What is an LLC? Do I want one for my small business? Do I want an LLC in my particular state? Do I need an LLC if I am using my home state as the filing entity? All these questions will be answered here and much more.
First, we will explore what an LLC is. An LLC is a Limited Liability Company registered 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 business) between the company 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 need an LLC for my organization? If your company grows significantly and your daily work requires a lot of driving, you might want to take into account an LLC. An LLC can 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 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 need one based on the sort of business you’ve got and your individual state’s laws. Some states allow for one or partial incorporation of a business. 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 fiscal documents, you will need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other states, the Secretary of State will manage 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 trustworthy and qualified. In case you have children or a spouse, you’ll 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 skilled 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 attention 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’s responsible for completing them. While this sounds helpful, 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 depends on your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you must incorporate as a corporation 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 help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.