What is an LLC? Do I want one for my small company? Do I need an LLC in my particular 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 will 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 may change your business’ LLC status.
Do I need an LLC for my business? If your company grows significantly and your everyday work requires a lot of driving, you might want 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 responsibility of your LLC, not your personal residence.
Do I need an LLC if my state 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 type of business you’ve got and your particular 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 a separate entity from your personal residence. For your LLC to have its own separate legal and fiscal records, you will have to appoint a Registered Agent. In some cases, it is 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 a lawyer for my LLC? As with any legal formation, it’s very important that any individuals connected with your LLC are trustworthy and qualified. If you have kids or a spouse, you will need an lawyer that will help 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 are to prevent state taxes and comply with tax laws, having a registered agent and a skilled attorney also allows you to protect 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 job, 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 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 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 depends on your state’s laws. Most states allow a sole proprietorship to incorporate as an LLC, but you must incorporate as a corporation first, before you can incorporate as an LLC. No matter the type of business you are in, you need a qualified individual that will help you create the necessary Articles of Organization, register the name of your LLC, and keep the books.