What is an LLC? Do I want 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 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 business) between the business and the owner (the person who started the LLC). If you’re filing 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 daily work requires a lot of driving, you may wish to consider 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 responsibility 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 assist you in determining if you need one based on the type of business you’ve got and your particular state’s laws. Some countries allow for one or partial incorporation of a company. 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. In order for your LLC to have its own separate legal and fiscal records, you will have to appoint a Registered Agent. Sometimes, it is the Registered Agent that will cause the filing and maintenance of all the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need an attorney for my LLC? Like 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 to assist you fill out the forms and register the name of your organization, as well as 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 company peacefully.
Do I need an accountant for my LLC? Running an LLC is a very complex and intricate task, and it requires the attention of an experienced accountant. When you file your papers 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’s responsible for completing them. While this sounds useful, many accountants aren’t qualified to handle the intricate 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 need to 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. No matter the type of business you’re in, you need a qualified individual to assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.