Forming an LLC is pretty easy to do. Just make sure you follow the directions that your state has laid out for you. There are rules that govern the number of partners, the length of time that an LLC is in effect and transferability of partnership. Each state also may have their own set of guidelines for setting up an LLC. Basically the rules are based on:
* There must be one or more members.
* The LLC is only effective for thirty years.
* Partnership rights cannot be transferred.
* Partners in the LLC have to elect the main managers of the LLC.
* There is not a numerical limit on the number of members.
The forms that are filed from locality to locality may also differ. It is a good idea to seek legal advice when setting up and LLC.
For federal tax purposes the LLC is looked at as an association. There are specific tax forms that need to be filed each year on behalf of the LLC. The benefit again is the liability is not personal and personal assets cannot be attached for back taxes.
Setting up an LLC pro se (doing it yourself) sounds like it would be complex, but there are some legal forms and legal form templates that are available on the internet that can be had for a few dollars. As long as all the local and state laws are followed and the forms are filled out correctly attempting this pro se may save quite a bit of money. The forms will have to be notarized, with each partners signature and the forms filled out correctly. The forms will have to be filled and the LLC will have to be registered in the state where the business is located. There is some good information on the internet and how to books available that can provide in depth information on how to fill the legal forms out, how to file the forms and where to file the forms.
Hiring an attorney to setup an LLC is probably the best bet if there is a certain level of discomfort with preparing the forms without one. An attorney that practices business law or corporate law is the best bet. The attorney will prepare all the legal forms and get them filed. The fees will vary so shopping around is a good idea.
Either way pro se or with an attorney setting up an LLC is a good way to protect an individual from personal liability.
James is an expert in writing about legal forms and documents that may help you when your in the search of the right legal document. He writes many articles about forms ranging from, power of attorney forms, landlord tenant forms, and most any legal form that your searching for.