What is an LLC? Do I want one for my small business? Do I need an LLC in my 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 more.
First, we’ll discuss what an LLC is. An LLC is a Limited Liability Company filed with the appropriate state. It allows for the sharing of one kind 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 are filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my business? If your business grows significantly and your daily work requires a lot of driving, you might want 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 personal residence.
Do I need an LLC if my condition 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 have and your individual state’s laws. Some states allow for one or partial incorporation of a company. Other states require you to form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your personal residence. For your LLC to have its own separate legal and fiscal records, you will have to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the filing and maintenance of all the LLC’s documents. In other states, the Secretary of State will handle these filings.
Do I need an attorney for my LLC? Like any legal formation, it is extremely important that any individuals associated with your LLC are trustworthy and qualified. In case you have children or a spouse, you’ll need an attorney that will assist you complete 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 would be to prevent state taxes and comply with tax laws, having a registered agent and a qualified attorney also allows you to 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 really complex and intricate job, and it requires the eye of a qualified accountant. When you file your papers with your state’s Secretary of State, he or she’ll 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 are not qualified to handle the intricate 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 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 assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.