Needing to go from an LLC to an INC ... how do I pay for it?
Hello everyone,
I was wondering something and hope that you guys can help me out. Basically to give you a snapshot into my life. I am the President of Get A Supplier LLC, we are wanting to become Get A Supplier INC. Which we have a lawyer setup that we want to work with. However, I don't know how much his costs will be (that's a separate thread all together) but more importantly how do I budget for it?
My life is this: I have a wife, two dogs, a house, a good full time job, and I run the company on the side of all that. The company has been running by bootstrapping for the past year and it has worked out fine. However, we want to now switch to an INC so we can get investors into our idea. Have shares in the company, and go the VC route and all that. To do that will take more money, which sadly, I am pretty short on. We have 4 other people currently in the company and each of them have percentage owned in the company. Which goes as follows: 40%, 33%, 18%, 10%. We have been paying based on our percentage owned of the company. Therefore I would have to pay 40% of the total costs of incorporation.
My main question is this, how do I get money without doing a credit card or a loan. Am I going to have to get a second job? Will I have to just scrounge around and sell what I own to get this to work?
Does anyone have any creative solutions?
Chad
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