[Cialug] RE: LLC

[Barry Buelow]

There are good reasons for doing LLC vs. subchapter S vs.....
Unless the cookie cutter forms are specific to Iowa, I would speak with a attorney.
 
Another very serious consideration is insurance.  Iowa requires Workman's Comp and as an "owner" or "director" you may not be covered by the WC, yet you get to pay for it.  The rate is based on how much $ you will make.  You say "$50K" and they say, "fine.  Pay me $x for a years worth."   You'll want to pick a modest expected income and adjust part way though the year.  Another good topic for an attorney or biz insurance agent.  
 
If you plan to just hang out a shingle and do biz with the public, that is one thing.  But to contract for big companies like Deere or ?, they have professional contract folks and require liabiity insurance, etc.  It gets ugly fast.  
 
Don't think of an LLC as a weekend task.  Think of it in a larger sense and plan to spend a month or two of homework before you decide which path to select.
 
I have my own small biz and I do safety analysis for aircraft.  When the insurance company reads "air" they stop reading and just say "no" (thanks omitted).  So I work through a larger contract house that handles all the contract terms and insurance on a larger scale.  It does cost me $ in what I'm not getting, but there isn't an easy way around it.  
 
Go drop $100 on an attorney and then see what you think.
 
(the other) Barry