What is an LLC? Do I want one for my small business? Do I need an LLC in my 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 much 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 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 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 great deal of driving, you may wish 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 responsibility of your LLC, not your private residence.
Do I need an LLC if my condition doesn’t 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 type of business you have and your individual state’s laws. Some states allow for one or partial incorporation of a business. Other states require that you 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 documents, you will need to appoint a Registered Agent. Sometimes, it’s the Registered Agent that will cause 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? As with any legal formation, it’s extremely important that any individuals associated with your LLC are qualified and trustworthy. If you have kids or a spouse, you’ll need an attorney 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 are to prevent state taxation and comply with tax laws, obtaining 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? Running an LLC is a very complex and intricate job, and it requires the attention of a qualified accountant. When you file your papers with your state’s Secretary of State, he or she will provide 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 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 have to incorporate as a corporation first, before you can incorporate as an LLC. Regardless of the type of business you’re in, you want a qualified individual that will assist you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.