What is an LLC? Do I need one for my small company? Do I need an LLC in my state? Do I want an LLC if I’m using my home state as the filing entity? All these questions will be answered here and much more.
First, we will discuss 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 organization? If your business grows significantly and your daily work requires a great deal of driving, you might wish to take into account 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 liability of your LLC, not your private residence.
Do I need an LLC if my condition does not 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 type 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 you to form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. In order for your LLC to have its own separate legal and fiscal records, you will have to appoint a Registered Agent. Sometimes, it is the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other nations, the Secretary of State will manage these filings.
Do I need a lawyer for my LLC? Like any legal formation, it’s extremely important that any individuals associated with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an lawyer that will assist 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 are to prevent state taxation and comply with tax laws, having a registered agent and a qualified attorney also lets you protect 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 will 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 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 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. Regardless of the type of business you are in, you need a qualified individual that will help you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.