What is an LLC? Do I want one for my small business? 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 more.
First, we’ll discuss what an LLC is. An LLC is a Limited Liability Company filed 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’re filing a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my business? If your company grows significantly and your daily work requires a lot of driving, you might wish to consider an LLC. An LLC will 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 need 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 need one based on the sort 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. In order for your LLC to have its own separate legal and financial documents, you will need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the maintenance and filing 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? As with any legal formation, it’s very important that any individuals associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you will need an lawyer to help you fill out the forms and register the name of your business, in addition to any alterations (name changes). While the most common reasons to form an LLC are to avoid state taxes and comply with tax laws, obtaining a registered agent and a qualified 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 task, and it requires the eye 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’s responsible for completing them. While this sounds helpful, many accountants are not 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 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 corporation 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 produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.