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 these questions will be answered here and much 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 a single type of tax liability (the tax liability on the shares of stock in the industry ) between the company and the owner (the person who started the LLC). If you’re filing a Change of Address, this may change your business’ LLC status.
Do I want an LLC for my business? If your company grows significantly and your daily work requires a lot of driving, you may want 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 liability 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 assist you in determining if you need one based on the sort of business you have and your individual state’s laws. Some countries allow for one or partial incorporation of a company. 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 financial records, you’ll have to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause the filing and maintenance 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’s extremely important that any individuals associated with your LLC are trustworthy and qualified. In case you have children or a spouse, you’ll need an attorney that will help you fill out 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 avoid state taxation 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 company peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate task, and it requires the attention of a qualified accountant. When you file your documents with your state’s Secretary of State, he or she will supply 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 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 it is possible to incorporate as an LLC. Regardless of the type of business you are in, you need a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.