What is an LLC? Do I want one for my small business? Do I want an LLC in my state? Do I need an LLC if I am using my home state as the filing entity? All these questions will be answered here and more.
First, we’ll explore 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 may change your business’ LLC status.
Do I need an LLC for my business? 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 can 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 private residence.
Do I want an LLC if my state does not require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you want 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 a real 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 financial records, you’ll have to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other nations, 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. If you have kids or a spouse, you’ll need an lawyer that will help you complete the forms and register the name of your business, 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 qualified 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 very complex and intricate task, and it requires the eye of a qualified 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 are not qualified to handle the complex 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 need to be completed, 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 it is possible to incorporate as an LLC. Regardless of the type of business you are in, you need a qualified individual that will help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.