Paul Holzschuher ⋅ Lebanon , OH Ohmart/Vega ⋅ 40 years experience

Hello James
Thanks for contacting ACP.
I suggest that you first focus on the business plan for your new business and focus on the "market" for your product and/or service.
Some businesses do not need an LLC.
I owned many rental buildings for years and did not incorporate since I have the best insurance.
Feel free to contact me at any time,
Thanks,
Paul Holzschuher

Brian Richardson ⋅ Columbus , IN U.S. Army, Sergeant ⋅ 8 years served

James,
As the others mentioned SCORE might have a local mentor that is willing to help you with incorporating.

There are also sites like http://www.bizfilings.com/ or Legalzoom that could be of help at lower costs.

Brian Richardson
www.VetLaunched.com

Michelle Grünberg ⋅ Palmetto , FL iconnectu, llc ⋅ 25 years experience

Your local Small Business Development Council has fantastic free resources for everyone-veteran or not. I've been an LLC for 5 years and just went S-Corp. If I can answer specific questions, let me know.
Freedom isn't Free, but our advice is. Thank you for your service. Michelle

Laurie Kirk ⋅ Tampa , FL Bristol-Myers Squibb ⋅ 30 years experience

Hi James - Contacting SCORE through their website is good advice, and obtaining finance varies according to where you live and what type of business you are trying to start up. A more modern approach would be to try Crowd Sourcing, you put your case out there & quite ordinary people will help you if what you are trying to do speaks to them in some way - the fact that you are a Veteran is a plus. Also don't dismiss minority business status - it's a lot of paperwork, but if 50% or more of the business is owned by a minority member (inlcuding women) that could help you with contracts - again depending on the type of business you are in. You can also go to the website of The Company Corporation where there is a lot of information about the various types of companies with detail. They will help you set up a company in Delaware. Best of luck to you!

Thomas Girouard ⋅ Willowbrook , IL All-Bry Construction Co. ⋅ 25 years experience

James,
First of all thank you for your service. I'm going to make a lot of assumptions along the lines of you have a business plan, product or service that is marketable, understand the market that you wish to enter, etc, etc... That said, incorporating an LLC is not very difficult or costly. You will need a lawyer but many smaller firms or "one man shows" will do it for a flat fee along with drafting an operating agreement and employment agreements as necessary. After that I feel very strongly that you AND your partner decide on an accounting program. I am a big fan of Quickbooks and have steered a number of folks I've mentored over the years in this direction. It is also essential that you both have a basic understanding of accounting principles.

As far as start up capital, the likelihood of getting a conventional loan is not good. You will find that no one wants to lend money to an unproven startup and those who do often end up being vultures. As stated above, credit cards and home equity are both tried and true solutions, as well as friends, family and of course any savings, retirement accounts and life insurance cash values that can be borrowed against.

If you both have the willingness to take these risks then welcome to the small business world. Yes the failure rates can be high depending on the business, but trust me that nothing can be any more satisfying and rewarding than creating and running your own business. Best of luck.

Mandi Beeson ⋅ East Can , OH Advanced Caulking & Restoration ⋅ 3 years experience

Thank you for your service!

When we started our LLC, we headed straight for a pro. I hired a lawyer, the cost was $600.00. It sure seemed like a big chunk, but I wanted to make sure everything was correct. It only took him a few days & we did everything over the phone & email while I was still working my full time job.

Also, SCORE helped us with information & ideas. I read everything I could online.
We have excellent credit scores, but still could not obtain a small business loan & I worked for a bank! It was a risky move, but we had to use credit cards & our home equity line & all our savings. This is in no way to discourage you, just want you to know what you may run into. Stay away from lending tree if your stats do not fit into a neat little box they will turn you down & it will be a hit to your credit for no reason. I would go into a bank and talk to a person.