Basic Training: K is for Kamikaze Business Formation

Posted on November 22, 2020 in Form a Company

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You know . . . and I know . . . that faster is not always better, no matter how much the car companies try to push the “0 to 60 in 3.6 seconds” pitch. Think food, sex, rest, travel. You don’t necessarily want to rush these experiences. Quick, split-second decisions are not the best decisions. You want to take your time with certain issues, particularly those that have long-term ramifications: getting married, buying a home, forming a business.

This week’s query is from the “fast-is-better” department: What is the fastest way to get llc?”

A.: If you want fast, do it online. Can’t get faster than that.

But is a limited liability company (LLC) the right form of business for you, based on your goals and business plans? You won’t get that advice online.

Can an LLC give you the tax advantages you want, based on your personal situation? You won’t get that advice online.

Are there any state-specific formalities that need to be met in addition to the online filing? You may not get that advice online.

A client who filed her Delaware LLC through an online service was never told–as she wanted to do business in New York–that there were a whole set of other filing requirements and fees involved, amounting to an additional $2,000.

Yes, if you choose the “wrong” form of business, you can change it . . . but there may be significant tax implications, additional costs and legal paperwork to contend with. So why rush, when you can work with an advisor who will help you make a decision that’s right for you?

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