LLC in delaware

these are questions that you need to ask your own CPA the answers likely depend on your facts & circumstances

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Unless you live in Delaware, you may be creating more work than it is worth because you have to pay your taxes where you live and you have to register your LLC as a foreign corporation in States other than Delaware.

As for a bank account for the LLC, you open it as you would a personal bank account.

Dick

You should be able to hire a professional company to help you create your LLC in Deleware for about $200.00 - $250.00 (including all state fees). This price usually includes a Corporate Kit. I would advise having a corporate kit along with a good LLC operating agreement otherwise you may not be entitled to as many liability protection statutes which Deleware and your state provide. If you know that you will not have any law suits ever then go do it yourself and contact the Secretary of State for Deleware and ask them for the forms and prices. Make sure you also contact the IRS and get an EIN and possibly elect for the "partnership" (LLC) to be treated as an S-corp (I blieve this is form SS-4) if this is the best choice for your tax situation. Many small business like to have S status as it can save many small business owners tax money.

-David

First make sure that you actually need a Delaware LLC instead of a home-grown local one (i.e., one formed under your own state's LLC law). There are not always a lot of good reasons to create a Delaware LLC rather than an LLC under your own state's law. There are exceptions, however, New York being one of them. The exception for New York only applies, however, if you're forming an LLC as an investment vehicle - if you're forming the LLC to engage in actual business, you're better off going with a New York LLC. The reason for this is that NY requires a hideously expensive newspaper notice requirement for LLCs (it usually costs at least $2,000). The requirement applies to (a) LLCs formed in NY regardless of the reason for which they were formed, and (b) non-NY LLCs that will be conducting business in NY. Of particular note, the requirement does not apply to non-NY LLCs that will merely be investing for their own account as their only activity in NY (i.e., LLCs set up as investment partnerships). Since trading for your own account is not a trade or business in New York, it makes more sense to use a Delaware LLC as your investment vehicle (if you're not going to use an LP) because that LLC will not have to comply with the filing requirement, whereas a NY LLC will.

Don't do it yourself. Get qualified professional help (both legal and accounting/tax) to decide how to organize your business before doing anything. Generally it is not worth the extra hassle to organize a corporation or LLC in a state other than the state where it is going to operate. Katie in San Diego

Once you create the LLC, you can open a corporate checking account with any bank which allows this. I know local banks like Bank of America do. Also internet banks like, Netbank will help. I'd recommend finding one with no minimum balances and no fees if money is of concern. Also, look to

3rd party companies online to make your checks for you as they often do so far cheaper than the banks do.

-David