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 more.
First, we’ll discuss 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 filing a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my organization? If your business grows significantly and your everyday work requires a lot of driving, you might wish to take into account 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 responsibility of your LLC, not your personal residence.
Do I need an LLC if my condition 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’ve got and your particular state’s laws. Some states allow for one or partial incorporation of a business. Other states require you to form a real LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your residence. For your LLC to have its own separate legal and fiscal documents, you’ll need to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the filing and maintenance of all of the LLC’s documents. In other states, the Secretary of State will manage these filings.
Do I need an attorney for my LLC? As with any legal formation, it is very important that any individuals associated with your LLC are trustworthy and qualified. If 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 organization, as well as any alterations (name changes). While the most common reasons to form an LLC are to prevent state taxes and comply with tax laws, having a registered agent and a skilled attorney also lets you secure 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 job, and it requires the attention of an experienced accountant. When you file your papers with your state’s Secretary of State, he or she will 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 aren’t qualified to handle the complex 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 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 to assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.