What is an LLC? Do I need one for my small business? Do I want an LLC in my state? Do I want 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 one type of tax liability (the tax liability on the shares of stock in the business) between the business 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 company grows significantly and your everyday work requires a great deal of driving, you might want to consider 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 liability of your LLC, not your private residence.
Do I need an LLC if my condition does not require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you want one based on the sort of business you have and your individual state’s laws. Some countries allow for one or partial incorporation of a business. Other states require that you form a real 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 fiscal documents, you will need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will cause 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? As with any legal formation, it is very important that any individuals associated with your LLC are trustworthy and qualified. In case you have children or a spouse, you will need an attorney that will 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 are to avoid state taxes and comply with tax laws, obtaining a registered agent and a skilled 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 very complex and intricate job, and it requires the eye of an experienced 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 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 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. Regardless of the type of business you are 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.