What is an LLC? Do I need 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 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 one type 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’re submitting 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 everyday work requires a lot of driving, you might wish to take into account an LLC. An LLC can 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 liability of your LLC, not your private residence.
Do I want an LLC if my state doesn’t require one? Most states won’t require an LLC. Your accountant will be able to assist you in determining if you need one based on the type of business you’ve got and your particular 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 residence. In order for your LLC to have its own separate legal and fiscal documents, you will need to appoint a Registered Agent. In some cases, it’s 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? As with any legal formation, it’s very 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 help you complete the forms and register the name of your business, in addition to any alterations (name changes). While the most common reasons to form an LLC are to prevent state taxes and comply with tax laws, having a registered agent and a skilled 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 really complex and intricate job, and it requires the eye of an experienced accountant. When you file your documents with your state’s Secretary of State, he or she’ll supply you with a comprehensive 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 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 corporation first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.