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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 117437
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I want to open a company in Februrary. The company will be

Resolved Question:

I want to open a company in Februrary. The company will be doing software development and software consulting. There are two of us who want together open a company. It must be in the form of "Limited Liability". We do not have much to invest right now, may be about 500-800$.
Questions:
1. Can you advise us as to what we should do now
2. what kind of company it might be according to US Laws.
3. How do we open (or register) a company the easiest way?
4. Is there any websites who would do that for us for a payment?
5. And what websites if you know are not scum, we want to do it once and without any hassle.
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
The Limited Liability Company would be the likely best entity to pick for this. It protects members from personal liability for company debt (except for debts where members sign personal guarantees). It also allows the members to claim the profits/losses on their personal taxes. The LLC does not pay income taxes (only sales taxes, unemployment and workers compensation as required), but issues K-1 forms to each member for their share of the profits/losses (like a 1099). You can file to open the LLC on the MD secretary of state's website and once you do then you go to the IRS website and apply for an Employee Identification Number for the LLC so you can open bank accounts. Legal sites such as legalzoom can draft your membership agreement for you which you need to describe your roles and interests in the LLC and what happens if you decide to split up (who gets what) and how each member can buy out the other in case of disagreements etc. But you can file the Articles of Organization and LLC on your own without any assistance and the only thing you need is a detailed membership agreement to cover how you want things run.


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