What is an LLC? Do I want one for my small business? Do I need an LLC in my 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 more.
First, we will 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 kind 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 filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my organization? If your company grows significantly and your daily work requires a great deal of driving, you may want to take into account 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 private residence.
Do I want an LLC if my condition doesn’t require one? Most states won’t require an LLC. Your accountant will be able to assist 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 company. Other states require you to 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 financial documents, you’ll need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will cause the filing and maintenance 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 connected with your LLC are qualified and trustworthy. If you have kids or a spouse, you will need an attorney to help you fill out the forms and register the name of your organization, as well as any alterations (name changes). While the most common reasons to form an LLC are to prevent state taxes and comply with tax laws, having a registered agent and a skilled attorney also allows you to secure 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 a qualified accountant. When you file your papers with your state’s Secretary of State, he or she’ll provide you with a detailed list of who is authorized to make changes and who is responsible for completing them. While this sounds helpful, 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 have to incorporate as a company first, before you can incorporate as an LLC. No matter the type of business you are in, you want a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and keep the books.