Question about LLC..
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Question about LLC.. Hi everyone.. I am looking forward to becoming part of the bivio team. I have recently formed an LLC that as part of the process.. I needed to provide a list of members.. Same thing with opening the ic brokerage account.. my question is this... right now i have 3 confirmed members... that was what i sent into the state ("initial filing of members form")... also they signed for the account... what happens when others join the club.. I know of at least 3 more that will join over the next 3 months... do i need to continually be updating the state.. with my list of members.. also do i need to be updating the brokerage of the same things.. also... ameritrade has an option for an ic account or an llc brokerage account.. are there any pros or cons for one or the other.. why not have an llc account... and figure the taxes inside of the llc.. i have no clue... please help... what happens when others join the club.. I know of at least Surely in your process of doing your due diligence, people recommended that you set up your club as a general partnership. The point was to simplify things. Since you've chosen a more expensive, and more difficult route, you need to seek legal advice. And getting free legal advice here (or anywhere for that matter) is not prudent.
Contact your secretary of state and follow the law. A corporation will be scrutinized much more so than a simple partnership.
Lynn Ostrem, VP
Crow River Investment Club
lynn: in response to your trite and useless response... there is absolutely nothing wrong with creating an llc to wrap around this club.. by default, the llc will file as a partnership.. the only difference is that i need to have a written operating agreement... why don't you seek to understand before you make a fool.. perhaps there was a reason to form an llc.. maybe my team would like to at some point register with the state as an investment as well as an advisor.. so please lynn.. if you don't have anything productive... keep it in... it is a waste of the club's space.. Lynn Ostrem wrote: > what happens when others join the club.. I know of at least3 more that will join over the next 3 months... > do i need to continually be updating the state.. with mylist of members..also do i need to be updating the brokerage of the samethings.. > Surely in your process of doing your due diligence, people recommended that you set up your club as a general partnership. The point was to simplify things. Since you've chosen a more expensive, and more difficult route, you need to seek legal advice. And getting free legal advice here (or anywhere for that matter) is not prudent. > > > Contact your secretary of state and follow the law. A corporation will be scrutinized much more so than a simple partnership. > > Lynn Ostrem, VP > garbagecop@gmail.com > Crow River Investment Club > www.bivio.com/crowriver > The great State of California and the Gubernator will collect an annual tax of $800 for your privilege of having a LLC. Brian, I realize you are just a newbie, and that we should be gentle with you <G>, but get over yourself! You chose to go against conventional methods used by 99.9% of all clubs in lieu of a more sophisticated entity. I never said it was right or wrong, or that you don't have a good reason. I simply said that with an LLC, you'd be better off getting professional advice and not rely on free advice from a message board where 99.9% of its members filed as a simple GP. I even directed you to where you could get information.
I went back and re-read my message. I wasn't rude or demeaning. You asked a question and got an answer. I'm sorry it wasn't what you were looking for, but then, you get what you pay for!
I appreciate Ira's compliments, but I can't hold a candle to his contributions on this board. Together, he and I and many others do what we can to support and help other clubs. This can be a very worthy resource for you as you learn the ropes of clubbing. I wouldn't burn any bridges here. You never know when you'll need us.
Good luck with your club.
Lynn Ostrem, VP
Crow River Investment Club
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