Hi all,
I have been wanting to do something more with my DIY hobbies for years now but never went to that next step. It has also been a dream of mine to create my own company, even if it is a one man operation. If I don't start it this year, I may never will.
Basically I have a product idea, that can take about 1-2 years to materialize into something tangible. I also have a lot of DIY work that I want to showcase on my own blog/website. The DIY work can also materialize into products that I can sell on the website. I also want to be familiar with running a business, and hopefully mature it to get some revenue.
So as you can see this is not some large operation, or a multi employee.
I live in NJ and I found the state resources where I can file (as well as LegalZoom) and apply but I am still fresh on what exactly an LLC is, and how it actually work once it is formed. Do I need a bank account in the business name, address, can I use personal credit card for the business, etc. I understand that an LLC is "limited liability" so it has an implication of protecting my personal assets in case of a lawsuit as opposed to a sole proprietorship, or is there a lot more? Also I understand that there are fees for re-registering the business every year, around $150, and I am willing to pay that unless there are other things I do not know about.
I would appreciate any advice, tips, links.. etc.
Thanks!