Ramsep Posted April 15, 2018 Share Posted April 15, 2018 Hi, I am thinking about turning my sole proprietorship vending business into a LLC. I have a general idea of what a LLC is, and I'll get more details about it once I set appointments with a lawyer and also an accountant, but I don't know the specific things that I need to have in there from the vending point of view. This is my current situation: Back in the 1990's, in Long Beach, California I had 16 Dixie Narco can machines (didn't have snack machines) for about 7 years, and I have been in vending here in North Texas for almost 3 years. I currently have 12 small locations with 18 machines installed, plus another 4 machines in the shop being made location ready. All drink machines are Dixie Narcos (2 440 s/p, 1 440e m/p, 1 368 s/p, 1 660e, and the rest are 501e's. I also have a Royal Vendor 804-9 (the only machine setup for bottles). The snacks are all AP7600 and National 147, except for 2 newer USIs. I also have 20 dual-headed V-line bulk machines, 3 of them installed on the same locations as the drink/snack places. I can do most of my basic repairs, and have several spare coin mechs and validators, plus 2 DN cooling units, and also have equipment to move the machines. The area where I'm lacking experience is electronics and diagnostics (using a multimeter, checking for voltage, etc) I use a minivan as a rolling warehouse: with 2 sliding doors and the rear hatch I can do everything from the ground. The business has been operated from a separate business checking account, wuth no debt, except less than $1000 on a business credit card. Monthly revenue is between 3-3500. The purpose of this post is to gather information that is considered essential to have in a LLC: the right business structure, what kind of insurance (which currently I don't have, other than the van's) is needed, specific questions for the lawyer and accountant, how to transfer the assets into the LLC, etc.; Also, location agreements, etc. Additional question, is a "diy" LLC-set up website (like Legal Zoom) an option? Cheaper, but is it worth it? My plan is to expand by printing new business cards and flyers and go knocking on doors to get new accounts myself, and by strategically buying accounts from another vendor that I've known for a while and from whom I have bought locations and equipment before. I am also planning on eventually replacing some of the older machines, with machines that have native MDB, so eventually I go into CC readers and telemetry, at this point ParLevel sounds like a good candidate. Any help provided will be really appreciated. Thanks a lot in advance. Link to comment Share on other sites More sharing options...
Corvus Corax Posted April 16, 2018 Share Posted April 16, 2018 Start a Delaware LLC, then pay the fee to operate it in your state. You don't need a lawyer, but use one if you are uncomfortable with reading through the paperwork. Insurance from any reputable company, state farm, farmers, nationwide, etc. Link to comment Share on other sites More sharing options...
joshnosh Posted April 17, 2018 Share Posted April 17, 2018 I don't know the laws in Texas, but as far as I can tell, the only reason to set up an LLC is for liability purposes or if you are having other people invest in the company. There are no special "vending" reasons. Link to comment Share on other sites More sharing options...
Ramsep Posted April 17, 2018 Author Share Posted April 17, 2018 On 4/16/2018 at 3:33 PM, Corvus Corax said: Start a Delaware LLC, then pay the fee to operate it in your state. You don't need a lawyer, but use one if you are uncomfortable with reading through the paperwork. Insurance from any reputable company, state farm, farmers, nationwide, etc. I'm OK reading thru paperwork, the only reason to ask here was to find basic guidelines. The lawyer offers a free consultation. Thanks a lot, I'll check the Delaware LLC's more in depth. Link to comment Share on other sites More sharing options...
Ramsep Posted April 17, 2018 Author Share Posted April 17, 2018 10 hours ago, joshnosh said: I don't know the laws in Texas, but as far as I can tell, the only reason to set up an LLC is for liability purposes or if you are having other people invest in the company. There are no special "vending" reasons. I apologize if there was a misunderstanding about vending reasons for a LLC. I was asking if there was something specific to vending that I should include in the articles of incorporation. I now realize that, because my purposes are liability protection, probably that was more of a insurance question, rather that the LLC itself, so I guess that I'll address those questions to the insurance agents. Thank you, joshnosh. Link to comment Share on other sites More sharing options...
NYCandyMaN Posted April 26, 2018 Share Posted April 26, 2018 I do not see a reason for the llc, insurance yes, but you cant have one without the other, ill check out the Delaware LLC Link to comment Share on other sites More sharing options...
NYCandyMaN Posted April 26, 2018 Share Posted April 26, 2018 https://www.incfile.com/ https://www.incnow.com/?gclid=Cj0KCQjw8YXXBRDXARIsAMzsQuU5YP59HT2H-GWREcSx1UxUEyJix302ytZQaYvWdSsj3ZcPAV-SVX0aAjnWEALw_wcB https://www.incnow.com/delaware-llc/ Link to comment Share on other sites More sharing options...
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