What is an LLC? Do I want one for my small company? Do I want an LLC in my 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 much 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 one 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 may change your business’ LLC status.
Do I need an LLC for my organization? If your business grows significantly and your daily work requires a lot of driving, you might want to consider an LLC. An LLC can help protect your own 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 private residence.
Do I need an LLC if my condition doesn’t 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 sort of business you’ve got and your individual state’s laws. Some countries 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 another entity from your residence. For your LLC to have its own separate legal and fiscal documents, you will need to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the filing and maintenance of all of the LLC’s documents. In other states, the Secretary of State will manage these filings.
Do I need a lawyer for my LLC? Like any legal formation, it is extremely important that any individuals associated with your LLC are qualified and trustworthy. If you have kids or a spouse, you’ll need an attorney to help 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 would be to prevent state taxation and comply with tax laws, having a registered agent and a skilled attorney also lets you secure your individual interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running 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’ll supply you with a comprehensive 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 company first, before it is possible to incorporate as an LLC. No matter the type of business you are in, you want a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.