What is an LLC? Do I need one for my small company? Do I need an LLC in my 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 discuss 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 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 everyday work requires a lot of driving, you might wish to consider 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 liability of your LLC, not your personal residence.
Do I want an LLC if my condition does not require one? Most states won’t require an LLC. Your accountant will be able to help you in determining if you want one based on the sort 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 a real 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 financial records, you will need to appoint a Registered Agent. In some cases, it’s 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? As with any legal formation, it’s very important that any individuals connected with your LLC are trustworthy and qualified. In case you have children or a spouse, you will need an lawyer to assist you fill out 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, having a registered agent and a skilled attorney also lets you secure 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 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 helpful, many accountants are not qualified to handle the complex task of incorporating a business. The Secretary of State also has specific rules about who will represent the LLC, when filings are to be made, how they need to 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 have to incorporate as a corporation first, before it is possible to incorporate as an LLC. No matter 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 maintain the books.