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Posted: 2/18/2006 4:01:26 PM EDT
I just formed a LLC on line. It only took several days to complete. Took about $300 with a LLC kit that has books and a seal.

But how is the process to complete a Form 4 different then from an individual? Thanks.
Link Posted: 2/18/2006 5:48:12 PM EDT
No picture, no fingerprints and no LEO sign off and a quicker turn around are the main advantages. The rest of the process is the same,
Link Posted: 2/18/2006 7:01:56 PM EDT
Which online service did you use? - I'm thinking of doing a corp too. Do you already have all the documents?
Link Posted: 2/18/2006 7:23:26 PM EDT
https://www.incfile.com/

They did it in a few days. I have not received my papers yet. And the kit will be about 7 working days behind.

About 300 dollars. Dont use their expedited service because Michigan has a fast return and you dont seem to really need it. I did get their agent service in case there are problems. It only took a few days and was much faster then I expected.
Link Posted: 2/18/2006 8:23:17 PM EDT
FYI, MI has an online system that lets you create all the docs online and you just send them in with your check. Might take a week or 2 but will save you $250 thats how I did my LLC.
Link Posted: 2/19/2006 8:09:47 AM EDT

Originally Posted By bump0x:
FYI, MI has an online system that lets you create all the docs online and you just send them in with your check. Might take a week or 2 but will save you $250 thats how I did my LLC.

\

I agree with this but, the service had a few things that you would not have gotten without them. Like the agent service and the seals and books. Not to mention if there is problem you have an entity to point your finger at.

I still overpaid by $100.

Link Posted: 2/19/2006 8:17:16 AM EDT
I just looked up my LLC on the michigan.gov site. Kinda cool!

Link Posted: 2/19/2006 10:39:12 AM EDT
OK
If using a LLC makes it so much easier what reason is there not to form an LLC for this other than the $300 cost? (that doesnt bother me at all)

Surely there has to be some reason people do it in their name instead of a Corp when they could avoid so many headaches by doing it as a corp.

Thank you!

Link Posted: 2/19/2006 10:47:31 AM EDT

Originally Posted By JYogi:
OK
If using a LLC makes it so much easier what reason is there not to form an LLC for this other than the $300 cost? (that doesnt bother me at all)

Surely there has to be some reason people do it in their name instead of a Corp when they could avoid so many headaches by doing it as a corp.

Thank you!




Part of the problem is if you croak and there is no one else that is an owner of the corp. So that can be a problem. Other is divorce and your ex can make life difficult for you.

You also have stuff to keep up every year to keep the corp active if I am not mistaken.
Link Posted: 2/19/2006 10:49:50 AM EDT
Link Posted: 2/19/2006 5:10:42 PM EDT

Originally Posted By ARDOC:

Originally Posted By JYogi:
OK
If using a LLC makes it so much easier what reason is there not to form an LLC for this other than the $300 cost? (that doesnt bother me at all)

Surely there has to be some reason people do it in their name instead of a Corp when they could avoid so many headaches by doing it as a corp.

Thank you!




Part of the problem is if you croak and there is no one else that is an owner of the corp. So that can be a problem. Other is divorce and your ex can make life difficult for you.

You also have stuff to keep up every year to keep the corp active if I am not mistaken.



Just to be clear....

You can will your shares in an LLC just like you are able to will your personal NFA items to someone. In fact, you can avoid issues w/ probate by having the person you want to end up with the NFA items as an officer of your corp.

As far as divorce, I don't see a downside to a corp and can't say I've seen it mentioned before. Your spouse has just as much right to an NFA item you had transferred to you personally as one posessed by a corp you own.

Yes, there is additional paperwork to be filed each year. In MI, you have to send in a check for $25 to the state with a form saying the LLC is still active. If it is a single member LLC you can just file a schedule C on your regular 1040 but its going to be all zeros unless you are making or losing money. Most people tell you its not necessary to even file that part but you can if you wish.

As a side note, lots of people pose the question 'I already have an LLC for <blank> can I just use that one?' Sure, you technically can, but its a bad decision IMO. For the $300 or $50 that you pay to set up an LLC its worth getting one just for NFA and not risk any liability to your income earning LLC because someone gets hurt with your NFA, or something similar.
Link Posted: 2/19/2006 9:40:37 PM EDT
Michigans LLC process is also very fast.

This seems to be the way to go until we know about the stances that the CLEOs are going to take.


Link Posted: 2/27/2006 8:18:06 AM EDT
Link Posted: 3/12/2006 12:52:28 PM EDT
Question on Article II?
What do you list as purpose for forming?

I know I have seen this before someplace here but cannot find it!!

I found form 70(on MI.Gov)-Looks like the right one?

Thanks for any help by you all that have done this!!

Much appreciated..

Brenden

Link Posted: 3/12/2006 2:16:46 PM EDT
The form will say 'BCS/CD-700 (Rev. 12/05) on the top left corner.
Link Posted: 3/12/2006 2:27:43 PM EDT
The one that I brought up says 12/03?

Thanks ..

Brenden
Link Posted: 3/12/2006 3:32:19 PM EDT

Originally Posted By Brenden:
The one that I brought up says 12/03?

Thanks ..

Brenden



go to www.cis.state.mi.us/bcsc/forms/corp/llc/700.pdf and you will see that it was revised in 12/05.

A good starting page is www.michigan.gov/corporations/
Link Posted: 3/13/2006 2:19:54 PM EDT
I thank you for the links..

I had went to the mi.gov site and that's where I got the 03 updated form..

Thanks again..

Brenden
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