What is an LLC? Do I want one for my small company? 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 will discuss 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 business 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 business? If your business grows significantly and your daily work requires a great deal of driving, you may wish to take into account an LLC. An LLC will 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 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 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 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 fiscal documents, you’ll have to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause the filing and maintenance of all 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 connected with your LLC are qualified and trustworthy. If you have children or a spouse, you’ll need an attorney that will 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 are to avoid state taxes and comply with tax laws, having a registered agent and a qualified attorney also lets you secure your personal interests while still being able to operate your company 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 a qualified accountant. When you file your papers 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 aren’t 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 depends on your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you must incorporate as a company first, before it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you need a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and keep the books.