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Yes, you could add him as a member of the LLC at a later date. That happens all the time.
You will not put your personal assets in jeopardy by operating an LLC. That is the point of an LLC -- it is liable for its own debts, etc., and the creditors of the LLC cannot reach your personal assets. The only thing that would put your personal assets at risk is if you personally guarantee a loan to the LLC -- but that would happen regardless of whether you choose to operate your business as a member of the LLC or simply in your name individually without the LLC.
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Thank you for your response. In your opinion is an LLC the safest way to begin a new business such as this? Why would you opt for an LLC over forming a corporation etc. Thanks again!
Yes, it is generally thought an LLC provides the best asset protection. Plus, there are not all the corporate formalities to follow as you would be required to comply with if you were a corporation.
Plus, generally speaking, an LLC has better tax treatment for a small, single-owner business.
That's why I would opt for an LLC.
I never saw that you had asked a follow-up question. Sorry for the delayed response.
How you file taxes depends on how the LLC is taxed. A single member LLC, by default, is taxed as a sole proprietorship business -- you would report income and losses on your personal income tax return (Form 1040). I would highly suggest you use an accountant to assist you.
You will file taxes every year by April 15 -- just as you do as an individual.
If LegalZoom does not provide you with an operating agreement, I would suggest you also create an operating agreement for the LLC. LegalZoom may have that document (I'm just not certain whether it's included with your formation package).
If you will be completing home improvement construction projects, your state may need to be licensed. See this publication for more information:
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