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Best way to set up LLC
 

I think llc is the way to go for 2 of my PP stealth accounts. I live in NY and was searching Google for the cheapest , and best way to set them up. It looks like the New York Filing fees of $225. is the biggest expense.
Two companies caught my eye, but what do I know?

IncFile.com - Pricing - Form an LLC or Corporation: Business Incorporation Services
$50

https://www.quickcorps.com/form-options.php
$25

Any recommendations? And would it pay to incorporate in another state with better tax laws or just a lower filing fee? Any thoughts are appreciated. Thanks

Many of these companies try to sell a lot of unnecessary junk.

These 3 are very important though.

SS4 FORM - EIN/TAX ID# FORM PREPARATION - $29
ELECTRONIC EIN OBTAINMENT - $29
REGISTERED AGENT SERVICE - $99

Quick answers to #1 and #2.

You will have to consider the tax advantages and determine if that is reason enough for YOU to incorporate in any specific state. For me, the expected tax burden would have to be very significant for me to give it higher priority than privacy advantages. But that's me. Privacy may not be a concern of yours.

The SS form and the electonic EIN can be done yourself on the US Treasury website for free and you will have your confirmation pretty much immediately it takes only a few minutes to fill out. They are important to have, but not important that they be done by your agent. You can get those faster than your agent can, and there are no trick questions.

The registered agent service is a MUST HAVE, I think. If you don't know what a registered agent is or WHY you would want one, then you NEED ONE!

For those of you who are looking into all this:
If you don't intend to grow big or do huge amounts of taxable transactions, get the cheapest place you can find for registering your LLC. Basically if you are creating a 90-day-throwaway.

If you intend to stick around for years and won't be changing CORP NAME, I suggest you get one of the more thorough and reputable firms to get you filed and set up. This means more money from you at the start.

Thanks for the answers guys. Ill make sure to get the registered agent service too but should I purchase it now or wait? And if I live in the state cant I perform the functions of a registered agent myself? Also, since my name is banned by paypal and I read they will eventually ask for a SSN associated with the llc. Does that mean I cant put my name on the LLC? A friends name is OK? I also remember reading that I should make the llc sound like the name of a person ie Smith Jones LLC. Should the llc be set up as "friends name LLC"? And vic on your last point of a more thorough and reputable firm to get me filed and set up, who do you recommend? Thanks

Ok, to make a short story long:

Purchase the registered agent at the time you set up the llc. Don't wait until later. Do it right away, or leave it be.

Yes, you can perform the functions yourself. Would it be economical for you to do so? Will you have the available time resources to do so? Or would you save time and money by delegating it out?

You can incorporate in your own name and still do PP/Ebay. I mean the name of the corporation can be <your real name> llc and be registered in your real name from the back end too. You would simply name your friend as the party designated to manage financial transactions. Have it noted in the minutes of a meeting and make it official.

You would be better off to leave your name out of it, of course. But technically, the above paragraph is true. Look at it this way: Vic Velcro the person is not the same entity as Vic Velcro LLC. The person only acts as an agent for the Corp. Just the same as I can get a license plate for your car as a favor to you, even if I can't legally drive... ebay/pp can't really boot your car out of their lot just because I put the plate on the back.

I can maybe give you a recommendation. You want to do it in an office or online? What state you want to do it in? Some online sites cover one state well but another state they have bassackwards.

I was thinking online (cost factor). I live the state of New York. And I should set it up as Friends name LLC with me as the owner (my ssn) and with him as designated to manage financial transactions? Is that right?

That's about right. Although I always decide the business name and get the EIN issued first thing (using my ssn and stating that llc is not yet formed but it will be official within 30 days). Then get the LLC but instead of your SSN, give the EIN you already officialized ahead of time. Then have a meeting with yourself. Nominate then elect your friend as CFO. Register that in the minutes of the meeting.

For New York Corp applying online, start here
Welcome to the Division of Corporations

I think if you want to spend your money on another business within the state (some people try to keep their money with local businesses), you can use
New York LLC Online Registration in 24 Hours $99.99 - rochester business services classifieds - backpage.com

Otherwise, this place has a pretty decent reputation.
Online New York LLC

And then after all this is done I am supposed to setup the paypal business account? And when setting up the paypal business account, do they ask for SSN or EIN? Or do I have to give SSN when the account becomes limited? Thanks

Correct. Setup the account as a business account.

They never ask me for anything until I apply for the money market and the debit card. Then it is always EIN they ask me for. The webpage is canned to say input your SSN to use the plugin and lift limits, etc. But if they email you or tell you by phone, they always specify EIN without me having to weasel them.

It used to be different a while back. They'd ask SSN and I'd hassle them about EIN. Now, it appears that I have them housebroken.

Don't offer it. Let them ask for it when they want it. More than one reason for doing it like this. Just take my word for it. I'll explain later if needed, but my fingers are dying and that story could turn into it's own topic...

Can I ask what the point of this whole business account LLC setup is? Is this to get a SSN and tax ID? Im sorry, this whole thing is starting to get out of hand just to sell on ebay, lol.

EIN not SSN. It is a way to operate legally and use stealth without having to use artificial or fabricated personal information.

OK so I dont understand how ebay/paypal cant link you if your using your real info, even if its a LLC.

How can they? They don't see your human name on anything. Unless you make the mistake of giving it to them.

So when you register your new ebay account, what do you put in for name, address, phone, etc.? Your real info?

It's all right here in this thread. I'm not meaning to offend or anything like that. But if you scroll up, you don't even have to switch pages.

ok, this is what you do for paypal, but what about for ebay? I thought you aways have to put in an address and phone number when you opens ebay accounts. And your telling me you don't need a VCC anymore?

Oh no, you are not offending me in any way. I am just trying to learn. ;)

Decide what to name your entity and get an EIN from the IRS/Treasury website. When filling out the info, note that you do not yet have the entity created but will do so within 30 days. Set up the LLC next. You may or may not want to follow that up with a DBA. After that, get a tracfone or a landline or whatever phone is appropriate to your needs. A bank account in the LLC name is the next step. Then get paypal all set up in the name of the LLC and confirmed to the LLC bank account. Ebay acct is next. Put in the phone you just obtained and use the name-address-etc of the LLC or the DBA (whichever you used for the bank and for PP) so that everything matches on all paperwork/website records. Verify ebay to the PP. You can also use the check or debit card which your bank should have issued you in the name of the LLC/DBA.

That's pretty much it, in a nutshell. If you follow all that in your mind, which is the short explanation, go back and review the details for each point. Perhaps it will be more clear upon review. If not, be prepared to ask specific questions (1 or 2 at a time) and I or somebody else is sure to clarify any foggy details.

I'm assumnig you would put an address that is different then the address you got suspsended correct?

You would certainly want to, yes. Optimally, you've leased an office. If that just couldn't happen due to the recent real estate market, you might opt for a UPS mailbox. You might obtain this service and accidentally list the box number as an apartment (by mistake). These things happen, especially to inundated executives-to-be. If so, don't feel guilty or ashamed. Be an assertive person of business and never admit to any error. You will die with that fact remaining (or at least sell your shares and divest) before you will admit it.

thanks..i'll look for an office tomorrow