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 much more.
First, we will discuss what an LLC is. An LLC is a Limited Liability Company registered 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 business) between the business 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 business grows significantly and your daily work requires a lot of driving, you may want to consider an LLC. An LLC can help protect your personal 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 private residence.
Do I need 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 need one based on the type of business you’ve got and your particular state’s laws. Some countries 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. For your LLC to have its own separate legal and fiscal documents, you’ll have to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause 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? Like any legal formation, it’s extremely important that any individuals connected with your LLC are trustworthy and qualified. If you have kids or a spouse, you’ll need an lawyer that will help you complete the forms and register the name of your business, 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, 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 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 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 will represent the LLC, when filings are to be made, how they should 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 must 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 that will help you create the necessary Articles of Organization, register the name of your LLC, and keep the books.