What is the name of your state? Minnesota
I started a business 3 and half years ago operating as a sole proprietorship and assumed name. Embarrassingly I started with no money saved up, some acquired credit card debt, and no business plan. To make a long story short I used credit cards, cashed in IRA Roth, to keep me going the first two years. But last winter I hit a slow period that I couldn’t recover from and had to visit a bankruptcy lawyer.
I paid the lawyer in full last January but again to get to the point I continued doing business under my assumed name until September. My lawyer advised me to close down the business at this point. The thing is that I have been swamped with work from March to the current date off of referrals from word of mouth of past customers. So my lawyer advised me to do business under a different name.
The new business I want to start will focus on one of aspect my trade. It is what I specialize in and there is a great opportunity for profit there, more so then what I am currently doing. However until I make more of a name for myself in that area I will continue doing the work that continues to come in from referrals. The business structure that makes the most sense to me for what I want to do is an LLC. But in reading different books and doing searchs online I am still unsure whether one person can start an LLC without any other members?
One thing I will need to have is Liability insurance for my business. After bankruptcy it will be near impossible to get insured is what I have gathered from speaking with insurance agents. So I need to press forward now with starting up my new business.
I’ve done a search with the Secretary of State for the name I have chosen but haven’t filed the form yet. My concern is will my Articles of Organization for a Limited Liability Company be accepted with my circumstances? And what other problems can I expect to encounter?
I started a business 3 and half years ago operating as a sole proprietorship and assumed name. Embarrassingly I started with no money saved up, some acquired credit card debt, and no business plan. To make a long story short I used credit cards, cashed in IRA Roth, to keep me going the first two years. But last winter I hit a slow period that I couldn’t recover from and had to visit a bankruptcy lawyer.
I paid the lawyer in full last January but again to get to the point I continued doing business under my assumed name until September. My lawyer advised me to close down the business at this point. The thing is that I have been swamped with work from March to the current date off of referrals from word of mouth of past customers. So my lawyer advised me to do business under a different name.
The new business I want to start will focus on one of aspect my trade. It is what I specialize in and there is a great opportunity for profit there, more so then what I am currently doing. However until I make more of a name for myself in that area I will continue doing the work that continues to come in from referrals. The business structure that makes the most sense to me for what I want to do is an LLC. But in reading different books and doing searchs online I am still unsure whether one person can start an LLC without any other members?
One thing I will need to have is Liability insurance for my business. After bankruptcy it will be near impossible to get insured is what I have gathered from speaking with insurance agents. So I need to press forward now with starting up my new business.
I’ve done a search with the Secretary of State for the name I have chosen but haven’t filed the form yet. My concern is will my Articles of Organization for a Limited Liability Company be accepted with my circumstances? And what other problems can I expect to encounter?