LLC setup question - any special care needed ?

Question

I and my partner is planning to on board some investors and to make things more streamlined we  are planning to

1. Setup a LLC - that will be used for all the investor tie-ups

2. open a bank account for this LLC.

I`ve questions related to same

1. What are the things we should take care for this setup ? any personal experience

2. Is there any better way to handle this situation ?

3. how this LLC is different than an LLC for a business ?

4. which bank do you use and what are benefits ?

- Pradeep

@Rudranil manna

Curtis Bidwell · Answer

@Pradeep Tiwari  Setting up the LLC is easy, inexpensive and offer great flexibility in Wa state.  Getting the proper operating agreement is where you need direct assistance from an attorney as @Ruth Bayang recommended.  Your particular situation can be addressed in the operating agreement to everyone's satisfaction.

Ruth Bayang · Answer

Best to consult an attorney @Pradeep Tiwari. Give @Scott Hildebrand a call.

Tom Pritchett · Answer

I totally agree from those comments above.  Any kind of corporation is creating a living entity with the IRS, so it takes the liability and pays taxes.  The suggestions to get an attorney are real solid suggestions.  I had created a corporation for construction businesses for me and a friend.  With no operation agreement or separation agreement in the creating of this corporation, let's just say it was a terribly expensive lesson.

Scott Hildebrand · Answer

Yes, LLCs in Washington are very easy to set up. Its around $200 depending on expedited processing and a few other items. In Washington, you don't need to have an operating agreement, but you should if you will be banking and entering into transactions- those are available in boilerplate formats online if you want to go that route. If you want one done by an attorney that will capture your particular concerns, the low end is probably around $400. It can go into the several thousands depending on the LLC's complexity.

LLC setup question - any special care needed ?

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