What is an LLC? Do I want one for my small company? Do I want an LLC in my 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 a single kind of tax liability (the tax liability on the shares of stock in the industry ) between the business 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 business? If your company grows significantly and your everyday work requires a lot of driving, you might wish to take into account an LLC. An LLC will 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 private residence.
Do I want an LLC if my state does not 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 type of business you’ve got and your particular state’s laws. Some states allow for one or partial incorporation of a company. Other states require that you 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’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause 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 is very important that any individuals associated with your LLC are qualified and trustworthy. If you have children or a spouse, you’ll need an attorney to assist 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, having a registered agent and a qualified attorney also lets you protect 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 eye of a qualified 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 aren’t qualified to handle the complex task of incorporating a 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 company first, before you can incorporate as an LLC. Regardless of the type of business you are in, you want a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.