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My adventure begins

D

Dacalo

Diamond Member
My parents, my friend's parents, friend and I are forming an LLC and it will be active in a week.

I am excited about the company but at the same time apprehensive about the learning curve. My friend is a controller/vice president of a technology bank while I have an ACH specialist at the same bank, so we can help each other out.

I am only 24 but I will be an officer of a company that is worth a quiet bit 😕

Anybody else have taken such steps of forming a corporation or an LLC?
 
Originally posted by: Anubis
wanna let me now what a LLC is

when i know that ill say how i feel about it
Click to expand...
I won't say how I feel about it, but I would like to know what an LLC is.

 
Check Nolo.com if you want the forms and stuff, but an attorney would be helpful to let you know of your rights and liabilities during the LLC.
 
Originally posted by: axelfox
Check Nolo.com if you want the forms and stuff, but an attorney would be helpful to let you know of your rights and liabilities during the LLC.
Click to expand...
Stop using the acronym!
 
Originally posted by: axelfox
Check Nolo.com if you want the forms and stuff, but an attorney would be helpful to let you know of your rights and liabilities during the LLC.
Click to expand...

Yea, that is all setup. We have the certificates, and we have been advised by one of the best attorneys in this area.

I am just daunted by the responsibilites and really steep learning curve
 
Originally posted by: Dacalo
My parents, my friend's parents, friend and I are forming an LLC and it will be active in a week.

I am excited about the company but at the same time apprehensive about the learning curve. My friend is a controller/vice president of a technology bank while I have an ACH specialist at the same bank, so we can help each other out.

I am only 24 but I will be an officer of a company that is worth a quiet bit 😕

Anybody else have taken such steps of forming a corporation or an LLC?
Click to expand...

WTF is an LLC?
 
so what does the company actually do? good luck, going into business w/friends and family usually ends in disaster and clips on the 11 o'clock news.
 
why did they decide on an LLC and not an S CORP?

🙂

edit: and LLC is limited in it's liability, so that if it fails, they can only take what the business own, not go after private property.

 
Originally posted by: KarenMarie
why did they decide on an LLC and not an S CORP?

🙂

edit: and LLC is limited in it's liability, so that if it fails, they can only take what the business own, not go after private property.
Click to expand...

LLC is more flexible

Yossarian: Thanks for the warning. I am well aware of this as my parents have invested plenty in the past and have had a lot of experiences. I think the group we have is special, as we have the same visions and bring tremendous amount of talents and abilities.
 
Originally posted by: KarenMarie
why did they decide on an LLC and not an S CORP?

🙂

edit: and LLC is limited in it's liability, so that if it fails, they can only take what the business own, not go after private property.
Click to expand...

ah. knew LLC stands for limited liability corp...but now i know whats the difference
 
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