What is an LLC? Do I need one for my small business? Do I need an LLC in my particular state? Do I need an LLC if I am using my home state as the filing entity? All of 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 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 are submitting 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 want to take into account 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 personal residence.
Do I want an LLC if my condition does not 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 have 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 a separate entity from your residence. For your LLC to have its own separate legal and fiscal documents, you’ll have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the filing and maintenance of all the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need an attorney for my LLC? Like any legal formation, it’s extremely important that any individuals connected with your LLC are qualified and trustworthy. In case you have kids or a spouse, you’ll need an lawyer 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 are to avoid state taxation and comply with tax laws, obtaining a registered agent and a qualified attorney also allows you to protect your individual interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running an LLC is a really complex and intricate task, and it requires the attention of an experienced accountant. When you file your documents with your state’s Secretary of State, he or she will supply you with a comprehensive list of who is authorized to make changes and who’s responsible for completing them. While this sounds useful, many accountants aren’t 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 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 must 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 create the necessary Articles of Organization, register the name of your LLC, and keep the books.