The Limited Liability Company (or LLC) is a hybrid entity. It combines the limited liability of the corporate structure with the benefits of being treated as a partnership.
Because of that, the LLC has come to be the most common entity selection among startups, small or large, because of its simplicity and its flexibility.
I talk about all the time how it is almost impossible to mess up the formation of your LLC. Especially if it is just you.
Just because the LLC is simple and easy to maintain, does not mean that legal compliance will happen without paying attention to your LLC.
Once you have your LLC formed, you still need to make sure you are doing everything you are supposed to and that your LLC will actually protect you when you need it.
In this episode, we talk about a few of the legal issues you may encounter with your LLC. Some of these are specific to Alabama (where I practice, but will give you some insight into where to look for your own state).
In this 30 minute episode we will cover:
- Getting an FEIN for Your Business
- Why separating your business assets into a new bank account matters
- The steps you need to go through when you are starting your business including:
- Locating your office space
- Business Licenses
- Annual Meetings and Minutes
- The Alabama BPT-IN which is due after formation of your business
- What contracts you need before you start offering products or services to sell
Show Notes and Referenced Content:
- Negotiating Commercial Leases
- Legal to English Dictionary: FEIN
- Simplicity and Flexibility | The Limited Liability Company
- Is an LLC Right for Your Startup?
- Legal Issues with an Alabama LLC
- Starting Your Business – Choosing an Entity
- Forming an Entity at the End of the Year
- Episode 51: 4 Legal Essentials to Get Your Business Started
- Episode 52: Creative Legal for Your Customer Agreements
- 5 Reasons Your Contract Won’t Help You Collect
- Contracts are How We Define Business
- How to Make Your Legal Terms Enforceable
- Independent Contractors – The IRS Wants You to Get it Wrong
- What to Do When It’s Time to Hire Your First Employee
- Compliance programs for Your Business
- How Compliance Programs Protect Your Business
- Progressive Discipline for Employees