What is an LLC? Do I need one for my small company? 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 of these questions will be answered here and much more.
First, we’ll discuss what an LLC is. An LLC is a Limited Liability Company filed 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 business) between the business 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 business grows significantly and your daily work requires a lot of driving, you might want to take into account 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 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 need one based on the sort of business you have and your particular state’s laws. Some states allow for one or partial incorporation of a business. Other states require that you 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 fiscal documents, you will have to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the filing and maintenance of all of the LLC’s documents. In other nations, the Secretary of State will handle these filings.
Do I need a lawyer for my LLC? As with any legal formation, it is very important that any individuals associated with your LLC are qualified and trustworthy. If you have children or a spouse, you’ll need an lawyer 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 would be to prevent 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 really complex and intricate job, 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 comprehensive 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 intricate 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 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 it is possible to incorporate as an LLC. No matter the type of business you’re in, you want a qualified individual to assist you create the necessary Articles of Organization, register the name of your LLC, and keep the books.