What is an LLC? Do I want 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 will 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 business) 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 want an LLC for my business? If your business grows significantly and your everyday work requires a great deal of driving, you may want 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 responsibility of your LLC, not your private residence.
Do I want an LLC if my condition does not require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you need one based on the sort of business you have and your particular 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. For your LLC to have its own separate legal and financial records, you’ll have to appoint a Registered Agent. Sometimes, it is 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 handle these filings.
Do I need an attorney for my LLC? As with any legal formation, it is extremely 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 that will assist you fill out 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 would be to prevent state taxes and comply with tax laws, obtaining a registered agent and a skilled attorney also allows you to secure your individual interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate job, and it requires the attention of a qualified 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 need to 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 have to incorporate as a company first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.