I filed the LLC myself to save money, but the state fee was $125, then I needed a registered agent ($99/year), a business bank account with a monthly fee ($15), and my city made me get a general business license ($75). I haven't even started marketing yet. Is this normal or did I mess something up?
LLC Costs
The total cost of getting my first LLC running was higher than expected
Brace yourself, it gets worse.
Nah, that's pretty standard. The 'cheap LLC' myth gets a lot of people. You didn't mess up; you just got the full welcome package.
Wait until you see the annual report fee. Some states charge $300 just to exist. What state are you in?
The registered agent fee is the sneaky one. I used my home address for the first year and then realized my full name and address were public. Switched to a service after that. Not worth the privacy headache.
I'm in Colorado. The annual report is $25, but I didn't know about the trade name registration if I want to operate under a different name. That's another $25. Death by a thousand paper cuts.
Colorado isn't too bad. Try California. $800 franchise tax just to breathe.
> I fild the LLC myself to save money lol same. Then I spent 6 hours trying to figure out the BOI report and gave up. Now I'm paying my accountant $200 to do it. So much for saving money.
BOI report is free and takes 10 minutes, my dude. You got fleeced
I know that now. But at the time I was scared of getting fined $500/day. Anxiety tax is real.
My bank account fee is $0 if I keep $500 minimum. Might want to shop around. Also, do you actually need a registered agent? If uou have a physical address during business hours, you can be your own agent in many states. Saves $99.
I used a service because I run the business from my apartment and don't want clients showing up at my door. But good to know for the future ngl.
At least you didn't pay one of those 'LLC formation' companies $500 to do what you did yourself. Those ads are everywhere. You're already ahead.