Startup Business questions

[extremeshannon]

Hello everyone I am very new to startup a business. I have been reading and reading about what I need to do. I have a few questions that I could really use some help on. My business will be seasonal and start ths spring. I have a lot to get done before now and them. This business is unique, has risks, and liability's.


If I purchase anything between now and the end of this year can I write them off next year as startup? or should I be waiting till next year? i.e. paying for LLC to be setup
I want to break up the company into several LLC's. This will allow different aspects to be protected from the other. I live in AK and from what I have read I can not have any special LLC's like a Service LLC. So looks like I can not create an parent LLC and have Children under the parent. So do I just create seperate LLC's? Then what do I do for tax purposes and money between them all?
Would it be a good idea to use legalZoom or Rocketlawers?

These questions are just a starting point for me.

Thank you
Shannon

[Freelancier]

I think your first task should be to find a local small business accountant and buy 2 hours of his/her time to answer all your questions and get your structure set up to meet your needs.

First big question: are these going to be single-person LLCs? Single-person LLCs are considered disregarded financial entities (they're still liability shields, but the finances flow directly onto your tax returns without needing its own tax return). If multi-person LLC, then it gets more complicated and we'll need to know more about the structure of the equity partner arrangements.

There's no reason an LLC can't "own" another LLC. There's also little reason that you will need it if all your LLCs are owned just by you. If you're really worried about your liability, get a liability umbrella policy from your homeowner's insurance company.

[huggytree]

you have questions you should be asking a business lawyer and an accountant.....i wouldnt take advice on any of it from strangers here

[daveM]

I agree with both suggestions above.... the guy who advises you should be the one doing your legal work and tax returns as they have an interest in your success. Using an online service may save money today but expose you to great risks in future.

[Harold Mansfield]

I would only use online legal forms and services when you know exactly what you are doing, not in place of consulting an actual attorney. I agree with Huggy that you need to speak with someone licensed in your state to answer questions specific about liabilities and protection options.

[Brian Altenhofel]

The best advice is to consult a local reputable attorney and accountant.

I've personally used LegalZoom for starting or converting multiple businesses, but that wasn't before consulting an attorney to make sure I had my ducks in a row. What LegalZoom and other similar services are doing is providing a step-by-step approach to filling out the forms that your attorney's paralegals are going to fill out, and in many cases those forms are available to you to fill out on your own from whatever regulatory agencies are in your area without an attorney or paralegal.

In my case, I set up an LLC per type of service and file a dba if I want to render a certain service under a different name.

[extremeshannon]

Thanks everyone. I am going to find a CPA and a Lawyer to setup my stuff. I have lots of liability that I want to keep away from me and need to do it right.

Thanks

[Davidwasher]

I agree with freelancier. To get the think set up right you need a proper business plan reviewed by your accountant and lawer.
Mostly if you intend to have multiple entities.

[MikeBFS1]

Hello,ExtremeShannon. If you check this post again please feel free to PM me about your situation we can help. Thank you so kindly.

[bradjones]

Hi Shannon,
I agree with freelancer's suggestion of paying an accountant for a few hours of their time. That way, you will have answers from a reliable source and you will have someone on your side who knows your situation for the next time you have any questions. Best of luck!

Brad