Forming LLC

[Saphira Andre]

Hello,

Please help me with these questions. I would appreciate inputs from New jersey investors, CPAs and so forth. I have not done any deals. I want to start very soon, but I don't want my name to appear on any deals; I am thinking of forming an LLC to do purchases. How much does it cost? An out of state company quoted $1200. Is price reasonable? Is it a good idea? What are the tax advantages? Will I pay more taxes? Will my name be completely hidden from all transactions? Should I get a P.O. box in order to hide my home address. Should I open a business account first? Can I do this on my own without hiring someone to do it? Will I be able to qualify for loans? Lastly, by forming LLC, will I be considered as self-employed? Any information is helpful. I am not sure about reliability of internet resources.

Thank you

[Account Closed]

Hey I've been to Watchung very nice area my college roommate was from there!

Whoa so many questions?!?!?!

You would at least need a registered agent or "appointed director" to keep your name out of the LLC filing. This will just keep your name out of the filing, however the state is mandated to release the beneficial owners (aka you) if an appropriate source requests. I'm not sure that there is a truly anonymous LLC in the US.

I have not done the research for Jerz, but the typical LLC set up would be

- set up LLC with registered agent

- apply for EIN number for new LLC

- get bank account using new EIN number

If you make no other tax elections after the LLC then you will be a sole-proprietor. There are many ways to save on taxes. Check out this book if you are interested. http://www.amazon.com/Lower-Your-Taxes-Time-2013-2014/dp/0071803408