You have a business that you solely own or you have business partners. You want to improve it but you do not know where to begin. You can start by considering it to be set up within an LLC. This means that you can have the legal protections that you need because you will be like a corporation. Yet, your personal assets will not be affected if in case the business fails.
Learning More About LLC
What is LLC? This stands for Limited Liability Company. This is a type of structure that has similarities with an actual corporation. There are differences too like the fact that this type of structure is easier to maintain. This is usually chosen by first-time business owners or those who know how risky the business industry is.
What makes this ideal for a lot of business owners is possible bankruptcy plus lawsuits will be confined to the business alone. The personal assets of the business owners will not be discussed in court. All details will be connected to the organization. You can apply for LLC online if you are interested.
Setting Up Your LLC
Have you decided that you want to get your LLC tax form soon? You just need to follow a simple process that will not take up a lot of your time:
- You need to know the name of your business. You have to make sure that it fits the rules set by the corporation. If it does not fit, you need to make changes to it. Once you are able to create the right business name, check if it already exists. You cannot use a name that is already being used by another business. Your business name should also be appealing to people you would like to target.
- Get Articles of Organization. This is form that can sometimes be available online. You just need to download it and print it. Once you complete the form, you can file it. If in case it is not available online, go to the nearest filing center to get the form. You can answer the form right then and there so you do not have to go back anymore.
- Some states will require you to publicly announce that you are opening your business as a part of LLC. This will make the market informed about some of the important aspects of your business. Some states do not require this so you have to research first.
- You need to have the right agent (registered agent) who will represent the LLC. This agent will be in charge of receiving documents for your organization.
- Get the proper business permits, licenses, and so much more. You should remember that your business cannot be legal if you would not have all of the right documents. Once you have finalized the documents, that is the time when you can open your business.
You have now learned how to apply for an LLC. Most people do not regret this choice especially if business turns bad after a few years or so. This can give you protection that you deserve.