What is an LLC? Do I want one for my small business? Do I need an LLC in my state? Do I need an LLC if I’m using my home state as the filing entity? All 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 type of tax liability (the tax liability on the shares of stock in the business) between the business 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 business? If your business grows significantly and your daily 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 competitors. 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 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 type 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 that you 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 will need 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 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. In case you have kids or a spouse, you’ll need an lawyer that will help 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 prevent state taxation and comply with tax laws, obtaining a registered agent and a skilled attorney also allows you to 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 papers with your state’s Secretary of State, he or she will supply 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 aren’t qualified to handle the intricate 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 finished, 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 you can incorporate as an LLC. Regardless of the type of business you are in, you want a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.