What is an LLC? Do I want one for my small business? Do I need an LLC in my particular state? Do I want an LLC if I’m using my home state as the filing entity? All of these questions will be answered here and much more.
First, we’ll explore what an LLC is. An LLC is a Limited Liability Company registered with the appropriate state. It allows for the sharing of one type of tax liability (the tax liability on the shares of stock in the industry ) between the business and the owner (the person who started the LLC). If you’re filing a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my business? If your business grows significantly and your everyday work requires a great deal of driving, you may wish to take into account an LLC. An LLC can help protect your personal assets while also protecting your business assets from those of your competition. If you file a Change of Address, your address and contact information will become the responsibility of your LLC, not your personal residence.
Do I want an LLC if my condition doesn’t require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you need one based on the type of business you have and your particular state’s laws. Some states allow for one or partial incorporation of a business. Other states require that you form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your personal residence. For your LLC to have its own separate legal and financial records, you will have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will cause the filing and maintenance of all the LLC’s documents. In other nations, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? As with any legal formation, it’s very important that any individuals associated with your LLC are qualified and trustworthy. If you have kids or a spouse, you will need an attorney that will assist you fill out the forms and register the name of your organization, as well as any alterations (name changes). While the most common reasons to form an LLC are to prevent state taxes and comply with tax laws, having a registered agent and a qualified attorney also lets you secure your personal interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running an LLC is a very complex and intricate task, and it requires the attention of an experienced accountant. When you file your documents with your state’s Secretary of State, he or she will provide you with a comprehensive list of who is authorized to make changes and who’s responsible for completing them. While this sounds helpful, many accountants aren’t qualified to handle the intricate task of incorporating a small business. The Secretary of State also has specific rules about who can represent the LLC, when filings are to be made, how they should be finished, and what fees are required.
Do I need an accountant for my LLC? It depends on your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you must incorporate as a company first, before you can incorporate as an LLC. Regardless of the type of business you are in, you want a qualified individual that will help you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.