How To Form a Limited Liability Company
Forming a limited liability company is not an easy task. In fact, it is notoriously difficult and time-consuming. On the upside, it can be very profitable. The first step in how to form a limited liability company is to find a legal practitioner. There are several ways one could do this:
- Referrals – One of the most common ways on how to form a limited liability company is by referrals from friends, family and colleagues. If someone you know has already established a business, ask him or her who their attorney was. If they cannot provide you with the name of their attorney, try to find someone who works for the same law firm. You could also go through the Yellow Pages or do an online search for attorneys based in your area.
- Email – Most people prefer to use email because it is more discreet and easier to organize. However, if you have to talk face to face with your attorney, make sure that the attorney is willing to meet you in person so you can discuss things face to face. You should also ask for his or her phone number so you can reach them at any time during the process. It would be really embarrassing if you were to start the proceedings only to have your attorney tell you that he or she can’t pick you up because he or she is busy with other clients.
- Telephonic consultation – This is often how to form a limited liability company the fastest. However, since you cannot see your attorney, you may be uncomfortable with certain questions. Also, a lot of entrepreneurs have trouble getting an appointment with an attorney because they get nervous that they will sound incompetent or untrustworthy. Therefore, you should consider having your telephone number available when you discuss business matters over the phone. You can explain everything to your attorney using this line of conversation.
- Teleconference – This is the opposite of telephonic consultation. With a teleconference, you and your company will be able to present your business ideas and goals to several different people at the same time. This way, you can meet everyone involved, including your lawyer, and get their feedback. While many entrepreneurs don’t think that they have the time to conduct meetings like this, it is very important for how to form a limited liability company to do so. If you don’t include some type of consultation or discussion in your venture, you may be leaving yourself open to possible legal troubles.
- Face to face meetings – If you cannot meet your attorney in person because you are afraid that he or she will leave you without knowing your business ideas or goals, you can still talk about them using an internet meeting. Many lawyers have websites that can be accessed from their law offices. Using this website, you can send in your information about how to form a limited liability company, your ideas, and how to get started. You can also meet with several different lawyers before deciding whom to hire.
- Visiting the courthouse – Even though you have created your company online, you still need to go in and meet with local officials in order to start the LLC process. You can do this at any number of different local offices. The clerk who works for the court can give you information on how to form a limited liability company. He can also help you register your company if you choose to use that method. Some local officials have even said that they prefer to meet with you in person to discuss your ideas before proceeding.
- Talking with friends and family – If you don’t know anyone who is interested in starting a business like this, then you can talk with some of your friends and family about how to form a limited liability company. This group may have a few suggestions for you to consider as well. Remember, though, that you don’t need to use advice from family and friends alone. Getting legal advice is always a good idea regardless of what you are doing. With that being said, it might be helpful to talk to a couple of different business owners who already have a limited liability company set up.