shadow
01-26-2009, 01:17 PM
I did have this posted at the other site but nothing was going on so...
I have a landscaping business in MI currently registered as a DBA. This year i am hiring an employee or two. I am wanting to convert to an LLC for help with liability protection for my employees activities.
my question is about the conversion process. do i transfer all ownership for equipment and such to the LLC? also any outstanding debts like credit cards and truck loans? how do i go about this process? do i include it in the articles of organization for the LLC that the LLC will take over any outstanding debts from current DBA?
does all this matter even though i am registering as a single member LLC? ie sole owner or responsible party
__________________________________________________ _________
or another thought...
could i start a seperate LLC and transfer the current DBA to the LLC to be managed, as i could also with my other DBA's which i have two more of? or would this cause problems during tax time?
the way i understand it is anything the DBA's make can be "drawn" from the accounts by the LLC and only taxed once because it would all be my money anyway...yes no? like "moving from one pocket to the other" as ive heard so eloquently put here at this forum before.
is this even legal? i guess i would like to be more organized by having seperate DBA's which i can keep track of profit/loss more effectively and funnel the money into one LLC to which i could use to pay my bills and what not. ie John Smith LLC......
is this effectively organizing or just complicating things to much?
I have a landscaping business in MI currently registered as a DBA. This year i am hiring an employee or two. I am wanting to convert to an LLC for help with liability protection for my employees activities.
my question is about the conversion process. do i transfer all ownership for equipment and such to the LLC? also any outstanding debts like credit cards and truck loans? how do i go about this process? do i include it in the articles of organization for the LLC that the LLC will take over any outstanding debts from current DBA?
does all this matter even though i am registering as a single member LLC? ie sole owner or responsible party
__________________________________________________ _________
or another thought...
could i start a seperate LLC and transfer the current DBA to the LLC to be managed, as i could also with my other DBA's which i have two more of? or would this cause problems during tax time?
the way i understand it is anything the DBA's make can be "drawn" from the accounts by the LLC and only taxed once because it would all be my money anyway...yes no? like "moving from one pocket to the other" as ive heard so eloquently put here at this forum before.
is this even legal? i guess i would like to be more organized by having seperate DBA's which i can keep track of profit/loss more effectively and funnel the money into one LLC to which i could use to pay my bills and what not. ie John Smith LLC......
is this effectively organizing or just complicating things to much?