What’s a cheap way to start LLC in Virginia?

Question by daddy8ball: What’s a cheap way to start LLC in Virginia?
I want to start a LLC for as little cost as possible. Legal Zoom wants $ 600! Is there a cheaper way/web site?

Thanks!

Best answer:

Answer by mainecpa
Why do you think you need to organize an LLC? Do you understand the difference between an LLC, an S corporation and a sole proprietor?

There are both legal and tax ramification to all these organizational structures.

I just googled “compare llc and s corp” and this is a good summary

http://www.powerhomebiz.com/vol136/structure.htm

You should be able to find a local lawyer who will charge no more than $ 600. That is a reasonable price. With a local person, you have an available resource for other issues. Legal Zoom will not answer your questions a month from now, I’ll bet.

If you fail to maintain the formal details of your LLC, (On a year-to-year basis) you run the risk of someone “Piercing the corporate veil” (google it) which makes the corporate structure null and void and eliminates the liability protection.

Know better? Leave your own answer in the comments!

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