5 Things to know before starting your
Limited Liability Company (LLC) –
BEDA Day 13 of 31
This weekend, at my training that I’ve referenced many times. I spent a good 15 minutes talking to one of my friends about her LLC. How she started it in Atlanta to do her community development work. She said it only cost her $50, and that now that she was in the NYC, she was thinking about having it transferred over.
Ever since that conversation, I knew that I too had to get my LLC. I made the goal to grab it before the end of the month. I couldn’t wait that long though.
I went on the NY State website, and was supposed to be printing out pages for references and research…. The very first page asks you for the name of your business. It checks it against the state registry. I hadn’t fully thought of a name yet. I have probably 100 different names I’ve written down and gotten test logos for.
I entered SkoolHaze LLC… It was available
At this point, I gave myself the freedom to jump in head first into what is sure to be a new arm of the journey for me.
1 – Have a business idea or two or three. You can check my post from yesterday to see my three personal methods of creating business for myself. Your methods will look different than mine. But just have some.
2 – Do your research. I was making this post…. And I realized very quickly that I didn’t know anything about starting an LLC. Not enough to share with readers. Do enough research until you feel you know enough to make a decision. I applied for my LLC 2 days ago, I still don’t know everything, but I knew enough to know that I needed to take the next step in my journey.
Let’s take a second to learn a few things together:
3 – Know Your State’s Requirements.
Each state is vastly different. I’ve made a little table to demonstrate for you. Be sure to check your state’s official listings. However, you can jump to this link to do some quick and dirty research for the 4 basics: Filing Fee, Online Application, Publication Requirements, Annual Report.
Check your states info here: this link is just a reference apply DIRECTLY through your State gov’s website)
4 – Talk to your peers and clients.
I’ve had quite a few conversations with my peers who talk about getting their LLC. How its helped open doors for their businesses. I’ve also had conversations with quite a few potential partners that spoke about wanting to do business with other people that “have their paperwork in order”
5 – Give yourself the freedom to begin new journeys!
I have been pondering for roughly 2 years about this business mess. How do I start it? What’s the right structure? When will I start saving money. What if I don’t sign up the right way? What if I choose the wrong name? I’m want to wait until my business is fully mature. I should wait until I’m out of school….
Nah – give yourself the FREEDOM to live. If you’ve been thinking about a business for a minute, and you know you have some balls rolling in the market. Be adventurous, take a chance on yourself, and jump in.
I actually didn’t have the money for my Limited Liability Corporation. I allowed myself to get caught up in the application and used some money from my savings. It was $200, so I knew I could cover it. But I knew I was going to feel the hit until I could replace what I had taken out of my savings. I returned home, later that evening to a $500 consulting check (I talk about it here)…
Let the energy of the universe take you on a cosmic journey!
Hopefully this helps.
There are missing points. If you have questions leave them in the comments!
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