What is an LLC? Do I want one for my small company? Do I want an LLC in my particular state? Do I want an LLC if I’m using my home state as the filing entity? All of these questions will be answered here and much more.
First, we will explore 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 company and the owner (the person who started the LLC). If you are submitting a Change of Address, this can change your business’ LLC status.
Do I want an LLC for my organization? If your company grows significantly and your daily work requires a lot of driving, you might wish to consider an LLC. An LLC can help protect your own 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 personal residence.
Do I want an LLC if my condition 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 sort 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 a real 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 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 handle these filings.
Do I need a lawyer for my LLC? As with any legal formation, it is extremely important that any individuals connected with your LLC are qualified and trustworthy. If you have kids or a spouse, you’ll need an lawyer to help you complete the forms and register the name of your organization, in addition to any alterations (name changes). While the most common reasons to form an LLC would be to prevent state taxes and comply with tax laws, obtaining a registered agent and a qualified attorney also lets you secure your individual 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 job, and it requires the eye 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 is responsible for completing them. While this sounds helpful, many accountants aren’t qualified to handle the complex 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 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. No matter the type of business you are 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.