What is an LLC? Do I want one for my small business? Do I need an LLC in my state? Do I want an LLC if I am using my home state as the filing entity? All of these questions will be answered here and much more.
First, we’ll 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 industry ) between the company and the owner (the person who started the LLC). If you are submitting a Change of Address, this may change your business’ LLC status.
Do I need an LLC for my organization? If your company grows significantly and your daily 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 want an LLC if my state 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 have and your individual state’s laws. Some countries allow for one or partial incorporation of a business. Other states require you to form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your personal residence. For your LLC to have its own separate legal and financial documents, you will have to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the maintenance and filing of all the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? As with any legal formation, it’s extremely important that any individuals associated with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an lawyer that will help you fill out the forms and register the name of your business, 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, obtaining a registered agent and a qualified attorney also allows you to secure your individual interests while still being able to operate your company 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 a qualified accountant. When you file your documents with your state’s Secretary of State, he or she will supply you with a detailed list of who is authorized to make changes and who’s responsible for completing them. While this sounds useful, 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 will 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 have to incorporate as a corporation first, before you can incorporate as an LLC. No matter 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 maintain the books.