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Monday, May 12, 2008

I set myself up as an LLC and didn't have to pay anyone else to do it!

Originally when I decided to turn my eBay hobby into a career I registered a DBA (doing business as) and got a resale certificate and an EIN (Employer Identification number from the IRS). I thought I was set. Well, technically I am, but, not protected.
I'm not going to go into the specific details, but I wanted to change my business structure from a sole proprietorship to an LLC (Limited Liability Company). I'd heard advertisements on eBay radio and seen adds on various eBay blogs and info sites about X company or Y or Z company that will do all the paperwork for you and all you have to do is give us some simple info and wham.. you are done.
Sounded great. So, I got all my legal stuff together and started searching online for these companies to compare their services and prices. Well, I'm cheap. Ahem, I mean THRIFTY so I was very hesitant to pay the $300 + state filing fees (in my State, Florida, that is $125) so I kept researching. I went to the Florida Department of State's Division of Corporations website to try to see just how complex this filing process really is.
Glad I did! The forms were there for me to download for free and they had clear and easy instructions. It took me less time to actually do the paperwork than it did for me to find the sites that would have done the paperwork for me!
I had to pay an extra fee and fill out one more form because I was not a 'new' business but one that was restructuring, but altogether it cost me only $150.00 + a stamp.
Now I just need to make calls to the DOR and the IRS to update my status with them.
So glad I'm thrifty.

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