What is an LLC? Do I want one for my small business? Do I want an LLC in my state? Do I need an LLC if I’m using my home state as the filing entity? All these questions will be answered here and much more.
First, we will explore what an LLC is. An LLC is a Limited Liability Company filed 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 are submitting a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my business? If your business grows significantly and your everyday work requires a great deal of driving, you might wish to take into account an LLC. An LLC can 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 private residence.
Do I need an LLC if my condition 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 particular state’s laws. Some states 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 another entity from your personal residence. For your LLC to have its own separate legal and financial records, you’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the maintenance and filing of all of the LLC’s documents. In other nations, the Secretary of State will manage 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. If you have kids or a spouse, you’ll need an lawyer that will help 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 would be to prevent state taxation and comply with tax laws, obtaining a registered agent and a qualified attorney also allows you to protect 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 really complex and intricate job, and it requires the eye 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 are not qualified to handle the intricate 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 need to be completed, 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 are in, you want a qualified individual that will help you create the necessary Articles of Organization, register the name of your LLC, and keep the books.