What is an LLC? Do I need one for my small business? Do I need an LLC in my particular 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 more.
First, we’ll discuss 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 industry ) between the company and the owner (the person who started the LLC). If you’re submitting a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my business? If your business grows significantly and your everyday work requires a great deal of driving, you may wish 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 want an LLC if my condition does not require one? Most states will not require an LLC. Your accountant will be able to assist you in determining if you need one based on the sort of business you’ve got 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 a separate entity from your personal residence. In order for your LLC to have its own separate legal and financial documents, you will have to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause the filing and maintenance of all the LLC’s documents. In other states, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? Like any legal formation, it is extremely important that any individuals connected with your LLC are trustworthy and qualified. In case you have children or a spouse, you’ll need an lawyer that will assist you fill out 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 prevent state taxes and comply with tax laws, obtaining a registered agent and a skilled attorney also lets you protect your individual interests while still being able to operate your business peacefully.
Do I need an accountant for my LLC? Running an LLC is a really complex and intricate task, and it requires the attention of an experienced accountant. When you file your papers 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 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 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 corporation first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you need a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.