What is an LLC? Do I need one for my small company? Do I want an LLC in my particular state? Do I want 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 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 company grows significantly and your everyday work requires a great deal of driving, you may want to consider an LLC. An LLC can help protect your personal assets while also protecting your business assets from those of your competitors. 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 state does not require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you want one based on the type of business you’ve got and your individual state’s laws. Some states allow for one or partial incorporation of a company. Other states require you to form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your residence. For your LLC to have its own separate legal and financial records, you’ll have to appoint a Registered Agent. Sometimes, it is the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other states, the Secretary of State will manage these filings.
Do I need a lawyer for my LLC? Like any legal formation, it is very important that any individuals connected with your LLC are trustworthy and qualified. In case you have children or a spouse, you’ll need an attorney to help you fill out the forms and register the name of your business, as well as any alterations (name changes). While the most common reasons to form an LLC are to prevent state taxation and comply with tax laws, obtaining a registered agent and a skilled attorney also allows you to secure your individual interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate job, and it requires the eye 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 is responsible for completing them. While this sounds helpful, many accountants are not qualified to handle the intricate task of incorporating a small business. The Secretary of State also has specific rules about who will represent the LLC, when filings are to be made, how they need to 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 you can incorporate as an LLC. Regardless of the type of business you are in, you need a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.