Monday, September 20, 2010
Starting a Company
I never realized exactly how hard it is to establish an actual company in the United States. I have just begun this adventure, and already I am more stressed than I have ever been in my life. In order to have an established company at the very basic level I need at least a Limited Liability Company, or LLC. It is exactly like a regular company, except with less paper work, its cheaper, and you don't need to be organized for a profit, although we are. Without an LLC, you cannot own stores, or open a business bank account. The great thing about an LLC, at least in the state of Illinois, is that it is not a taxable entity. Therefore, you do not have to charge a tax on any goods sold if you so wish. This is great because personally, I hate a 7% tax on a $1,500 computer. Its been difficult so far, but I am working to set up my LLC with my lawyer, although we have already begun building computers to sell in the meantime. One thing we haven't come to an agreement on yet is our company's logo, no one has had a design that just seems to fit perfectly. We are all looking forward to being a legal entity in the business world, and to start earning revenue for our hard work.
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I feel for you man. opening a business is crazy stressful. But you seem like you have researched pretty well so you know that. I have a question once you figure out a logo don't you have to get it patent so no one can steal it and use it? I probably have no idea what I'm talking about. Anyway that sounds like a huge project keep us all posted. I'd like to know how it goes for you. good luck.
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