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    3 Replies Latest reply on Jul 28, 2008 12:12 PM by JVCruz

    Want to register a LLC. Have a few questions.

    rmjeeves Newbie
      Guys,

      I am trying to start a home based business and would like to incorporate a LLC. Please help me with a few questions:

      1: Can I register my house (own) as the Primary Place of Business?
      2: Assuming answer to question 1 is yes, if tomorrow someone sues me and I have to pay the damages by my assets, will my house be in danger. Please not, I am trying to open an LLC.

      Bottomline: I want to start a business from my house but not put the ownership of my house in danger.

      Any advice will be highly appreciated.

      Thank you.
        • Re: Want to register a LLC. Have a few questions.
          JVCruz Adventurer

          As with all business decisions, it is a good idea to get professional advice; however, here's my thoughts:

          The first thing to do would be to form your LLC. LLC has certain protections and tax advantages. In most cases, your personal assest's are protected. It would be a good idea to ask your lawyer and/or accountant for specifics.

           


          Bottom line: Form your LLC first and then open/operate the business under the LLC. And, seek a professional -- they can also advice you of reporting requirements, licenses and permits required, record-keeping practices, etc.

           


          Hope this helps.
            • Re: Want to register a LLC. Have a few questions.
              rmjeeves Newbie
              Thanks so much for the information. Really appreciate it.

              A question follow-up, so It sounds like it will be ok to call my house as a Primary place of business when I register the LLC? This is not way will be in danger if there are any legal damages against me. Thanks again.
                • Re: Want to register a LLC. Have a few questions.
                  JVCruz Adventurer

                  Yes. Your place of business is where your business operates. If your residence is not owned by the LLC, it should, in most cases, be protected. Once again, seek a professional. Also, you may want to protect your privacy by setting up a P.O. Box under your LLC. Once again seek legal counsel. If you have a Registered Agent you may not need one.

                   


                  A good place to go for other legal advice would be to check out SCORE. You may be able to find a Mentor in your area.

                   


                  Good luck to you.