Any opinion on LLC's

[kujo929]

I've been considering starting a small gun business in my spare time as my buddy who currently has his FFL is getting out and have been researching all the taxes, fees, and such involved. Unfortunately I live in the NON-business friendly state of IL and it seems like the fees go on and on.

I basically plan on offering gun transfers and reloading components to the local competition shooters (as it is getting harder to get them around here) and don't expect there will be a large amount of profit involved being that I already work full time and am on call 24hrs a day so time will be limited.

Are LLC's really worth the cost? Here it appears the cost will be minimum $750 to start the LLC and then $250 a year to keep it after that. and that is only for the LLC and there are multiple other fees here. Thanks

 

[Wanderlust]

Re: Any opinion on LLC's

Start your LLC in Las Vegas, do a quick google search might save you some money.

 

[kujo929]

Re: Any opinion on LLC's

Thanks. I'll look into that.

 

[High Binder]

Re: Any opinion on LLC's

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Wanderlust</div><div class="ubbcode-body">Start your LLC in Las Vegas, do a quick google search might save you some money. </div></div>

He can't start it anywhere but where he is due to the nature of his business...

Wyoming would be the ideal state but because he plans on doing all of his business in his state he'd have to LLC under IL. Internet businesses and businesses like that that do business in multiple states can LLC in Nevada/Delaware/Wyoming and take advantage of better laws. Major companies doing business in multiple states are going to form as a corp. The OP's situation dictates that he can ONLY form in IL not only that but even if he could by the time he was done paying for a registered agent in Wyoming/Nevada/Delaware he's going to be paying close to what it would cost to LLC in IL....


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: kujo929</div><div class="ubbcode-body">

Are LLC's really worth the cost? Here it appears the cost will be minimum $750 to start the LLC and then $250 a year to keep it after that. and that is only for the LLC and there are multiple other fees here. Thanks </div></div>

It depends, there are a lot of ways to render your LLC protection useless so unless you're willing and able to run it as a completely separate entity than an LLC is not for you that's the only way to maintain the protections an LLC provides. If you don't think you have much exposure to a lawsuit you should look at a sole proprietorship instead of an LLC.

 

[Guest]

Re: Any opinion on LLC's

Ouch!
State fees in VA are much less.
But I'd still do it.
There is no tax advantage, but the liability insulation is worth the price. I would think that would be even more true in a state like yours.

 

[Guest]

Re: Any opinion on LLC's

You can see all State's fees listed on this page.
http://www.getincnow.com/Online-LLC-help.php

Kentucky is the cheapest state up front. $4o - 5 to 7 days.
Illinois is the highest @ $600.

 

[High Binder]

Re: Any opinion on LLC's

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: tucker301</div><div class="ubbcode-body">You can see all State's fees listed on this page.
http://www.getincnow.com/Online-LLC-help.php

Kentucky is the cheapest state up front. $4o - 5 to 7 days.
Illinois is the highest @ $600. </div></div>

But what that doesn't show is the fees that come 90 days later and the cost of a registered agent (around $400-$600/yr)...