How do you form an LLP?

[HardDrive]

I am in Washington State.

[Sonic dB]

If you want to do it yourself, then check with the state board of corporations as to which forms to file....or you can pay some company to do it. I had www.legalzoom.com do my corporation and they did a good job but it was sort of expensive...i was happy with it because i knew that all of the is and ts were dotted and crossed.

A book that I recommend you check out is "Lower your Taxes Now" by Sandy Botkin...he goes over the different forms of business and how they can save you money on tax deductions.

[Aurel]

what`s the difference between an LLP and a LLC?

Aurel

[Hard-Deck]

Harddrive,

I think in WA they call it PLLC for Professional Limited Liability Company.

An LLP or PLLC is for professionally certified types such as MD, Dentist, Nurses or any other licenced professional.

We've got a PLLC and two LLCs in my family and we paid about $650 bucks each to set them up through a good lawyer.

[HardDrive]

Thanks for the info guys. I think we are looking at and LLC given what I have read.

If there are no employees other than my wife and I, is the tax reporting paperwork a bear?

[Seahawk]

Originally Posted by HardDrive

If there are no employees other than my wife and I, is the tax reporting paperwork a bear?

I have my own LLC and an a member of another LLC that we established for land investments.

The paper work is a bear only if you don't keep to the regime...make sure you closely follow the requirements of an LLC, keep meeting minutes and detailed paperwork. I keep and log all receipts, my time and all non-receipt expenses like mileage on cars in support of the LLC. (I even keep small note books in my trucks and log every date, task and miles.)

Treat the LLC exactly like a business...sounds simple, but should you need the umbrella protection the LLC can provide for your personal assets not tied to the LLC, or should you get audited, your records need to be perfect.

[Dantilla]

Bring your Articles of Incorporation down to Olympia with fifty bucks, and you're in.

The LLC needs a tax return. It will supply you with a K-1 to insert into your personal return.

[Scooter]

HardDrive,

PM me with your phone number and I will call you with the information you seek.

[GH85Carrera]

Do a partnership LLC, not a LLP. It offers more protections.

In Oklahoma it is a cinch. GO to the Secretary of State, do a search for the name you want. If it is not taken, fill in some simple questions, pay the money. It cost all of $104 to do it here. Then to go the IRS web site and get a Federal ID number that is in the same name.

Done. Then the fun begins with the banks. Go to a bank, and open a checking account and fill out more paperwork than I did to buy my first house. The new laws that recently went into effect require almost a blood sample to open an account.

Oh, and you will need an operating agreement. Then find a CPA to advise you and guide you through the stupid tax laws.

The first 1/4 of the year is Jan-Mar. Easy enough. The second 1/4 is April and May. WTF? Only the US congress can think two months is a quarter of the year, and then we have a 4 month quarter? What???

Keep accurate books. I use QuickBooks. Keep receipts and records of everything.

[Dantilla]

I reported the spam posted above.

Last LLC I formed, my attorney did it on line from her office. Took about 10 minutes.

[gtc]

You guys realize this thread is 10 years old?

[Dantilla]

Originally Posted by gtc

You guys realize this thread is 10 years old?

Yes. That's why I reported the spam. I see it has already been deleted. I appreciate the moderators getting rid of it.

[HardDrive]

How is it spam? I did actually post this (many moons ago).

[HardDrive]

Originally Posted by NotaBRG

No help on the LLP/LLC, but are you coming back to WA or just getting the LLC set up here?

3 more years until my kids graduates from HS. Then we will be Seattle bound.