Becoming an LLC and paying taxes

Anyone gone through applying to become an limited liability company and got a tax id? I'm in the process of this right now and wanted to know the first step to take. Right now, from my research, it looks like I need to fill out this form and send in $300 and wait a week to see if I'm accepted?

Anyone know more about this process?

-Clutch

 

I've been told now apply for DBA in my county then file for LLC through my lawyer. Anyone gone through this process?

 

I have an LLC. Here were the steps that I took:

My state's website has a form to fill out. I filled it out, sent it in with my payment.
They sent me a certificate showing that I now owned an LLC.
I applied to the IRS for a federal tax ID.
I applied for a state tax ID.
Opened a bank account in the business name.

That's pretty much it.

 

Is the form you filled out for the state the DBA? Assumed Name Records Certificate?

Is LLC something you can be denied for or us just telling them we have a company and we are going to pay taxes?

 

I paid an Attorney to do it for me, the cost was about $800 but they know how to do it the right way and it is a one time thing.

 

I was told to go through a lawyer to apply for LLC. We're a small starting company and not sure we can afford a lawyer at this point of the company.

 

Find a lawyer in your area who works with small start companies. The Texas Secretary of State should tell you specifically which forms you need to turn into the Secretary of State's office to file your LLC and any other requisites that you're requirement to meet to establish a business in your city or town.

 

I'll accept you for $250.. only joking.. I'd take $50

 

Building up your post count?

 

That's exactly the process to follow. Couldn't get simpler than that.

 

sorry i don't understand this clutch technology, what is this?

 

Seriously consider a lawyer or at least a local agency which deals in registering LLCs in your area/state. I know it's a nasty hit to the budget (especially when you are starting out) but in the long run, you'll be glad you did.

Nothing worse than finding out down the road that something wasn't done right and now your profitable business is in jeopardy because of it.

(Incorporation isn't all that complicated and you can probably find local agencies that deal with startups like yourself, much cheaper and still very knowledgeable)

 

Sole proprietorship something you have to apply for?

I assume if I went Sole proprietorship for our first year I just pay taxes at the end of the year? (Have to file for a State & Federal Tax ID?)

 

register it in the bvi so you don't have to pay taxes

 

You don't need a lawyer to set up an LLC. It's really easy, follow the steps I posted.

The form for an LLC is called the Articles of Organization. It might vary by state. DBA is something seperate from an LLC.

 

Sole proprietorship is not something you have to pay for, but you will need to file for an assumed name (Clutch Technology). There is some cost to that.

For more info on making your choice between an LLC or sole proprietorship, read Sole Proprietorship vs. LLC.