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 am using my home state as the filing entity? All of these questions will be answered here and more.
First, we’ll discuss what an LLC is. An LLC is a Limited Liability Company registered 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 industry ) between the company and the owner (the person who started the LLC). If you are submitting 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 lot of driving, you may want to consider 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 liability of your LLC, not your private residence.
Do I need an LLC if my state 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 sort of business you’ve got and your individual state’s laws. Some countries allow for one or partial incorporation of a business. Other states require you to form a real 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 financial records, you will have 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 manage these filings.
Do I need an attorney for my LLC? Like any legal formation, it is extremely important that any individuals associated with your LLC are trustworthy and qualified. 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 organization, as well as any alterations (name changes). While the most common reasons to form an LLC would be to prevent state taxation and comply with tax laws, having a registered agent and a skilled attorney also allows you to secure your individual interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate task, and it requires the attention 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 useful, many accountants are not qualified to handle the complex 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 have to incorporate as a company first, before it is possible to incorporate as an LLC. No matter the type of business you’re in, you want a qualified individual that will help you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.