What is an LLC? Do I want one for my small business? Do I want 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’ll explore 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’re filing a Change of Address, this may change your business’ LLC status.
Do I need an LLC for my organization? If your business grows significantly and your everyday work requires a great deal 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 personal residence.
Do I want an LLC if my condition doesn’t require one? Most states will not require an LLC. Your accountant will be able to help 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 business. 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 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 filing and maintenance of all of the LLC’s documents. In other states, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? Like any legal formation, it is very important that any individuals connected with your LLC are qualified and trustworthy. If you have kids or a spouse, you’ll need an attorney that will 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 avoid state taxation and comply with tax laws, having 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 task, and it requires the eye of a qualified accountant. When you file your documents 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 is responsible for completing them. While this sounds helpful, 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 completed, 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’re in, you need a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.