What is the name of your state? CA
Hi,
I'm planning to open a small business on the Net, and after reading a lot of sites about "starting your business" it appears that all the legal things must be done before even "going live". So I need to register with the state before even opening the business? Am I correct?
I'm thinking about registering as an LLC. Am I correct when saying if an LLC is sued and loses, and in case the company doesn't have enough assets to cover the lawsuit, the court cannot take personal money and property from the members (such as personal bank account, home, car, etc.)? So the $800 annual tax to be an LLC is sort of like an insurance policy?
And I also have a question about audits. It sounds like audits for businesses is inevitable, right? So what does an audit involve? Do they come to your home or office and you need to show them all your documents, or do you go them? Please give an example of what happens during an audit and what needs to be shown. What happens if you mistakenly misrecord something, you go to jail?
Thank you in advance!
Hi,
I'm planning to open a small business on the Net, and after reading a lot of sites about "starting your business" it appears that all the legal things must be done before even "going live". So I need to register with the state before even opening the business? Am I correct?
I'm thinking about registering as an LLC. Am I correct when saying if an LLC is sued and loses, and in case the company doesn't have enough assets to cover the lawsuit, the court cannot take personal money and property from the members (such as personal bank account, home, car, etc.)? So the $800 annual tax to be an LLC is sort of like an insurance policy?
And I also have a question about audits. It sounds like audits for businesses is inevitable, right? So what does an audit involve? Do they come to your home or office and you need to show them all your documents, or do you go them? Please give an example of what happens during an audit and what needs to be shown. What happens if you mistakenly misrecord something, you go to jail?
Thank you in advance!