04-14-2009, 08:02 AM
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| Senior Member | | Join Date: Nov 2008
Posts: 365
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| Contact your state business registration website. I've never started a business in Arkansas, but it should be fairly similar to Illinois. Here we pay a fee to the state... around $1500... Then we fill out a form for the state... publish the business in a newspaper... provide the state with the name of the agent responsible for state communications and paying state fees... write up a startup agreement with your partner(s) and have everyone sign (single owner LLCs are valid)... pay your fees... actually, contact the state and they will tell you everything you need to do.
If you don't write up an operating agreement and have more than one owner, you are putting yourself at risk. LLCs pay every owner the same amount regardless of whether you work the business. It is based on percentage ownership. If you don't build in an arbitration capacity, you have another set of problems.
Thus if you don't have an operating agreement to the contrary, you could have a silent partner who makes the same as your salary for doing nothing but supplying $5k in startup funds while you are working yourself to death trying to build a business. Once you get the business built, your partner can stop you from leaving the business by simply saying they want to continue it... so you can't dissolve it and take your share or even dissociate without literally putting yourself at risk of a TRO (based on partner loyalty) to create a non-compete situation and keep you from working at your profession for a LONG time. The courts generally see the original business as in place and any new business is just a usurper... regardless of the fact that it was all you... and not their $5k that made the business. This is what happens in areas where judges are too old to understand the law or have been unduly influenced by election funding.  |
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