Does anyone have any experience or comments regarding setting up an LLC online using Legalzoom or other online services? My cousin set up an LLC for his leasing business with them and was happy with the process but I wanted to see if any of you out there had any feedback.
Thanks,
D Kame
it really isn’t necessary. you can do it yourself, but if you wanted to not deal with the process, i don’t see any reason why legalzoom would not be okay to use.
how much do they charge?
Looks like $125 to set up the LLC (not including state fees) and $70 to get a Federal Tax ID number. So about $195 + state fees all together.
But is it easy enough to do it myself? I would think the Federal ID number is just following the IRS instructions but I’m not sure about how I would do the LLC part.
it all depends on what you want to spend your time doing.
first of all.
getting a Tax ID number is NOT hard. and it’s free. you don’t pay the gov’t for it.
so to me…$70 is a total rip off.
you need the paperwork for LLC filing in order to get a tax ID number. heck, i think you can get those suckers online? not sure about that.
i have my CPA file for all of my business entities and the Tax Id’s and the corp books and seals etc.
he charges me nothing - because i’ve been with him for many years - it takes him 20 minutes to do it all or whatever…
if your CPA offers to do it, see if he’ll do it for less money…
if you don’t have a CPA - GET ONE BEFORE YOU START ANY BUSINESS ENTITY.
review everything you want to do with a CPA.
and you probably should consult an attorney as well.
have you gone over the Operating Agreement terminology?
that’s important.
I use a service http://www.colbyservice.com/filing/ They are located in Albany…I have only formed regular corporations/S corp status and with everything the complete package stamp etc I think it ran me $350 total…Don’t throw rocks at me I don’t know the cheapest place to do it but they have treated me nice and I have fast service and no complaints…I would absolutely use them again but I’m not a bargain hunter so there may be a cheaper place…
Just an FYI…I contacted colby service the link I posted above and then I contacted LegalZoom both to compare purchasing/forming a NY LLC for my new RE purchases…LegalZoom is a ripoff…They wanted like over $1000 for the LLC complete and then they said you had to do your own advertising…Colby does everything state fees,etc for $650 complete…Just wanted to give a heads up for anyone looking to form an LLC…
Go to your Secretary Of State’s website, and you can do it yourself for only the fees that the state charges. It is only about $125.00 here.
make sure you have an operating/management agreement. it is an ESSENTIAL legal document that is often overlooked.