What is an LLC? Do I want 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 these questions will be answered here and more.
First, we’ll discuss what an LLC is. An LLC is a Limited Liability Company filed with the appropriate state. It allows for the sharing of a single kind of tax liability (the tax liability on the shares of stock in the industry ) between the company and the owner (the person who started the LLC). If you are 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 everyday work requires a lot of driving, you might wish to consider an LLC. An LLC will help protect your personal 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 private residence.
Do I want an LLC if my condition does not 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 type of business you have and your particular state’s laws. Some countries allow for one or partial incorporation of a business. Other states require that you form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. For your LLC to have its own separate legal and fiscal records, you’ll need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause the filing and maintenance of all of the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? Like any legal formation, it is very important that any individuals connected with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an lawyer to assist you fill out 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 allows you to protect your personal interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a really complex and intricate task, 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 supply you with a comprehensive list of who is authorized to make changes and who’s responsible for completing them. While this sounds useful, many accountants are not qualified to handle the complex 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 need to 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 corporation first, before you can incorporate as an LLC. No matter the type of business you are in, you want a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.