What is an LLC? Do I want one for my small company? Do I need an LLC in my particular state? Do I need an LLC if I’m using my home state as the filing entity? All of these questions will be answered here and 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 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 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 may wish to consider an LLC. An LLC will 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 private residence.
Do I want an LLC if my condition doesn’t require one? Most states won’t require an LLC. Your accountant will be able to assist 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 company. 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. In order for your LLC to have its own separate legal and fiscal records, you will need to appoint a Registered Agent. In some cases, it is the Registered Agent that will cause 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? As with any legal formation, it is extremely important that any individuals connected with your LLC are trustworthy and qualified. In case you have kids or a spouse, you’ll need an attorney to 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 are to avoid state taxation and comply with tax laws, obtaining a registered agent and a skilled attorney also allows you to secure your personal interests while still being able to operate your company peacefully.
Do I need an accountant for my LLC? Running an LLC is a very complex and intricate job, 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 detailed list of who is authorized to make changes and who is responsible for completing them. While this sounds useful, many accountants are not qualified to handle the intricate 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 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 must incorporate as a corporation first, before it is possible to incorporate as an LLC. Regardless of the type of business you’re in, you need a qualified individual that will assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.