What to do?

[sal329]

I am opening my online store selling gifts and novelties and some paints I personally paint. My question here is when I register the business do I do as an LLC? Say I wanted the business name to be ABC Inc, would I need the LLC at the end of the name? Would LLC be what I want? I will be the one in charge of everything noone else on payroll but me. Thanks all

[The Stealthy One]

Well, if you want the name to include the word 'Inc', you are going to have to form a corporation. If you want the word 'LLC' you have to form a limited liability company.

Your best bet is to speak with a legal adviser in your state to determine which structure best fits around your goals and the protection you need. This does vary from state to state; just because your structure is supposed to limit your liability, depending on how you've set it up, it may not always do this.

[BOG]

Just do a sole proprietorship till the business is even moving and you know what you're doing. It will cost $15 instead of $1,200 and take 5 minutes. Corporations require a lot of maintenance and there's things you need to know or pay someone to do for you. Unless you have employees or are a brick & mortar, I don't see much need to Inc.

[The Stealthy One]

BOG, creating some sort of legal business structure that is a separate entity from the Founder is a very intelligent choice to make. I do not think that your advice is very wise.

[sal329]

Thanks everyone. I am in FL if that helps. I don't really need the word Inc at teh end. i can do ABC LLC. Eventually I would like to get more then one website and expand from just gifts and novelties. Thats why I was thinking of ABC Inc or ABC LLC as my business and then having one website for now and then growing to more but still liscened under Abc inc (or llc). Did I make sense? Anyone know of an attorney I could talk to? Thanks everyone I have learned so much

[bmiles]

One good thing about an LLC is that if you branch off into other ventures and use that name as an umbrella company. You dont have to register any more LLC

[F360]

BOG, creating some sort of legal business structure that is a separate entity from the Founder is a very intelligent choice to make. I do not think that your advice is very wise.

I thought his advice was good. To start a company costs alot more money than other business structures. No need to dive in and register a company right away.

[Erock]

sal, I created an LLC in Florida for my business in February. The name of my business is A&E Investments, LLC, but you can register a DBA (doing business as) any other name you want.

First, you should file for a ficticious name. That costs around 50 or so, I cant remember the exact cost. Then you file to become an LLC, which costs around $150. You can do all this on sunbiz.gov. Don't get a lawyer, its not that hard. I would suggest picking up LLC or Corporation?: How To Choose The Right Form For Your Business , and Nolo's Quick LLC: All You Need To Know About Limited Liability Companies .

[NewHorizons]

Erock, why did you register a ficticious name first? Wouldnt registering A&E Investments, LLC be enough? Also, isn't a ficticious name the same as a DBA?

I thought i knew enough to register myself on sunbiz (I live in FL too), but I guess not....

[youngmoneyblog]

I just incorporated in florida about a month ago.

First I did the incorporation as an S-Corp because it was more advantageous structurally and financially. I chose to not file as an LLC as the structure of an LLC is generally geared towards professional companies (lawyers, accountants... etc)

so i have ABC, Inc.

I am opening an online retail store which will operate under a different name... 123.com

I had to file a Doing Business As (DBA) or Fictituous Name for 123.com on behalf of ABC, Inc to show that ABC, Inc. is Doing Business As 123.com.

www.sunbiz.com is where I did EVERYTHING.
To file as an S-Corp = $70
To file DBA = $50

you will also need to file for an occupational license in your county.
you will also need to file for a Tax ID and Resellers License through the IRS and the Dept of Revenue, respectively.

since ur selling novelties and such, you should incorporate to get a reseller's license, this will allow you to work with manufacturers DIRECTLY... saving you a crap load of money!

damn, I hope that makes sense, its 3:30 AM and I can't sleep. too many ideas!!! PM me if you have more questions. I'm early in the game too.

[sal329]

Everyone thank you so much. Im trying to do all this home work and find a legit dropshipper and wholesaler, plus work 60+ hours and get ready for my first child in now 18 days (pretty nervous). I will do some more reading on LLC and S-Corp. Once again thanks everyone for the help

[The Stealthy One]

I thought his advice was good. To start a company costs alot more money than other business structures. No need to dive in and register a company right away.

If you're serious about it, yes, there is.

[NewHorizons]

is the resellers license enough to import from overseas without problems from customs? Also does the license have to be for a specific product?

[The Stealthy One]

NewHorizons,

I believe that would be best addressed in a new thread that is relevant to that topic.

[sal329]

So what would you recommend for my situation? LLC or Corp?