What is an LLC? Do I want one for my small business? Do I need an LLC in my state? Do I want 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 will discuss what an LLC is. An LLC is a Limited Liability Company registered 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 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 organization? If your company grows significantly and your everyday work requires a lot of driving, you might want to consider an LLC. An LLC can 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 personal 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 sort of business you have and your individual state’s laws. Some states allow for one or partial incorporation of a company. 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. In order for your LLC to have its own separate legal and fiscal records, you’ll have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will cause 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? Like any legal formation, it is very important that any individuals connected with your LLC are qualified and trustworthy. In case you have children or a spouse, you’ll need an attorney that will assist you fill out 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, having a registered agent and a skilled attorney also lets you secure 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 documents with your state’s Secretary of State, he or she will provide 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 are not qualified to handle the intricate task of incorporating a small business. The Secretary of State also has specific rules about who can 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 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 produce the necessary Articles of Organization, register the name of your LLC, and keep the books.