Budgets in LLC

[Jeff S.]

Do any of you do budgets and financial statements annualy with an annual meeting for your LLC's?

Am setting up an area specific LLC and will transfer a property into it. Looking for feedback on how far you go with smaller properties-budgets, long-term plans, details about credit lines, statements about purpose, etc?

[Bill Gulley]

With Jason's last paragraph;

Being your own boss gives you the opportunity to find out that you are the worst boss you could ever have.

What I mean by that is that you will know the pressures, the failures, when you're slacking off, when you could have done better or worked longer that day. You'll have to live with yourself!

A budget will never be brought into court, your balance sheet can as well as your income statement and tax returns. They are also need for lenders. Budgets are for you to be a better manager. It's a good idea to use them in a manner appropriate for the size of your business. Looking at what the budget was and comparing that to actual expenses gives you a great insight to the way you manage and run your operations.