LLC questions

Discussion in 'Professional Trading' started by goodgoing, Aug 20, 2011.

  1. Just started thinking about it and I am collecting information. A few questions for those with experience in forming and operating an LLC

    1 - Can I be the only member?
    2 - Is it required to maintain an office in the state of incorporation? Best state with lower expenses?
    3 - Is an LLC taxed or just its members?
    4 - Is it easy to open a bank account?
    5- Is there anything else that you think it is important to know?

    I'm also ordering Limited Liability Companies For Dummies.

    Thanks in advance
  2. rmorse

    rmorse ET Sponsor

  3. Bob111


  4. to the best of my knowledge (ie not a cpa)

    1. yes
    2. not sure, but pretty sure you'd be taxed in your home state regardless as that is where the ops are
    3. since you'd be the only member all taxes flow to you
    4 yes. you'll need a tax id that can be obtained fro the irs site, you'll also file a dba which is pretty simple.
  5. T1P1