I am looking into the options of setting up a limited liability company and I want to know what the cost for said LLC would be. What is the cost to set one up and how quickly does it come into effect to protect me?
You'll have to pay a state filing filing fee of $50 to $500. The price reflects the state you live in as well as what the LLC will be covering. There are also ongoing fees that involve filing taxes for said business every year and the cost ranges from $10 to $800.
As mentioned, this depends on your state. The number provided above are accurate according to 5 years ago so expect there to be a slight increase there as well. Have you contacted anyone local to you to get price points?
Check online according to your local area. In most cases, it is fairly affordable. Some people overlook this step when starting a startup business and I never understood why. This isn't something you want to cut corners over.
In my area it is all under $500 for everything. The yearly cost varies depending on who you go with but most of the time the cost is low. Like mentioned, you have to check into your local area to get an exact quote.
If you are going to use a lawyer, it will cost you between $1,000 and $1,500 depending on who you work with. As mentioned, there will be different fees from year to year as well to renew and cover costs.
It might be worth hiring a professional to help your business become registered.
I've seen services online for as little as $39, but that's for my state. Yours may vary.