What is an LLC? Do I want 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 more.
First, we’ll explore what an LLC is. An LLC is a Limited Liability Company registered with the appropriate state. It allows for the sharing of a single 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 may change your business’ LLC status.
Do I want an LLC for my business? If your business grows significantly and your everyday work requires a great deal of driving, you might wish to take into account an LLC. An LLC will help protect your own 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 personal 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 help you in determining if you want 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 you to 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’ll have to appoint a Registered Agent. Sometimes, 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 manage these filings.
Do I need an attorney for my LLC? Like any legal formation, it’s 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 assist 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 are to avoid state taxes and comply with tax laws, obtaining a registered agent and a qualified attorney also allows you to secure 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 really complex and intricate task, and it requires the attention of a qualified accountant. When you file your documents with your state’s Secretary of State, he or she’ll 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 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 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 corporation first, before you can incorporate as an LLC. Regardless of the type of business you are in, you want a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.