What is an LLC? Do I want one for my small company? Do I want an LLC in my 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 company and the owner (the person who started the LLC). If you’re submitting a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my business? If your business grows significantly and your daily work requires a great deal of driving, you might wish to take into account an LLC. An LLC can help protect your personal 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 need one based on the type of business you have and your particular state’s laws. Some countries allow for one or partial incorporation of a company. 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 personal residence. For your LLC to have its own separate legal and fiscal documents, you’ll have to appoint a Registered Agent. Sometimes, it is the Registered Agent that will be responsible for 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? As with any legal formation, it is very important that any individuals connected with your LLC are qualified and trustworthy. In case you have children or a spouse, you’ll need an lawyer that will assist you complete 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 taxation and comply with tax laws, having a registered agent and a qualified attorney also lets you protect your personal 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 a qualified accountant. When you file your documents with your state’s Secretary of State, he or she’ll provide you with a detailed list of who is authorized to make changes and who is responsible for completing them. While this sounds useful, many accountants are not qualified to handle the complex task of incorporating a small 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 must incorporate as a corporation first, before it is possible to incorporate as an LLC. Regardless of the type of business you are in, you want a qualified individual to assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.