I want to start an LLC for my company but no idea what to do.

[Finnellio]

Using an LLC is common. Indeed, depending on your investments, a family of related entities is probably more common than a single entity. However, I really don't think you are going to get much general input on a forum like this that will really be all that helpful.

Why don't you see a lawyer first? That will result in a whole list of issues you will need to consider and decide (regarding control and management of the entity, duties, rights and responsibilities of members, membership classes, how everything (costs, income, return of capital) is allocated in different circumstances, and much more). Some issues you will know exactly what you want to do. Other issues you may want to bounce off of other people, such as the members of this sub.

[MrHarun]

I have an LLC. My question to you is do I need two LLCs? I'm negotiating to buy one of my competitors which would allow me to monopolize my market because they essentially had a different approach to solving the same problem I solved meaning we have distinctively different customers. I don't want to strongly brand my competitor with my own brand and want to preserve theirs. But I also want to be able to share expenses and not have to get separate bank accounts and credit cards if I could avoid it. I don't mind paying the additional $800 per year fee plus taxes and doing an annual report on revenue. Anyway, I liked the way north dakota llc is formed.

[Finnellio]

An LLC is a limited liability company, a legal entity, also a business structure that’s created by state law. An LLC can be used to run a business, or it can be used to hold assets such as real estate, vehicles, boats, or aircraft. The owners of an LLC are called members, an LLC can be owned by one person, called a single member LLC, or an LLC can be owned by two or more people, called a multi-member LLC. The LLC is created by the filling LLC information documents with your state and paying the filing fee. Why would you form an LLC? The number one reason is for asset protection. By forming an LLC you create a protective wall between your business and your personal assets.