What is an LLC? Do I need one for my small company? Do I want 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 discuss what an LLC is. An LLC is a Limited Liability Company registered 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 need an LLC for my business? 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 will 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 responsibility of your LLC, not your personal residence.
Do I want an LLC if my condition doesn’t require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you need one based on the sort of business you’ve got and your individual state’s laws. Some countries allow for one or partial incorporation of a business. 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. In order for your LLC to have its own separate legal and fiscal documents, you will have to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will be responsible for the maintenance and filing of all the LLC’s documents. In other nations, the Secretary of State will handle 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. In case you have children or a spouse, you’ll need an attorney to help 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 are to avoid state taxation and comply with tax laws, having a registered agent and a qualified attorney also lets you secure your individual interests while still being able to operate your business peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate task, and it requires the eye of an experienced accountant. When you file your documents with your state’s Secretary of State, he or she will supply you with a detailed list of who is authorized to make changes and who’s responsible for completing them. While this sounds helpful, many accountants aren’t 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 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 it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.