My question involves business law in the state of: PA
Hi everyone. Great forum. Been reading a lot and wanted to post my first question(s).
Firstly, I'm looking for opinions on the need (or benefit) to creating an LLC for direct sales. My wife is an independent contractor for a sales organization. Up to this point, her income had been modest but she had done great ramping up her business and next year we anticipate doing close to $60,000 in sales annually. I understand the main benefit to having an LLC is to shield yourself personally from any liability to might arise. It is hard to imagine any potential liability that could arise, given the nature of her sales business, so I'm not sure if an LLC would be necessary - but perhaps it would be better anyway. If her sales continue to grow the way they are, it would likely be better to have separate finances anyway.
If it does make sense to have an LLC, my next question is related to taking ownership of an existing LLC from a deceased parent. My mother had established an LLC back in 1997. I was able to find the filing and entity # by contacting PA State Bureau of Corporations and Charitable Organizations. Prior to my mother's death, she and my father had been separated and filing for divorce. As I understand it, the divorce was not amicable and my father refused to sign any paperwork. To this day, I am not sure (in the State's eyes) if my parents were indeed divorced or not. I'm assuming that my father, if not divorced, would be the executor of their estate. Would he be able to sign over ownership of the existing LLC? Should I take ownership of that LLC or am I better to create a new one anyway?
Thank You!
Hi everyone. Great forum. Been reading a lot and wanted to post my first question(s).
Firstly, I'm looking for opinions on the need (or benefit) to creating an LLC for direct sales. My wife is an independent contractor for a sales organization. Up to this point, her income had been modest but she had done great ramping up her business and next year we anticipate doing close to $60,000 in sales annually. I understand the main benefit to having an LLC is to shield yourself personally from any liability to might arise. It is hard to imagine any potential liability that could arise, given the nature of her sales business, so I'm not sure if an LLC would be necessary - but perhaps it would be better anyway. If her sales continue to grow the way they are, it would likely be better to have separate finances anyway.
If it does make sense to have an LLC, my next question is related to taking ownership of an existing LLC from a deceased parent. My mother had established an LLC back in 1997. I was able to find the filing and entity # by contacting PA State Bureau of Corporations and Charitable Organizations. Prior to my mother's death, she and my father had been separated and filing for divorce. As I understand it, the divorce was not amicable and my father refused to sign any paperwork. To this day, I am not sure (in the State's eyes) if my parents were indeed divorced or not. I'm assuming that my father, if not divorced, would be the executor of their estate. Would he be able to sign over ownership of the existing LLC? Should I take ownership of that LLC or am I better to create a new one anyway?
Thank You!
Starting a Business: Should You Use an LLC for Direct Sales
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