What is an LLC? Do I need one for my small business? 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 much more.
First, we will explore what an LLC is. An LLC is a Limited Liability Company filed 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’re submitting 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 everyday work requires a lot of driving, you may want to take into account an LLC. An LLC can 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 liability of your LLC, not your personal residence.
Do I need an LLC if my condition doesn’t require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you need one based on the sort of business you have and your individual state’s laws. Some states allow for one or partial incorporation of a business. 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 residence. In order for your LLC to have its own separate legal and fiscal documents, you’ll 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 nations, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? As with 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 to assist you fill out the forms and register the name of your business, as well as any alterations (name changes). While the most common reasons to form an LLC would be to avoid state taxation and comply with tax laws, having a registered agent and a qualified attorney also allows you to 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 a qualified 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 is responsible for completing them. While this sounds helpful, many accountants are not qualified to handle the intricate 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 completed, 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 it is possible to incorporate as an LLC. No matter the type of business you are in, you want a qualified individual that will assist you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.