What is an LLC? Do I want one for my small company? Do I need an LLC in my particular state? Do I need an LLC if I am using my home state as the filing entity? All these questions will be answered here and much more.
First, we will explore what an LLC is. An LLC is a Limited Liability Company filed with the appropriate state. It allows for the sharing of a single type of tax liability (the tax liability on the shares of stock in the industry ) between the company and the owner (the person who started the LLC). If you are submitting a Change of Address, this may 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 might wish to consider an LLC. An LLC will help protect your own 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 liability of your LLC, not your private residence.
Do I want an LLC if my condition doesn’t require one? Most states won’t 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 individual state’s laws. Some countries allow for one or partial incorporation of a business. Other states require that you form an actual 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 documents, you’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the maintenance and filing of all the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need an attorney for my LLC? As with any legal formation, it is very important that any individuals connected with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an attorney to assist you fill out the forms and register the name of your organization, in addition to any alterations (name changes). While the most common reasons to form an LLC are to avoid state taxes and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you protect your individual interests while still being able to operate your business peacefully.
Do I need an accountant for my LLC? Running an LLC is a really complex and intricate task, and it requires the eye of a qualified accountant. When you file your papers with your state’s Secretary of State, he or she will supply 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 complex task of incorporating a 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 corporation first, before it is possible to incorporate as an LLC. No matter the type of business you are in, you need a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.