What is an LLC? Do I want 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 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 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 great deal of driving, you might want to take into account an LLC. An LLC can help protect your personal 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 need an LLC if my state does not require one? Most states will not require an LLC. Your accountant will be able to help you in determining if you want one based on the type of business you have and your particular state’s laws. Some countries allow for one or partial incorporation of a business. Other states require you to form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. In order for your LLC to have its own separate legal and fiscal records, you’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the maintenance and filing 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 extremely 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 that will assist 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 avoid state taxation and comply with tax laws, obtaining a registered agent and a skilled attorney also allows you to protect your individual interests while still being able to operate your company 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 a qualified accountant. When you file your documents with your state’s Secretary of State, he or she will supply 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 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 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 keep the books.