What do I need to know about LLCs?

May 27, 2011 8:24 AM

I am soon starting a job for a small business that forms LLCs. What do I need to know?

I have been hired by a small business as an administrative assistant. By "small business" I mean beside the owner, there is a secretary and a bookkeeper who comes in once a month. So, this isn't just going to be making copies and brewing coffee; I am expected to become an integral part of the business. Basically, shit just got real.

I have no experience in the financial sector, having previously been a boutique manager and spending the last three years as a records clerk at a non-profit. The owner knows full well that I'm walking into this blind and has no problem with the fact. Training for the job was implied, but I want to know what the hell I'm doing at a level which he will probably not have the time to educate me.

Now I sorta-kinda keep up on financial news -- whatever comes up on MeFi, NPR and the New Yorker -- but "glosses of current events" is the extent of my knowledge base. What are some resources (books, blogs, TED talks) geared for the intelligent-but-utter-newbie that I should start checking out?

posted by griphus to work & money (6 answers total)

I don't understand the connection between "a company that forms LLCs" and "the financial sector" but Yahoo! Finance and Google Finance are good resources to learn about the financial markets.
posted by dfriedman at 8:31 AM on May 27, 2011

I don't understand the connection between "a company that forms LLCs" and "the financial sector"...

My ignorance, revealed! So, let's amend:

"I have no experience in the financial corporate/business sector..."

"Now I sorta-kinda keep up on financial corporate/business news..."
posted by griphus at 8:37 AM on May 27, 2011

I think you're over thinking this or not asking your question clearly. Forming LLCs is not rocket science. It's formulaic and repetitive and has few reporting requirements in the US. You're not going to have to keep abreast of much "in the industry" as an admin in that kind of work.

Possibly your question would be better pitched around the skills or resources/reading for being an admin for a small business? Admin in a small business is an underpinning role so can be very wide ranging. People tend to think of it as being clerical but it can include book keeping, marketing, communications, website maintenance, phone calls, sales calls and all sorts of things. I'm pretty sure that after a few weeks on the job you'll be much clearer what that job is and how it works, and what skills you can build to bring more to it. Does that make sense?
posted by DarlingBri at 8:55 AM on May 27, 2011

I still don't understand what it is that you think you don't understand. An LLC is, put very simply, just a low cost / low paperwork method of incorporation in which the profits of the company flow through the owners personal tax returns.

I formed an LLC a few years ago by filling out a 1 page form and sending it and a check for $100 to the state. If you are the office manager / admin for the business, the fact that they help other small business owners form LLC corporations probably isn't going to have much of an impact on your job.
posted by COD at 8:58 AM on May 27, 2011

You are going to work for a company like Corporation.com. Basically your employer provides the state-required forms plus (possibly) a few preprinted tips on how an LLC works and then makes sure all the "I"s are dotted and "T"s crossed before forwarding the filing on to the state. Your employer might also act as "registered agent" for people who want to form an LLC in your state but aren't actually located in your state. A registered agent simply provides an in-state address for someone to send legal (e.g. lawsuit) and other important papers to when dealing with state matters.

In every state the employees of a company like yours are legally prohibited from giving any sort of legal advice unless the person providing the advice is a lawyer, so you don't have to know anything law-specific except about how your company does its portion of the work.
posted by fireoyster at 9:14 AM on May 27, 2011

It probably does help to be familiar with the field. I recommend Nolo Press's series of books about how to start a small business / incorporate as a primer:

http://www.amazon.com/gp/search/ref=sr_nr_scat_283155_ln?rh=n%3A283155%2Ck%3Anolo+press+llc&keywords=nolo+press+llc&ie=UTF8&qid=1306543986&scn=283155&h=39c2abca4056724d25768d9cd9e80f90292c32e3
posted by felix at 5:54 PM on May 27, 2011 [1 favorite]