What is an LLC? Do I want one for my small business? Do I want an LLC in my 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 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 type 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’re filing a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my organization? If your company grows significantly and your daily work requires a lot of driving, you may wish 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 liability of your LLC, not your private residence.
Do I need an LLC if my condition does not require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you want one based on the type of business you have and your individual state’s laws. Some countries allow for one or partial incorporation of a company. Other states require you to form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your residence. In order for your LLC to have its own separate legal and fiscal records, you’ll 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? As with any legal formation, it’s very important that any individuals associated with your LLC are qualified and trustworthy. If you have children or a spouse, you will need an lawyer to help you fill out the forms and register the name of your organization, 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, 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 really complex and intricate job, and it requires the eye 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 is responsible for completing them. While this sounds useful, many accountants are not qualified to handle the intricate 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 completed, 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 are in, you need a qualified individual to assist you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.