What is an LLC? Do I need one for my small business? Do I want an LLC in my particular state? Do I want an LLC if I am using my home state as the filing entity? All of these questions will be answered here and much 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 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 filing a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my business? If your company grows significantly and your everyday work requires a great deal of driving, you might want to consider 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 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 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 that you form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also another entity from your 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 cause the filing and maintenance of all the LLC’s documents. In other nations, 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. In case you have children or a spouse, you will 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 avoid state taxation and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you protect your personal interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running an LLC is a very complex and intricate job, 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 provide you with a detailed 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 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 it is possible to incorporate as an LLC. No matter the type of business you’re in, you need a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.