What is an LLC? Do I need one for my small company? Do I want an LLC in my particular state? Do I want an LLC if I am using my home state as the filing entity? All these questions will be answered here and 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 business) between the business and the owner (the person who started the LLC). If you are filing a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my business? If your company grows significantly and your daily work requires a lot of driving, you may wish to consider an LLC. An LLC can help protect your own 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 need an LLC if my state does not require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you want one based on the type of business you have and your individual state’s laws. Some countries allow for one or partial incorporation of a business. Other states require that you form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also another 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 be responsible for 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? As with any legal formation, it is extremely important that any individuals associated with your LLC are trustworthy and qualified. In case you have kids or a spouse, you will 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 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 task, and it requires the attention of an experienced accountant. When you file your papers with your state’s Secretary of State, he or she’ll supply 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 aren’t qualified to handle the intricate task of incorporating a 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 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 it is possible to 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 maintain the books.