What is an LLC? Do I need one for my small business? 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 of these questions will be answered here and much 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 one kind of tax liability (the tax liability on the shares of stock in the business) between the company and the owner (the person who started the LLC). If you are filing a Change of Address, this may change your business’ LLC status.
Do I need an LLC for my organization? If your company grows significantly and your everyday work requires a great deal of driving, you might want to take into account 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 liability of your LLC, not your personal residence.
Do I want an LLC if my condition does not 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’ve got and your individual state’s laws. Some countries allow for one or partial incorporation of a business. Other states require that you form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. For your LLC to have its own separate legal and financial records, you will need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause 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’s very important that any individuals connected with your LLC are trustworthy and qualified. If you have kids or a spouse, you’ll need an attorney that will help you complete the forms and register the name of your business, as well as any alterations (name changes). While the most common reasons to form an LLC are to avoid state taxation and comply with tax laws, obtaining a registered agent and a skilled attorney also lets you protect your personal 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 eye of an experienced accountant. When you file your papers 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 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 have to incorporate as a company first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.