What is an LLC? Do I need one for my small company? Do I want an LLC in my 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 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 industry ) between the business and the owner (the person who started the LLC). If you are submitting a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my organization? If your business 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 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 responsibility of your LLC, not your private residence.
Do I need an LLC if my condition doesn’t 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 sort of business you have and your individual 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 documents, you’ll need 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 nations, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? As with any legal formation, it is extremely important that any individuals connected with your LLC are qualified and trustworthy. In case you have children or a spouse, you will need an attorney that will help you fill out 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 would be to avoid state taxes and comply with tax laws, obtaining 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 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 helpful, many accountants are not 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 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 must incorporate as a company 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 assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.