What is an LLC? Do I want 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 much more.
First, we’ll 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 industry ) between the company and the owner (the person who started the LLC). If you’re submitting a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my organization? If your business grows significantly and your daily work requires a great deal 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 responsibility of your LLC, not your private residence.
Do I want 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 sort of business you have and your particular state’s laws. Some states allow for one or partial incorporation of a company. 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 personal residence. In order for your LLC to have its own separate legal and fiscal records, you’ll need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other states, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? As with any legal formation, it is very important that any individuals connected with your LLC are qualified and trustworthy. If you have children or a spouse, you’ll need an attorney that will 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 are 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 will provide you with a detailed list of who is authorized to make changes and who’s responsible for completing them. While this sounds helpful, many accountants aren’t qualified to handle the complex 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 depends on your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you have to incorporate as a corporation first, before it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual that will help you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.