Tuesday, October 04, 2005

Forming an LLC

DISCLAIMER: I am not an attorney, nor have I sought the advice of one for creating an LLC. The steps which I outline below may be incomplete, erroneous, or just plain wrong. They are meant for informational purposes only, and should not be used as a guide in any way.

A few days and $100 later, the first of several steps required to start an LLC in the Commonwealth of Virginia is complete:




I have officially filed with the State Corporation Commission of the Commonwealth of Virginia – which ironically, I have demoed several Oracle products to. I can say with almost 100% certainty that this is not one of them.

Once I hear back from the SCC, it’s off to irs.gov to get an EIN. After that, I have to fill out a form for the Virginia Department of Taxation, check with my county & town governments, and then I’m officially in business!

I also ordered QuickBooks Pro so that I can keep my own books. This is not something that I’m 100% comfortable with, but I have used Intuit’s TurboTax before, and if QuickBooks is anything like TurboTax, I should manage. Worse comes to worse, I know a couple of CPAs that may be able to be persuaded to help me out.

For the next few days at least, I’m waiting to hear back from the Virginia SCC, as all of the preceding steps depend on the LLC being successfully registered.

13 comments:

Bill Dwight said...

Scott,

(Apologies if this is inappropiate marketing) but as you start out your business and need various business services at a reasonable price (logo design, brochures, even legal/accounting services), you may wish to check out the services marketplace at www.elance.com. Best of luck!

Bill

Scott said...

Bill,

Always good to hear from you! Thanks for the offfer, I'll be sure to check it out, as I'm sure I will be in need of some of those services soon.

Thanks!

- Scott -

Anonymous said...

Congratulations in advance and good luck. I'm sure you're services will be valuable to anyone who invests in them!!!

- Bob B

Scott said...

Thanks, Bob.

- Scott -

Colin said...

You are in inspiration to us other HTML DB Entrepreneurs!!!

How soon can we expect to see your face on the cover or Fortune or Forbes? ;)

I was somewhat surprised to see the title of 'Commonwealth of Virginia'. I thought the British Empire had the monopoly on the word 'Commonwealth'. (Whose wealth is in common is another topic!)

Scott said...

Colin,

Not sure when I'll be on one of those magazines - in the short term, there's always Photoshop! :)

As far as Commonwealths are concerned, we have a few holdouts from Colonial times - Virginia, Massachusetts, Kentucky and Pennsylvania. Not sure what the difference is between a Commonwealth and a State, but I suspect its absolutely nothing. Especially since I had to deal with the STATE Corporation Commission of the COMMONWEALTH of Virginia, I can get a speeding ticket from the Virginia STATE Police, and this page will just confuse you even more.

- Scott -

Matt Ball said...

That CIS application looks vaguely like sql*forms sometime around V2.3. Could it be a forms6i app upgraded from v2.3 or v3 and hiding behind a portlet?

Scott said...

Matt,

I don't think so, as there is no JInitiator requirement, which is required for Forms 6i via the Web. The fact that it makes mention of "PF1" and "PF2" keys leads me to believe that it's an old mainframe application with some web screen-scraper front end. What an opportunity for HTML DB! :)

Thanks,

- Scott -

Colin said...

Just to clarify what does LLC mean?

Scott said...

Colin,

A LLC is a type of corporation which is quick & easy to form. There's a number of options that I could have chosed from, but according to most of the guys at the new job, the LLC is the most hassle-free and easy way to go.

Here's some more info on the specifics: LLC Info

Thanks,

- Scott -

Colin Sheppard said...

Ah...

'Limited Liability Company'

That is what I wanted to know!

Thanks.

Anonymous said...

I live North Carolina. To form a LLC, I need to file Articles of Organization. Ok, that I know.
My questions are:

1. Do I need to obtain any permission from the State/City. All I do is consulting work.

2. Do I need a Federal Id? (Tax)

3. Do I need a State Id? (Tax)

If so, who do I contact?

Please help!

Scott said...

I live North Carolina. To form a LLC, I need to file Articles of Organization. Ok, that I know.
My questions are:


Anonymous - please see my disclaimer. I am in no position to answer any questions of that sort, especially for a state in which I do not live. Sorry.

- Scott -