Many are not familiar with the legal steps they have to follow before starting a business. Small business owners can easily neglect the legal steps involved in pursuing their passion. It’s easier to focus on what you know and that’s understandable. That’s why we are here to help.
There are many things to consider other than the benefits of creating an LLC. A few benefits include heightened credibility, pass-through taxation, protected assets, few restrictions, etc. What should really be considered is what LLC can’t protect you from. The biggest misconception people have on LLCs is that it protects them from lawsuits. LLCs do NOT protect you from lawsuits.
LLC Formation Fees
Blue Chip Accounting can do all the filings with the Nevada Secretary of State, and our fee is $325 plus the state filing fees. Nevada requires to file an Initial Report and the fee for this is $100 plus the state filing fee.
We’ll gather all the necessary documents to start your business like your Articles of Organization and your Employer Identification Number (EIN). We’ll also create an Operating Agreement and draft an Accountable Plan for expense reimbursements.
This may seem expensive compared to other organizations that create LLCs, but establishing a business is not something to be frugal about. On top of taking care of all the documents we will also provide free business consultations.
You need to be prepared when going into business with a partner. When it comes to partnerships all agreements should be in paper. Undesirable events can occur at any time during the partnership and it’s imperative for the remaining partners to be able to buy back the interest using a third party business valuation. Blue Chip will refer you to an attorney that will assist on creating a draft for your partnership agreements.
The Blue Chip Accounting team is comprised of accountants, bookkeepers and business consultants. We make sure that we are accessible to you for any business consultations you may need. Blue Chip Accounting is a credible source for any business advice you may need.
LLC Liability Protection (Fallacy)
Remember that LLC does not protect you from being sued. You can be personally named in a lawsuit if your acts or errors injure someone. The actions of the corporation affects officers and directors and are considered liable. That’s why we highly suggest you secure a proper umbrella policy both at the personal and commercial level.