What is an LLC? Do I need one for my small company? Do I need an LLC in my state? Do I want an LLC if I’m using my home state as the filing entity? All these questions will be answered here and more.
First, we’ll explore what an LLC is. An LLC is a Limited Liability Company filed with the appropriate state. It allows for the sharing of one kind 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 filing a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my organization? If your company grows significantly and your daily work requires a great deal of driving, you may want to consider an LLC. An LLC will help protect your personal 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 want 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 want 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 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 fiscal documents, you will have to appoint a Registered Agent. Sometimes, it is the Registered Agent that will be responsible for the maintenance and filing 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’s extremely important that any individuals associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you will need an attorney that will 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 are to avoid state taxation and comply with tax laws, having a registered agent and a qualified attorney also lets you protect your personal 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 attention of an experienced accountant. When you file your documents with your state’s Secretary of State, he or she will provide you with a comprehensive 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 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 should 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 it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to help you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.