What is an LLC? Do I need one for my small business? Do I want an LLC in my particular state? Do I want an LLC if I’m 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 filed 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 business) between the business and the owner (the person who started the LLC). If you’re submitting a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my business? If your company grows significantly and your daily work requires a great deal of driving, you might want to take into account 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 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 an actual 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 will need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will be responsible for the filing and maintenance 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 extremely important that any individuals associated with your LLC are qualified and trustworthy. If you have children or a spouse, you will need an attorney to assist you complete the forms and register the name of your business, in addition to 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 skilled attorney also allows you to 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 an experienced accountant. When you file your documents 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 is responsible for completing them. While this sounds helpful, many accountants aren’t qualified to handle the intricate task of incorporating a business. The Secretary of State also has specific rules about who will represent the LLC, when filings are to be made, how they should 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 it is possible to incorporate as an LLC. No matter the type of business you are in, you need a qualified individual to assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.