Wednesday, June 25, 2008

Limited Liability Company

I am in the process of registering ALL FOR LOVE as an L.L.C.
For those of you who don't know what this is:

in the law of the vast majority of the US is a legal form of business company offering limited liability to its owners. Often incorrectly called a "limited liability corporation" (instead of company), it is a hybrid business entity having characteristics of both a corporation and a partnership. It is often more flexible, the owners have limited liability for the actions and debts of the company, and it is suitable for smaller companies with a single owner. The primary corporate characteristic is limited liability while the primary partnership characteristic is the availability of pass-through income taxation.

To sum it up: ALL FOR LOVE will be a legal company that is owned/managed by myself!

There are a ton of forms and fees I have to handle in order to make it happen.
Having absolutely no formal education in business, its slightly overwhelming!

The good thing about this is:
-Its legitimate and professional.
-I am protected from others trying to use the name ALL FOR LOVE or my logo, as they will both be trademarked!
-I will be able to get a Small Business bank account with Wachovia, so I can have a decent credit line to charge all my apparel to be made.
-Its one more step to having ALL FOR LOVE become my career.

When I first started making shirts and having a small business going on, I never imagined that someday very soon I would have to register it as an actual company because of growth and potential success. This is making my dreams come true.

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