What is an LLC? Do I need one for my small company? Do I need an LLC in my particular state? Do I want 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 discuss 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 organization? If your company grows significantly and your everyday work requires a great deal of driving, you may wish to take into account an LLC. An LLC will 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 liability of your LLC, not your personal residence.
Do I need an LLC if my state does not require one? Most states will not require an LLC. Your accountant will be able to assist you in determining if you want 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 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 documents, you’ll need to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the filing and maintenance of all the LLC’s documents. In other states, 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 kids 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 taxation and comply with tax laws, having a registered agent and a qualified attorney also lets you protect 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 job, and it requires the attention of a qualified accountant. When you file your documents with your state’s Secretary of State, he or she’ll provide you with a detailed 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 complex 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 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 must incorporate as a company first, before it is possible to incorporate as an LLC. No matter the type of business you’re 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.