What is an LLC? Do I need one for my small company? Do I want an LLC in my particular state? Do I need an LLC if I am using my home state as the filing entity? All these questions will be answered here and much 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 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 filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my organization? If your company grows significantly and your everyday work requires a great deal of driving, you may 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 competition. 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 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 sort of business you’ve got and your individual state’s laws. Some countries allow for one or partial incorporation of a company. Other states require you to form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your personal residence. In order for your LLC to have its own separate legal and financial records, you’ll have to appoint a Registered Agent. Sometimes, it’s 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 extremely important that any individuals connected with your LLC are qualified and trustworthy. If you have children or a spouse, you will need an attorney that will help 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 prevent state taxation 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 business peacefully.
Do I need an accountant for my LLC? Operating 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 supply you with a detailed 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 small 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 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 have to incorporate as a company first, before it is possible to incorporate as an LLC. No matter the type of business you are in, you want a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.