What is an LLC? Do I need one for my small business? Do I need an LLC in my particular state? Do I want an LLC if I am using my home state as the filing entity? All these questions will be answered here and more.
First, we’ll explore what an LLC is. An LLC is a Limited Liability Company registered with the appropriate state. It allows for the sharing of one 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 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 lot of driving, you might wish to consider an LLC. An LLC can help protect your own 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 want an LLC if my state does not require one? Most states will not require an LLC. Your accountant will be able to assist you in determining if you need one based on the sort of business you’ve got and your individual state’s laws. Some states allow for one or partial incorporation of a company. Other states require that you form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your residence. In order for your LLC to have its own separate legal and fiscal documents, you will need to appoint a Registered Agent. Sometimes, it is 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 is extremely important that any individuals associated with your LLC are trustworthy and qualified. In case you have children or a spouse, you’ll need an lawyer that will help you fill out the forms and register the name of your business, as well as any alterations (name changes). While the most common reasons to form an LLC would be to prevent state taxation and comply with tax laws, obtaining a registered agent and a skilled attorney also allows you to 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 job, 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 useful, many accountants aren’t 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 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 must incorporate as a company 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 create the necessary Articles of Organization, register the name of your LLC, and maintain the books.