Do I need an ein for rental property

What is an LLC? Do I want one for my small company? Do I need 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 more.

First, we’ll explore what an LLC is. An LLC is a Limited Liability Company registered 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 business) between the business 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 daily work requires a lot of driving, you may want 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 liability of your LLC, not your personal residence.

Do I want an LLC if my state 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 individual state’s laws. Some states allow for one or partial incorporation of a business. Other states require you to 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 financial documents, you will need 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 states, the Secretary of State will manage these filings.

Do I need an attorney for my LLC? Like any legal formation, it’s very important that any individuals associated with your LLC are qualified and trustworthy. In case you have children or a spouse, you’ll need an attorney that will help 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 are to prevent state taxation and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you 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 very 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 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 will 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’re in, you need a qualified individual that will help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.