How to start a limited liability company is not a complicated process. Many people are put off by the notion of an LLC because they are not aware of how simple it can be. Once you know what an LLC is and how it works, learning how to start a limited liability company becomes much simpler. It may seem like an overwhelming task, but the more you learn about how to start an LLC the easier it will become. Here's how you go about starting an LLC and how to avoid common pitfalls.
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The first step in starting an LLC is to file your articles of organization. Most small business owners overlook this step and do not file their articles until the last minute. Filing your articles of organization even early as possible will ensure that you are on the right path by being on time with the filings. Your filing will be considered timely once you have submitted all the appropriate documents.
The next step is to select a corporate registration agent. If you are not sure whom you want to use, trust someone who is familiar with the ins and outs of LLCs. This person should have years of experience in working with small businesses. The internet has a wealth of resources for selecting an appropriate CPA. Spend some time researching different agencies before making your decision.
How To Start A Limited Liability Company
Once the articles of organization have been filed, all that remains is to file the appropriate forms with the state. In most states, an application for registration of a corporation must be filed with the Secretary of State by the owner of the business. Each state has its own statute of limitations as to when the corporation must file its annual reports. Be sure to check the statute of limitations before filing because in some states you need to file the Articles of Organization within a specific amount of time after the business was open for business for six months or more.
The last step in how to start a limited liability company (LLC) is to file the articles of incorporation with the appropriate state. The articles of incorporation will include the name of the LLC, its address, the LLC's registered agent, and the LLC's docket number. The next step is to file the financial statement of the LLC which includes the statement of income and expense by reporting to the state of its status. The statement of income and expense is the best way to report the activities of the LLC. Include all income and expenses, purchase and sale of assets, and any loan payments made by the LLC.
How to start a limited liability company (LLC): How much does it cost to incorporate an LLC? The nominal fees typically associated with incorporating an LLC are very low. However, the total combined fees can be quite high depending on your state and the type of business you are doing. Some states require an attorney filing fee while others require minimal processing and registration fees. In the case of filing electronically, the filing fees typically come at no charge. If you file the papers by mail, the filing fee can be as low as $25.
If you are looking for how to start a limited liability company (LLC), you will need to have one or more of these documents filed: a certified public incorporation report (formalities checklist) from your state's corporation commission; a statement of authority signed by the Secretary of State; a tax identification number from the IRS; a statement of organizational intent signed by the Secretary; and a printed title page. The last item is not needed but is handy, and is used for future correspondence between you and the IRS. A certified public incorporation report (formalities checklist) from your state's corporation commission will list all the filings that you need to make. Note that you need to file a duplicate of this form with your county clerk so that there is a paper trail that can be used later in the process. The forms are available in many libraries and online as well.
You also must provide an address and phone number where anyone can pick up your documents and take down the necessary information. Additionally, all LLCs must have a board of directors and a written code of business conduct. While these documents are not a requirement, they are considered polite courtesy and will not void your LLC's chances of success. If you have any questions about how to start a llc, the office of your Secretary of State can give you more information.
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