being sued. The LLC will just reduce the likelihood that your personal assets would be accessible to creditors (whether by contract or judgement)

    Second, you need to respect the formalities of an LLC if you want to retain the limited liability (the inability of creditors to go after your personal assets)

    Third, you should make sure you have an accountant and might want to find an inexpensive lawyer. You could try and do it yourself, but you'll probably fuck it up. No offense intended--you just don't know (or would have any reason to know) what you're doing.

    If you insist on doing it yourself,
    Go to your state's secretary of state's business page. They'll have FAQs. Read all of them.
    Fill out the articles of organization. Check the availability of your intended name (there will be a link to that somewhere on the SOS website) before you file. You should probably get a simple operating agreement (theyre like bylaws for LLCs). You'll either need to find a form online or get an attorney. If you have other members of the LLC (shareholders are owners of corps, members are owners of LLCs) these documents get a little more complicated and I wouldn't recommend using a form off the Internet. You should also get an EIN from the IRS (think social security number for companies)--they're free. Make sure all of your company assets are in the name of your company. Get a bank account for your company and NEVER comingle personal and business funds (you can lose your limited liability). Keep good records. Check to see if you need local business permits. Make sure you sign all contracts under company name with your title (like "sole member"). Talk with your accountant to see if you need anything else.

    Think you've got it? If you don't, get a lawyer. If you do, get a lawyer.



    This is mostly good I'm a corporate lawyer and usuallly would never suggest that someone go without but LLCs really don't take much effort. If its all you - ie, a single member LLC - you may not even need an operating agreement.

    For a professional business like you're contemplating, you really need proper liability insurance.
  • Posted by a hidden member.
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    Apr 29, 2012 3:59 PM GMT
    http://www.legalzoom.com/limited-liability-company/limited-liability-company-overview-a.html