Forming an LLC

[Rich Robison]

Has anyone on this list ever incorporated? I'm starting a LLC with a
couple of guys.

Filing for an LLC seems straightforward enough. Writing the operating
agreement and buyout agreement seem a little trickier.

Thanks!
Rich

[Andrew Szemiot]

First thing, congratulations! Looks like a first step to your own
business. :) I was playing with the idea of becoming an LLC myself
awhile ago, but now I' reading on businesses first before embarking on
one. Becoming a "C" or a "LLC" or another kind has its varying pluses
and minuses. I want to find out as much as I can before starting one.

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[Rich Robison]

If you're doing it by yourself, you also might want to consider a Sole
Proprietorship because of its simplicity.

If you have multiple people involved, here's a good article on determining
if you'd be better off as a corp or LLC:
http://www.nolo.com/article.cfm/objectID/9D0C8698-EC1E-4561-A1FDC7FC4BC232C8/111/182/ART/

Rich

--
The only defense of the world is a thorough knowledge of it. -- John Locke

--
This is the necessary result and part of the justification of individual
liberty: if the result of individual liberty did not demonstrate that some
manners of living are more successful than others, much of the case for it
would vanish. -- F.A. Hayek

[Paula Accomando]

Although simple, I read that sole proprietorship is a bad entity
because you are personally liable if you ever get sued as opposed to
a corp or llc,
where the business would be potentially sued leaving your personal
assets safe. (Kiyosaki book on forming your own corp)

Congrats on you LLC btw, good luck

[Rich Robison]

Good point. If liability's a concern, an LLC's a no brainer.

An LLC can also be advantageous over a SP for federal taxes, but here in
Texas LLCs are subject to a frachise tax that SPs are not.

Rich

--
Speak the truth, then leave quickly. -- Serbian Proverb

[Paula Accomando]

Rich, I know you may not be able to make it, but I will throw it out
anyway
There is a cashflow game this Thursday with Joe Casselman
(financial advisor from Jessica's presentation at Truluck's). There
was a really good vibe last time we went, so I hope to see you guys
there. You too David!!

P

[Rich Robison]

I'm dying to go when life calms down a bit. Thanks for the continued
invites!

--
Knowing others is wisdom; knowing the self is enlightenment. Mastering
others requires force; mastering the self needs strength. -- Lao Tsu