Legal Question in Business Law in Georgia

Basic Limited Liability Company startup help needed

My three main questions are as follows:

1) When starting my new company (Manager run with only one member/manager - myself) the company will not have any money in the bank and will not be making any money for the first year. The company will require monthly services such as internet access, etc. How do *I* as the manager and only

member of the company pay for these bills through the company and what do I need to make sure I keep track of?

2) Where is a good place to get information on LLC Taxes and requirements? For example, will I need to report quarterly to the IRS if I'm not making money, or even when I do start making money? What is the best way to keep the Tax requirements as simple as possible?

and

3) Is there an annual fee for LLCs in the state of Georgia? If so, how much?

I look forward to your response and greatly appreciate your time.


Asked on 1/12/05, 7:02 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Basic Limited Liability Company startup help needed

Judging from your questions, I highly recommend that you discuss your concerns with an attorney directly, but I will try and answer your questions:

1) You may pay for company services from your personal checking account and deduct them as business expenses on your personal income. However, if you are a corporation, LLC, etc., it is not a good idea to co-mingle personal and business funds. You might loose your limited personal liability.

2) The Georgia Secretary of State's corporations website is a good start - http://www.sos.state.ga.us/corporations/. In short, if you are a single-member LLC, profits will be income to you on a personal level. You will need to make quarterly estimated payments.

3) To form an LLC in Georgia, there is a $100 filing fee and an annual renewal fee of $30.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

Glenn M. Lyon, Esq

MacGregor Lyon, LLC

Promenade II

1230 Peachtree Street NE

Suite 1900

Atlanta Georgia 30309

Phone 404.942.3545

Fax 404.795.0993

[email protected]

www.macgregorlyon.com

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Answered on 1/12/05, 8:50 pm


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