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 of these questions will be answered here and much 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 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’re filing a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my business? If your company grows significantly and your everyday work requires a lot of driving, you might want to take into account an LLC. An LLC will 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 responsibility 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 need one based on the type of business you have 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 residence. For your LLC to have its own separate legal and fiscal records, you will have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the maintenance and filing of all the LLC’s documents. In other nations, 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 associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you will need an lawyer 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 would be to prevent state taxes and comply with tax laws, having a registered agent and a qualified attorney also allows you to secure 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 very complex and intricate job, and it requires the eye of a qualified accountant. When you file your documents with your state’s Secretary of State, he or she will supply you with a detailed list of who is authorized to make changes and who’s responsible for completing them. While this sounds useful, 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 can 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 depends on 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 it is possible to incorporate as an LLC. No matter the type of business you are in, you need a qualified individual that will help you create the necessary Articles of Organization, register the name of your LLC, and keep the books.