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Thomas McJD
Thomas McJD, Attorney
Category: Business Law
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Experience:  Experienced in Corps, LLCs, Partnership, etc.
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I would like to open an LLC immediately for a home improvement

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I would like to open an LLC immediately for a home improvement business in NJ. For the time being it will be in my name only as my husband is in the process of obtaining a conditional green card. My question is, am I able to add him to the LLC at a later date? Also, everything we own is in my name as I am the legal citizen therefore is it better for me not to be attached to this LLC so we do not put all of our assets in jeopardy? Thank you!
Submitted: 2 years ago.
Category: Business Law
Expert:  Thomas McJD replied 2 years ago.

Hello, I will be happy to assist you. After receiving your answer, and unless you have need for clarification, your accept (by clicking the green "accept" button) would be appreciated. Although you have made a deposit, I cannot receive credit for my work without your accept.

 

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.

 

 

I believe I have answered your question. As noted above, please let me know if you need clarification, and if not your accept would be appreciated. If you are a monthly subscriber, you must still click the "accept" button for me to receive credit for my work, but you will not be charged an additional fee.

 

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Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6514
Experience: Experienced in Corps, LLCs, Partnership, etc.
Thomas McJD and 7 other Business Law Specialists are ready to help you
Customer: replied 2 years ago.
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!
Customer: replied 2 years ago.
Relist: Other.
No response after several hours.
Expert:  Thomas McJD replied 2 years ago.

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.

Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6514
Experience: Experienced in Corps, LLCs, Partnership, etc.
Thomas McJD and 7 other Business Law Specialists are ready to help you
Customer: replied 2 years ago.
I am utilizing LegalZoom.com who will create our LLC documents and file them with the State. Are there any other forms I will need to complete or file to legally operate through this LLC? How and when will I need to file taxes? Thank you!
Expert:  Thomas McJD replied 2 years ago.

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:

 

https://www.state.nj.us/commerce/CEG_LCI/pdf/liccert.pdf

 

 

Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6514
Experience: Experienced in Corps, LLCs, Partnership, etc.
Thomas McJD and 7 other Business Law Specialists are ready to help you

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