What is an LLC? Do I want 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 of 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 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 filing a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my organization? If your business grows significantly and your daily work requires a lot of driving, you might 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 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 state does not require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you want one based on the sort of business you’ve got and your individual state’s laws. Some states allow for one or partial incorporation of a company. Other states require you to form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your personal residence. In order for your LLC to have its own separate legal and financial records, you will need to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the maintenance and filing 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. In case you have kids or a spouse, you will need an attorney that will help you fill out 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 avoid state taxation and comply with tax laws, having a registered agent and a skilled attorney also lets you protect your individual interests while still being able to operate your business peacefully.
Do I need an accountant for my LLC? Running an LLC is a really complex and intricate task, and it requires the attention of an experienced 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 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 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 you can 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.