What is an LLC? Do I need one for my small company? Do I want an LLC in my particular 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 explore what an LLC is. An LLC is a Limited Liability Company registered 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 company and the owner (the person who started the LLC). If you are submitting a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my business? If your company grows significantly and your everyday work requires a lot of driving, you might want to consider an LLC. An LLC will help protect your personal 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 responsibility of your LLC, not your personal residence.
Do I need an LLC if my condition doesn’t require one? Most states will not require an LLC. Your accountant will be able to assist 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 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. For your LLC to have its own separate legal and financial documents, you’ll 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 nations, the Secretary of State will handle these filings.
Do I need an attorney for my LLC? Like any legal formation, it’s extremely important that any individuals connected with your LLC are trustworthy and qualified. In case you have children or a spouse, you’ll need an attorney that will assist you complete 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 avoid state taxes and comply with tax laws, having 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? Operating 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 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 are not qualified to handle the complex 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 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 company first, before you can 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 maintain the books.