What is an LLC? Do I need one for my small company? Do I want 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’ll discuss what an LLC is. An LLC is a Limited Liability Company filed 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 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 need an LLC for my business? If your company grows significantly and your everyday work requires a lot of driving, you might wish to consider 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 responsibility of your LLC, not your private residence.
Do I need an LLC if my condition doesn’t require one? Most states won’t require an LLC. Your accountant will be able to assist you in determining if you need one based on the type of business you’ve got and your particular state’s laws. Some countries 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. In order for your LLC to have its own separate legal and financial documents, you’ll 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 of the LLC’s documents. In other states, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? Like any legal formation, it is extremely important that any individuals associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you’ll need an attorney to assist you fill out the forms and register the name of your organization, in addition to any alterations (name changes). While the most common reasons to form an LLC would be 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? Operating 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’ll supply you with a comprehensive list of who is authorized to make changes and who is responsible for completing them. While this sounds helpful, 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 company first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.