Are you organized enough to run a successful business?

Starting a business is less about your ability to network and tell the world about your idea or concept and more about the processes and systems that address the needs of your customer or client base. For the past 12 years, I have been an entrepreneur and organization has become the sole separating factor in the ability for me to succeed to the next level. With that in mind, part three of the series ensures that remember to get the basics done first and move away from just showing your best friends on social media your cool logo and branding.

What organizational tasks do you complete for your new llc?

There are many organizational tasks to complete with your business. Here are the organizational tasks that I cover in brief detail:

  • Holding an Organizational meeting
  • Putting together your new LLC’s operations agreements

Holding an Organizational Meeting

Meetings are rarely something any person wants to attend on a daily basis. With that being the case; if you are the sole owner of your company; meetings will be easy to conduct. If not; there are many ways to have meetings even if the partners are not in the same city upon formation. From Skype, Go to Meeting or Google Hangouts; anything is possible. Meetings at the creation of your business are to establish the roles of the members within the organization.

Putting together your new LLC’s operations agreements

The best things in life are free, however, running a successful organization is not one of those things. Therefore, you must keep in mind that if you are bringing on other partners, investors or stakeholders; you want to have everything in writing. The last thing you want is to have the wrong person taking ownership of your good idea. You can click the following link to Rocket Lawyer and get your own operation agreement Over 1,000,000 Users. Print Free. Plus eSign. Free Legal Forms!

Member or Manager-Managed LLC?

If you want to form a member-managed LLC, it comprises of all members bearing the responsibility of day-to-day operational objectives.

If you want to form a member-managed LLC, it comprises of all members bearing the responsibility of day-to-day operational objectives. Click To Tweet

Within a manager-managed LLC, you have a select number of members who want to be passive within the business. Attached you will find an operational agreement that you can use to put the details in writing. This document will be used for everything from; potential acquisitions to other partners or shareholders being added to the organization.

Forming your new LLC without expensive attorney fees series

TThe series created by Accountant/Business Advisor Jean-Désir Fils is structured as seven separate blog posts. Each post will break down the steps needed to form your LLC without an expensive attorney fee. This will not go into details for your state; you will follow the links of your respective state to do so in detail. The series includes a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. If you need an accountant right away, click here. Check out the remaining four posts in the series here:

Fourth Part

What are some tips to make a "Doing Business As" (DBA) for my new LLC?

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?

Starting lineup and bench advisors for your new LLC

Congratulations on making it to the seventh and last part of the series. As you have probably realized, this entrepreneurial journey cannot be done alone. I know this because the men and women who haven’t properly sought out a good starting lineup or bench players (advisors) are either no longer entrepreneurs or slaves to their ideas. The starting lineup involves those who affect the day to day objectives to keep your business running. The bench players are people moving freely and can be picked up and dropped as needed without any hard feelings.

Starting line up advisors for your new LLC

(Photo by Andrew D. Bernstein/NBAE via Getty Images)

Your starting lineup greatly impacts the success of your business. This could be the following professionals listed below:

  • Attorney
  • Accountant
  • Banker

You can choose anybody that you like to be part of your starting lineup but you want to make sure that these people will have a very clear role in where your business goes in the future.

Your starting lineup greatly impacts the success of your business. Click To Tweet

Bench Advisors for your new LLC

Bench advisors are individuals who you don’t need them at the moment but have value. These could be specialty service providers such as a: graphic designer, a Public Relations professional, or an Event Planner. After assembling your bench advisors, you probably want to know how to evaluate the value of an advisor. When looking for an accountant, attorney, graphic designer or an event planner, keep these things as a must:

  • Awesome referrals from past clients
  • Their education (Licensed Attorney, CPA and etc.)
  • Their fees based on your project

With this information, you will be able to get a great idea of what they can do based on your company’s financial position. Having a budget ensures you do not stress over the amount of money that you’re making and focus on the value your advisors will provide.

My take on hiring attorney’s for your new LLC

A great attorney will separate you from the pack when starting your company. The types of attorney’s to keep in mind as your business grows are:

  • Intellectual Property Attorney (Trademarks and etc.)
  • Securities Attorney (Stock offerings and etc.)
  • Estate Planning Attorney (Selling family business and etc.)
  • Business Attorney (Contracts and etc.)

There are just a few of the attorneys that will help with everything from company formation to acquiring your competitors in the future.

Congratulations on finishing What can you do form your LLC without expensive attorney fees series

The series created by Jean-Désir Fils was structured as seven separate blog posts. Each post broke down the steps needed to form your LLC without expensive attorney fees. This series will not go into details for your individual state. The series includes a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. Check out the series in its entirety or go back over sections that plagued you:

Downloadable LLC Formation Checklist

LLC Formation Checklist (Download here)

First Part

What company name to choose for your new LLC?

Second Part

What tax-related tasks do I need to complete with the IRS for my new LLC?

Third Part

What organizational tasks do you complete for your new LLC?

Fourth Part

What are some tips to make a "Doing Business As" (DBA) for my new LLC?

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?

What are the tax documents to be filled for my new LLC?

Surprisingly, no matter where you are in the United States; there are IRS documents that are universal to you running a successful company. The first being your Taxpayer Identification Number/Employer Identification Number (EIN). You will also choose to fill out either the IRS  form 8832 Entity Classification Number, and form 2553 Election by a Small Business Corporation. In part two of the series, I will go into detail for each IRS document. That is to say, if you aren’t comfortable with any part of this process; reach out to an advisor of your choice.

Getting your taxpayer identification number

Have you ever been to the County Fair, Disney or a private Party? The county, fair, Disney World or a private party would request a ticket or you would be kicked out. Certainly, with running a business you will need a taxpayer identification number to be in compliance with the Federal Government and participate in business activities. Consequently, after picking your LLC name and type in the previous step, you’ll need your Employee Identification Number (EIN) to eventually open a bank account and more. To illustrate, get your EIN on the IRS website without paying any attorney or private company fees; click here.

After picking your LLC name and type in the previous step, you’ll need your Employee Identification Number (EIN) to eventually open a bank account and more. Click To Tweet

The IRS Form 8832 Entity Classification Election

For instance, whether you are building an e-commerce store or a beauty salon; getting the right tax status will set you up right for the future. If you are building your company as a sole proprietor; you can skip to IRS Form 2553 section. In conclusion, if you have several investors and want the corporation to be taxed separately then you would specify that on the form.

The IRS Form 2553 Election by a Small Business Corporation

This election is great for a corporation that wants its shareholders to be taxed for income made versus the corporation itself. Furthermore, this election can be tricky because the IRS determines how long you have to file. To sum it up, the S-corp status is to say, file this only after you’ve made the decision it is best for your corporation.

Forming your new LLC without expensive attorney fees series

The series created by Jean-Désir Fils is structured as seven separate blog posts. Each post will break down the steps needed to form your LLC without an expensive attorney fee. To clarify, any questions for your specific state will be added with links to your respective state in the future. Thus, the series will include a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. Check out the remaining five posts in the series here:

Second Part

What tax-related tasks do I need to complete with the IRS for my new LLC?

Third Part

What organizational tasks do you complete for your new LLC?

Fourth Part

What are some tips to make a "Doing Business As" (DBA) for my new LLC?

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?

Congratulations on wanting to start an LLC!

By coming here and reading this seven-part series and completing the activities in this series in its entirety, you will become an owner of your own Limited Liability Company (LLC). To put it in numbers for just the state of Florida where I reside; LLC’s account for almost 250k company entities compared to less than 1,000 Limited Liability Partnerships (LLPs). (See chart below)

LLC’s are a form of business organization with the liability-shield advantages of a corporation and tax pass-through advantages of a partnership.

LLC’s are a form of business organization with the liability-shield advantages of a corporation and tax pass-through advantages of a partnership. Click To Tweet

Why do I enjoy forming LLC’s for some of my businesses?

My aim is to provide information about LLC’s in a way that is simple and to the point. LLC’s provide me with flexibility when forming them since I do not need to setup officers or a board as you would have to do forming a corporation. Creating a business is a great way to make a purpose for yourself and your future. (Sponsored Ad:) Free Legal Forms. All States. Free to Print, Save & Download! 

Do I have a Side-Hustle or Small Business based on IRS standards?

If you are only looking to make a few hundred Dollars for the holidays, I would not look at investing in an LLC. In a nutshell, it would not make sense to invest all your time and energy. If you are looking for something more part-time or that isn’t as involved I would Google one of the latest trends. If you’re really concerned, check out this guide from the IRS. Within that article, the IRS provides insight on how they view hobbies and someone looking to make a profit. My stance is; if you are building something you want others to look under the hood to invest, it is a business.

If you are building something you want others to look under the hood to invest, it is a business. Click To Tweet

How the LLC without expensive attorney fees series is structured to benefit you?

The series What can you do to form your LLC without expensive attorney fees series was created by Jean-Désir Fils and is structured as seven separate blog posts. Each post will break down the steps of what is needed to form your LLC without an expensive attorney fee. The series will ensure that you are able to form your LLC without expensive attorney fees. As you read this, it does not mean, you do not need an attorney and if you go through this series and still have doubt; please reach out to an attorney and CPA/Accountant of your choice. Our team respects all professionals and want you to make a sound decision; however, we understand at times; there is an urgency to form a company without getting a second look. At the end of this series, you will have a fully functional LLC based on your state’s requirements.The series will include a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. Check out the seven-part series here and skip to steps giving you issues:

First Part

What company name to choose for your new LLC?

Second Part

What tax-related tasks do I need to complete with the IRS for my new LLC?

Third Part

What organizational tasks do you complete for your new LLC?

Fourth Part

What are some tips to make a "Doing Business As" (DBA) for my new LLC?

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?

“More Money More Problems” to solve with an LLC

Congratulations again on getting this far in our series, you are well on your way to creating the first or maybe your 50th company with the information provided. With the help of the sixth part of this series, you will find out what are some the smartest ways to fund my LLC. You will be one step closer to getting your LLC in front of future customers to use the money you raise to solve their problems.

Should you find a bank for your new LLC?

Yes, finding a great bank will be one of the first things you need in order to legitimately capitalize your business. The reason being is whether it is your personal finances going into the business or an investor giving you a check, proper bookkeeping of receiving capital needs to be in order. Therefore, go online and find a bank that is suitable to your liking as an entrepreneur. Finally, open a business account with that bank and have your friends, family, or investors send the check to that account in your business name.

Yes, finding a great bank will be one of the first things you need in order to legitimately capitalize your business. Click To Tweet

Should you fund your new LLC with personal savings?

Your personal savings, in my opinion, should be used only if you are someone who understands it may take a few years to get a return on investment (ROI). As you may know, this can be a somewhat risky venture depending on where you are on the totem pole. For instance, if you are a barber who is taking your personal savings to open a small barbershop; there is a greater chance the venture will prove to be a success based on your knowledge of the business. In the end, I am on Team Personal Savings since you will not have to answer to anyone; unless your partner is a significant other. Lol

Should you use Crowdfunding from strangers for your new LLC?

In 2019, you have everything from Kickstarter, IndieGoGo, GoFundMe and so many other crowdfunding platforms to get funds into your business. No longer will you have the excuse that nobody likes my idea when we have all of these platforms available to us. With these platforms, any person with internet access can have stakeholders, investors or partners in their business without leaving their hometown. Once you’re able to create a campaign and get the funding you will have to use it for what your objective stated. Below, examine the number of crowdfunding transactions projected until 2023 by Statista.

Future investment opportunities for your new LLC?

In an upcoming eBook, I will break down other investment options which include: angel investing, venture capital and different partnerships so look out for that in the near future. To be alerted of the investment options related eBook, and more in our Ready. Venture. Go! Newsletter click here.

How thi series, is structured to benefit you?

The series created by Jean-Désir Fils is structured as seven separate blog posts. Each post breaks down the steps needed to form your LLC without an expensive attorney fee. This will not go into details for your state. The series will include a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. Continue to our seventh and final part of the series here:

Seventh Part

What to look for when hiring the best advisor team for your new LLC?

Do I need expensive licenses like doctors and lawyers?

Thankfully, you do not need law school or medical school related licenses to run a barbershop business. These licenses in part five of the series are not meant to address the needs of professional company owners such as; insurance brokers, lawyers, doctors and the like. If you are not someone creating a business within the professional ranks, you can proceed with the rest of this post. The licenses will be based on what the average business owners need at the local, state and federal levels.

What are the local licenses you need for your new LLC?

Since I am representing local Miami businesses in this post, I will speak on what licenses Miami entrepreneurs need. The best thing you can do to stay legit with your business is by going to your local courthouse and find out what local business licenses you need. The best thing you can do to stay legit with your business is by going to your local courthouse and find out what local business licenses you need. Click To TweetFor Miami entrepreneurs here are the local licenses you must have to take advantage of the opportunities your licenses provides:

State Licenses you will need for your new LLC?

Within the state of Florida, operating a restaurant or e-commerce store; you will need to provide the state with sales and use tax on a monthly basis. Depending on your state, they may have different ways to calculate and receive and send your state the taxes on goods, real estate and more. The best thing to do is research your Department of Revenue and find out the dates

Federal certifications and licenses for your new LLC

In future posts, we will break down the respective licenses you will need to operate your business at the government level. At this time, we will skip it as it is not needed for the average business owner. If you need to reach out to an accountant, Shngli has a network of accountants and tax professionals waiting to assist you.

How the LLC without expensive attorney fees series is structured to benefit you?

The series created by Jean-Désir Fils is structured as seven separate blog posts. Each post will break down the steps needed to form your LLC without an expensive attorney fee. This series will not go into details for your state; you will follow the links of your respective state to do so in detail. The series includes a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. Check out the remaining two posts in the series here:

Sixth Part: 
Seventh Part:

What is an LLC – Limited Liability Company?

Welcome to the What can you do to form your LLC without expensive attorney fees series. In part one we will focus on getting your LLC formed. Limited liability companies in my own words are pass-through entities that will be taxed once by the IRS via its shareholders or managers. Limited liability companies in my own words are pass-through entities that will be taxed once by the IRS via its shareholders or managers. Click To TweetMost states provide you with the ability to form this type of company through the Articles of Organization. You will do research and probably come to the conclusion that you cannot form this type of company, please stop this series and reach out to an attorney of your choice. Otherwise, you can continue to get your Limited Liability Company (LLC) formed using this series.

Does your LLC’s name matter?

Your LLC’s name is important but isn’t always the most important step in the LLC Formation process. Therefore, pay attention to what I have to say next. The name of your LLC does not have to directly reflect the business activity that you’re about to start. As a result, you can look at your LLC’s name as the umbrella over your business ventures and this will be explained deeper in Part Four: What are some tips to make a “Doing Business As” (DBA) for my new LLC?. Case in point, below I have names of LLC’s that also have corresponding DBA’s (Doing Business As) and opens the gamut of opportunities this company can pursue.

What company name to choose for your new LLC?

Photograph by Joe Klamar—AFP/Getty Images

Where to file my LLC after I have found a good name?

You need to figure out a name that you or your partners collectively agree upon to start. Here are a few places where you can find out if your LLC has already been taken and make sure that you pick the state that you’re in and don’t focus on if someone else in another city has it at this level. Furthermore, if another state has a name similar to yours; differentiate it in a way that fits where you are; i.e., Plumber of Miami, LLC.

Click your state to search below: (Please come back later if your state is not here or email; info@magnitax.com)

You have finished part 1 of a series of blog posts on How to start your LLC without expensive attorney fees. Therefore, be sure to read each step to get your LLC up and running the right way the first time. Here are the next few parts in the series. Check out the remaining six posts of the series here:

Second Part

What tax-related tasks do I need to complete with the IRS for my new LLC?

Third Part

What organizational tasks do you complete for your new LLC?

Fourth Part

What are some tips to make a "Doing Business As" (DBA) for my new LLC?

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?

“Doing Business As” or “Fictitious Name”?

You have reached in my opinion the most talked about part of forming your company. Picking a “Doing Business As” (DBA) or “Fictitious Name” for your company seems like it may be an easy task but through my time as a business advisor, many business owners have stopped everything at this very point. This name has more to do with activities your business will carry out vs your legal name as mentioned in Part One.

What is in a business name?

Getty Images

A name provides your customers with ability to go on a customer journey. For instance, the name Magnitax lets you know that the company could be in the business of handling taxes of some sort. If you were to see an ad in the newspaper for this company, it will probably address your needs to get your taxes filed before April 15th. However, you can definitely argue that some companies have ambiguous names such as:

These names really have no meaning from a new customers perspective and go into the branding phase of your business. In this series, we do not cover branding.

Where do you go to get a Doing Business As for my new LLC?

To do the task of getting a “Doing business As” (DBA) for your new LLC, you have to reach out to your Secretary of State where your business is based. For Florida readers, you can go to the Sunbiz. For everyone else, I will update this post to have the exact place to go for your city. This way you do not have to worry about paying a 3rd party to give you your DBA/Fictitious name. Here are some states that are available (Updated Daily):

Should you trademark your “Doing Business As” a name for my new LLC?

Yes and no! Trademarks for your business name and more are a big budget item and you want to make sure your business the finances to do so. However, if you are able to begin operating your business with that name; it gives you the ability to show courts you’re really making a name for yourself.

Trademarks for your business name is a big budget item and you want to make sure your business has the finances to do so. Click To Tweet

What are future uses for your “Doing Business As” name?

Here are a few things to do with your business name:

  • Add to coffee mugs

  • Put company logo and branding on t-shirts and polos

  • Business Cards

  • Other marketing material

How the LLC without expensive attorney fees series is structured to benefit you?

The series created by Accountant/Business Advisor Jean-Désir Fils is structured as seven separate blog posts. Each post will break down the steps needed to form your LLC without an expensive attorney fee. This will not go into details for your state; you will follow the links of your respective state to do so in detail. The series includes a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. If you need an accountant right away go to Shngli, Click HereCheck out the three remaining posts in the series below:

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?