What is an LLC? Do I want one for my small company? Do I want an LLC in my state? Do I want an LLC if I am using my home state as the filing entity? All these questions will be answered here and much more.
First, we’ll 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 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 submitting a Change of Address, this may change your business’ LLC status.
Do I need an LLC for my business? If your business grows significantly and your daily work requires a great deal of driving, you may wish to consider 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 doesn’t require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you need one based on the sort of business you’ve got and your individual 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 a separate entity from your personal residence. For your LLC to have its own separate legal and financial records, you’ll need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the maintenance and filing of all of the LLC’s documents. In other states, the Secretary of State will manage these filings.
Do I need a lawyer for my LLC? As with any legal formation, it’s very important that any individuals connected with your LLC are trustworthy and qualified. In case you have kids or a spouse, you will need an attorney that will assist 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 would be to prevent state taxation 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? Operating an LLC is a really complex and intricate job, and it requires the eye of an experienced accountant. When you file your papers with your state’s Secretary of State, he or she’ll 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 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 corporation first, before you can incorporate as an LLC. No matter the type of business you are in, you want a qualified individual that will assist you produce the necessary Articles of Organization, register the name of your LLC, and keep the books.