What is an LLC? Do I need one for my small business? Do I want an LLC in my state? Do I need an LLC if I’m 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 registered 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 business 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 business grows significantly and your everyday work requires a lot of driving, you may wish to consider an LLC. An LLC will 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 doesn’t require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you need one based on the type of business you’ve got 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 another entity from your personal residence. For your LLC to have its own separate legal and financial documents, you’ll need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause 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 is very important that any individuals connected with your LLC are qualified and trustworthy. In case you have children or a spouse, you’ll need an attorney that will assist 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 lets you protect your personal interests while still being able to operate your business 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 a qualified accountant. When you file your documents 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 is responsible for completing them. While this sounds useful, many accountants aren’t qualified to handle the intricate task of incorporating a 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 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 you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual to help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.