What is an LLC? Do I want 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’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 business and the owner (the person who started the LLC). If you are filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my business? If your company grows significantly and your daily work requires a great deal of driving, you might want to consider an LLC. An LLC can 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 responsibility of your LLC, not your personal residence.
Do I want an LLC if my state doesn’t 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 sort of business you’ve got and your individual state’s laws. Some countries allow for one or partial incorporation of a business. 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 records, you will need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the filing and maintenance of all of the LLC’s documents. In other nations, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? Like any legal formation, it is extremely important that any individuals connected with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an lawyer to assist you complete 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 would be to avoid state taxation and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you secure your individual interests while still being able to operate your company 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 will supply you with a comprehensive 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 small 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 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 corporation first, before it is possible to incorporate as an LLC. No matter the type of business you’re in, you want a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.