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 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 a single kind 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 filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my organization? If your business grows significantly and your daily work requires a great deal of driving, you might wish to take into account an LLC. An LLC can help protect your own 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 liability of your LLC, not your private residence.
Do I want an LLC if my state doesn’t 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 sort of business you’ve got and your particular state’s laws. Some countries allow for one or partial incorporation of a company. Other states require that you form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your residence. In order for your LLC to have its own separate legal and financial documents, you’ll need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will cause the maintenance and filing of all of the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? Like any legal formation, it’s extremely important that any individuals associated with your LLC are qualified and trustworthy. In case you have children or a spouse, you’ll need an attorney to assist you complete 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, obtaining a registered agent and a qualified attorney also lets you secure your personal 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 job, and it requires the attention of a qualified accountant. When you file your papers with your state’s Secretary of State, he or she’ll provide you with a comprehensive list of who is authorized to make changes and who’s responsible for completing them. While this sounds useful, many accountants are not qualified to handle the complex 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 completed, and what fees are required.
Do I need an accountant for my LLC? It is dependent upon your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you have to incorporate as a corporation first, before you can incorporate as an LLC. No matter the type of business you are in, you need a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.