What is an LLC? Do I want one for my small company? Do I need an LLC in my particular state? Do I need 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 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 business and the owner (the person who started the LLC). If you are submitting 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 everyday work requires a great deal of driving, you might wish to take into account 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 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 assist you in determining if you want 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 residence. For your LLC to have its own separate legal and financial records, you’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other nations, the Secretary of State will manage these filings.
Do I need a lawyer for my LLC? Like any legal formation, it’s very important that any individuals connected with your LLC are trustworthy and qualified. In case you have kids or a spouse, you will need an attorney that will 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 prevent state taxation and comply with tax laws, obtaining a registered agent and a qualified 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? Operating an LLC is a very complex and intricate job, and it requires the attention of a qualified accountant. When you file your papers with your state’s Secretary of State, he or she will provide you with a comprehensive list of who is authorized to make changes and who is 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 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. 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.