What is an LLC? Do I need 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 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 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 submitting 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 daily work requires a lot 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 competition. 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 need an LLC if my condition doesn’t require one? Most states won’t require an LLC. Your accountant will be able to assist you in determining if you need one based on the sort of business you have and your particular state’s laws. Some countries 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 a separate entity from your personal residence. In order for your LLC to have its own separate legal and fiscal records, you’ll need to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the maintenance and filing of all the LLC’s documents. In other nations, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? As with any legal formation, it is very important that any individuals associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you’ll need an lawyer that will assist you complete 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 avoid state taxes and comply with tax laws, having a registered agent and a skilled attorney also lets you protect 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 task, and it requires the attention of an experienced accountant. When you file your papers with your state’s Secretary of State, he or she’ll supply you with a detailed list of who is authorized to make changes and who is responsible for completing them. While this sounds useful, 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 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 have to incorporate as a corporation first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual that will assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.