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’m using my home state as the filing entity? All these questions will be answered here and more.
First, we will discuss 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 industry ) 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 need an LLC for my business? If your business grows significantly and your daily work requires a lot of driving, you might want to consider an LLC. An LLC can help protect your own 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 state does not require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you need one based on the sort of business you have and your individual state’s laws. Some states 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. In order for your LLC to have its own separate legal and financial documents, you will need to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the maintenance and filing of all the LLC’s documents. In other states, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? Like any legal formation, it’s very important that any individuals associated with your LLC are trustworthy and qualified. If you have children or a spouse, you will need an attorney that will help you fill out 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 would be to avoid state taxes and comply with tax laws, obtaining a registered agent and a skilled 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 really complex and intricate task, 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 provide 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 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 completed, 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 you can incorporate as an LLC. No matter the type of business you’re 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.