Video Summary
How do I convert my sole proprietorship into an LLC? Well, the first thing you need to do is contact the Secretary of State or your attorney and have them organize or set up an LLC with the Secretary of State. Once that’s been established, well, then you simply title your assets into the name of the LLC and open up a bank account under the LLC for which you’ll need to obtain a federal identification number. You should also consult with an attorney about signing an operating agreement, which will indicate who the owner of the LLC is. And if it’s a single member LLC, he’ll explain to you that the LLC assets may be subject to your creditor’s claims if you have a judgment against you. It’s recommended that you have more than one person as a member of your LLC, which prevents this from happening. If you have any questions, give me a call at 727-847-2288.