What is an LLC? Do I need one for my small company? Do I need an LLC in my state? Do I need 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 a single kind of tax liability (the tax liability on the shares of stock in the industry ) between the company 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 organization? If your company grows significantly and your daily work requires a lot of driving, you may want to consider 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 responsibility of your LLC, not your private residence.
Do I need an LLC if my condition does not 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 particular 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 another entity from your personal residence. In order for your LLC to have its own separate legal and fiscal documents, you’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the filing and maintenance of all the LLC’s documents. In other states, 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 associated with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an lawyer that will help 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 taxes and comply with tax laws, obtaining 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? Operating an LLC is a really complex and intricate job, and it requires the eye of a qualified accountant. When you file your documents 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 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 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 have to incorporate as a corporation first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual that will assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.