What is an LLC? Do I need one for my small business? 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 of these questions will be answered here and more.
First, we’ll discuss what an LLC is. An LLC is a Limited Liability Company filed with the appropriate state. It allows for the sharing of one type of tax liability (the tax liability on the shares of stock in the industry ) between the company and the owner (the person who started the LLC). If you’re filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my business? If your company grows significantly and your everyday 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 doesn’t require one? Most states will not require an LLC. Your accountant will be able to assist you in determining if you want one based on the sort of business you have and your individual state’s laws. Some countries 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 is the Registered Agent that will be responsible for the filing and maintenance of all the LLC’s documents. In other nations, 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 trustworthy and qualified. If you have kids or a spouse, you will need an attorney to help you complete 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 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 company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a really complex and intricate task, and it requires the eye of a qualified 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 helpful, many accountants aren’t 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 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 must incorporate as a corporation first, before you can incorporate as an LLC. Regardless of the type of business you are in, you need a qualified individual to assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.