united-states, llcI’m a solo software developer and I’m going to run a commercial web project. It’s requirement is checking account to perform payment transactions. As far I know, the minimal way to get it is opening of limited company. I would like to open it in USA. Of course, I clearly understand that there’re nuances depend on a state.
So, I’m interested about next things:
These questions are related to USA legislation and it’s any state :)
Yes, you can be the sole member of your LLC. As a matter of fact, that may be the most common case.
In almost all states the website for the Secretary of State will list the cost and requirements for establishing an LLC. The cost is very different depending on the state. I have seen everything from $50 to $500 per year and that is only based on a few states.
I would note that an LLC is not generally required for opening a business banking account. You can also get a DBA “Doing Business As” account. To register your business this way, you would need to visit your city/county courthouse (in most states). This can reduce the paperwork and often the cost dramatically. Actually, I am not sure that you even have to register in some states. (If anyone wants to chime in here, I may need to update this part.)
Anyway, the advantage of an LLC is the legal protection of keeping your business and personal finances a little more separated. An LLC can be helpful in many cases, but don’t just assume it is required. Maybe the bank or payment gateway you want to work with requires and LLC (that seems odd, but maybe). If not, make sure you are ready for LLC before you do it.
I highly recommend that you talk to SCORE (https://www.score.org/) about whether an LLC is right in your specific case. They offer free help with the questions you are looking at right now. Or, you can open a few more questions here with specific details, and we can explore more.
All content is licensed under CC BY-SA 3.0.