What is an LLC? Do I want one for my small company? 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 a single 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 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 lot of driving, you might want to take into account an LLC. An LLC will help protect your own assets while also protecting your business assets from those of your competitors. If you file a Change of Address, your address and contact information will become the responsibility of your LLC, not your personal residence.
Do I need an LLC if my state does not require one? Most states will not require an LLC. Your accountant will be able to assist you in determining if you want one based on the type of business you have and your particular state’s laws. Some states 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. In order for your LLC to have its own separate legal and financial records, 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 manage these filings.
Do I need a lawyer for my LLC? Like 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’ll need an attorney to assist you complete 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 prevent state taxation and comply with tax laws, having a registered agent and a skilled 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? Operating an LLC is a really complex and intricate job, 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 comprehensive list of who is authorized to make changes and who’s responsible for completing them. While this sounds helpful, 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 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 have to incorporate as a corporation first, before you can 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.