Quick legal question about forming an LLC

[Ronald Regging]

I know it isn't specifically domain related, but it's related to my domaining/web business so thought I would ask here.

I know the general idea about how LLCs work. I also know that in order to protect yourself and not run the risk of someone being able to come after you personally, you need to keep business and personal finances completely separate.

My question is how this works when initially forming the LLC. For example, I own a bunch of domains and a website that are currently registered under my personal name. This goes as far as having personal registrar accounts, whois info in my name, hosting in my name, ad network accounts setup in my name, etc...

If I decide to form an LLC at some point, is there any legal process I have to take in order to change the ownership of my domains/website from myself to the LLC? Do I need to have documented sales receipts or something to prove that a legal transfer has occured, or can I just update all of the info with the company name? Not sure exactly how this works and if I do setup an LLC in the near future, I'd like to know I'm not making a fatal mistake from the onset.

Any insight would be greatly appreciated.

 

[jdk]

I have been looking for days on the web for the information I found in this Thread.
Thanks to one and all for the posts you have made on this subject.

With that said I, being a real NEWBIE in this realm (Ancient in real life(born in 1938))
have some questions still regarding obtaining a L.L.C .

I live in the state of Texas where the fee is 300 dollars for a LLC.

Getting laws changed in this state I have found (not originally from Texas);
could take longer than I have life left on this earth. They are in session
every other year in Austin, TX.

I don't have any domains yet. I want to find out all I can about
protecting what my permanent roommate (wife) and I have before entering
into the world of RENTING domains.

If you obtain a L.L.C. is there a renewal fee one should expect or are they
a one shot expense??

I am all for the idea of going to another state that has a less expensive filing
fee. As long as it is LEGAL.


Best Regards

W bar M

There is an initial fee for forming your LLC and a renewal each year. Keep in mind formation and renewal fees are expenses and are deductable. I live in Florida and formed my LLC in Florida. If you read many sites suggest Delaware as the cheapest state to form an LLC. I weighed my options and found my home state had great laws that benefitted LLC's. Plus when it comes to income tax time I only have to do taxes for one state and not two.

Whether you form an LLC or Corp, be sure to file an S-Corp for either one.

In addition, there are many sites online that can do all the work for you. I looked around and chose one, selected the expedited service, and had my LLC formed, received my tax id#, and documents in a matter of days. After this they will send you your stock certificates, company seal, and binder with some useful information and company forms on cd. All in all look to spend around $300-$500 forming your LLC if you are going that route. It is a little pricier than a Corp, but you do not have to keep as many records or minutes for your company.

If you are in doubt I suggest speaking to an accountant regarding your situation, either locally or from one of the major websites that form companies.

 

[IAmAllanShore]

Whether you form an LLC or Corp, be sure to file an S-Corp for either one.

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