What is an LLC? Do I need one for my small business? Do I want an LLC in my 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’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 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’re submitting a Change of Address, this may change your business’ LLC status.
Do I need an LLC for my organization? If your company grows significantly and your daily work requires a lot of driving, you may wish to take into account an LLC. An LLC will help protect your personal 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 state does not 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 countries 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 another entity from your residence. For your LLC to have its own separate legal and fiscal documents, you’ll need to appoint a Registered Agent. In some cases, it is the Registered Agent that will be responsible for the filing and maintenance 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 is very important that any individuals associated with your LLC are qualified and trustworthy. In case you have kids or a spouse, you will need an attorney that will assist you complete the forms and register the name of your business, 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, obtaining a registered agent and a qualified attorney also allows you to protect 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 very complex and intricate task, and it requires the eye of a qualified 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 helpful, many accountants are not qualified to handle the complex task of incorporating a small 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 finished, 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 you can incorporate as an LLC. No matter the type of business you’re in, you need a qualified individual that will help you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.