What is an LLC? Do I need one for my small company? Do I need an LLC in my particular state? Do I need an LLC if I’m using my home state as the filing entity? All of 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 one type 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 need an LLC for my organization? If your business grows significantly and your everyday work requires a lot of driving, you might want to take into account an LLC. An LLC can 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 private 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 need one based on the sort of business you have and your individual state’s laws. Some states allow for one or partial incorporation of a business. Other states require you to form an actual 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 financial documents, you will need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause 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 extremely important that any individuals connected with your LLC are qualified and trustworthy. If you have children or a spouse, you will need an lawyer to 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 would be to prevent state taxes and comply with tax laws, having a registered agent and a qualified attorney also lets you secure your personal interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate job, 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 useful, many accountants are not qualified to handle the complex 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 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 it is possible to incorporate as an LLC. No matter the type of business you are in, you need a qualified individual to assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.