What is an LLC? Do I want one for my small business? Do I want an LLC in my state? Do I need an LLC if I’m using my home state as the filing entity? All these questions will be answered here and more.
First, we will discuss what an LLC is. An LLC is a Limited Liability Company registered 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 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 need an LLC for my business? If your company grows significantly and your daily work requires a lot of driving, you might wish to consider an LLC. An LLC will 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 private residence.
Do I need an LLC if my state doesn’t require one? Most states will not 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 company. Other states require you to form an actual LLC.
Do I need a Registered Agent for my LLC? An LLC is also a separate entity from your personal residence. In order for your LLC to have its own separate legal and financial documents, you’ll need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the maintenance and filing of all the LLC’s documents. In other states, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? Like any legal formation, it’s very important that any individuals associated with your LLC are trustworthy and qualified. If you have kids or a spouse, you will need an attorney to assist you complete 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 avoid state taxes and comply with tax laws, having a registered agent and a skilled attorney also lets you protect your personal interests while still being able to operate your business peacefully.
Do I need an accountant for my LLC? Operating an LLC is a very complex and intricate task, and it requires the attention of an experienced accountant. When you file your documents with your state’s Secretary of State, he or she’ll supply you with a detailed list of who is authorized to make changes and who’s responsible for completing them. While this sounds helpful, 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 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 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 help you create the necessary Articles of Organization, register the name of your LLC, and maintain the books.