What is an LLC? Do I need one for my small company? Do I want an LLC in my particular state? Do I need an LLC if I am using my home state as the filing entity? All these questions will be answered here and much more.
First, we will 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 industry ) between the company and the owner (the person who started the LLC). If you are filing 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 everyday work requires a lot of driving, you may wish to take into account 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 want an LLC if my condition does not require one? Most states will not require an LLC. Your accountant will be able to assist you in determining if you want one based on the sort of business you have and your individual state’s laws. Some countries 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 personal residence. In order for your LLC to have its own separate legal and fiscal records, you’ll need to appoint a Registered Agent. In some cases, it’s the Registered Agent that will be responsible for the filing and maintenance 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 is extremely important that any individuals connected with your LLC are trustworthy and qualified. If you have children or a spouse, you will need an attorney to help you complete the forms and register the name of your organization, 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, obtaining a registered agent and a skilled 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 really complex and intricate job, and it requires the eye 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’s responsible for completing them. While this sounds helpful, many accountants aren’t 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 finished, and what fees are required.
Do I need an accountant for my LLC? It depends on 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. Regardless of the type of business you’re in, you want a qualified individual that will assist you produce the necessary Articles of Organization, register the name of your LLC, and maintain the books.