What is an LLC? Do I want one for my small company? Do I need an LLC in my particular 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 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 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 submitting a Change of Address, this can change your business’ LLC status.
Do I need an LLC for my organization? If your business grows significantly and your everyday work requires a great deal of driving, you might wish to take into account an LLC. An LLC can 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 personal 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 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 another entity from your residence. In order for your LLC to have its own separate legal and financial documents, you’ll have to appoint a Registered Agent. Sometimes, it’s 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? Like any legal formation, it’s extremely 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 that will 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 prevent state taxation and comply with tax laws, having a registered agent and a qualified 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? Running an LLC is a really 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 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 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 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 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.