If you have ever thought about forming an LLC, the thought of paying for it may be holding you back. Fortunately, an LLC is a relatively inexpensive business structure that anyone can form. The following are some ways to create your LLC inexpensively.
Why Form an LLC?
An LLC is an easy way to form a business that does not include expensive startup costs. An LLC, or limited liability company, is useful when you are just getting started in your business, or if you are not yet making a lot of money. An LLC offers a variety of benefits akin to corporations, particularly when it comes to taxation.
Forming Your LLC Yourself
One of the cheapest ways to form your LLC is to do everything yourself. You will need to visit the secretary of state's office in your state to obtain the necessary paperwork. You simply fill out the paperwork and submit it to the state along with the appropriate filing fee. Professioanls, liek those at suarezpalaw.com know that you can hire an attorney that knows business law, or a consultant to take care of this for you as well, which can make the process much easier. In some states, you can file everything electronically online, streamlining the process.
Using an Incorporation Service
You may not want to deal with filing your own LLC paperwork, whether you feel like you cannot do it or if you simply do not have the time. In that case, you can use an incorporation service. However, this is can be less all-encompassing than having an attorney navigate the process for you. The key point with using a service such as this is to not necessarily heed any legal advice they may provide. Since they are not licensed attorneys, you would be better to direct your questions to your attorney.
Additional Money-Saving Methods
Once you have filed the proper paperwork with your state, paid your fee, and have had your business approved, your articles of organization are official and you are in business. Once you have formed the LLC, you can save money in other areas when forming your business.
Working out of a home office to save money of office space is one easy way to save, at least until you are turning a profit. You can also rent equipment rather than purchase it, as you would then need to pay for storage along with any maintenance costs. In addition, you can use more electronic copies of documents over hard copies to save of the expense of printing.