LLC Set Up

LLC Forms – There Are Fewer Forms Than You Think

Most people in the business world have heard at least a minimal amount of information regarding limited liability companies, otherwise known as an LLC. They know it is a great way save money in taxes, as well as the best way to get personal liability protection. What is stopping many of these people is not their desire to form an LLC, but it is their distaste for all the LLC forms they will have to complete. There are a few things wrong with this. The first is that, if something will save your company money and protect you at the same time, you should do it regardless of how much paperwork it has. The second is that there is not much paperwork involved with an LLC.

The LLC forms that are required by your state and local offices actually are limited to a few. There are a few cities that have additional forms that accompany the required ones, but that is not everywhere. The first form you will have to complete is the one where you create your company name so it can be decided whether anyone else is registered under this name. The next form is the articles of organization, which is provided by the state. If you form an LLC using an online kit, they actually will do this step for you.
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Set Up A LLC – Receive the Most Protection Available

The best way to protect your personal and business assets is to set up a LLC, or a limited liability company. You actually receive two types of liability protection that a corporation cannot provide. The protection with which most people are familiar is the personal liability protection. This basically keeps your personal assets separate if you ever were to go to court for your company. No one would be able to go after your house or anything like that because it is not legally part of your LLC company. The other type of protection actually protects your business if you were to go to court for personal reasons.

When you set up a LLC, you automatically receive the personal liability protection that many business owners covet. This protection was not always necessary years ago because there were not as many lawsuits as there are in today’s world. So many people are sue-happy and that increases when they think they will get more money out of someone because they are a business owner. When you are an LLC, the people who take you to court for business reasons only can go after the profits and assets of your actual business. Anything in your personal life is off limits. Although similar protection is offered in a corporation, you have fewer requirements with an LLC.

The other protection that you receive when you set up a LLC is business liability protection. Many people are not aware this exists, but it essentially protects your business assets and profit if your personal life is attacked. This is possible through what is called a charging order provision. This is necessary in today’s world. You could be in something as simple as a car accident and the other driver could take you to court and try to take over your company. Without an LLC, this could happen and you could do nothing about it.

Because you can receive so much protection from doing something as simple as forming this, it only makes sense to set up a LLC. You put your heart and soul into your company, as well as a lot of money, so you might as well do everything you can to protect youself and your company. You actually are able to streamline the process altogether by completing all the forms online using a LLC organization kit. You will have all your paperwork in one place.

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How to Set Up LLC – A Few Easy Steps and You Are Done

Because you want your small business to save money, a great way to do so is through a limited liability company. If you have heard about this, you might be wondering how to set up LLC. It actually is much easier than most people think because the whole process can be done quickly and painlessly online. Before you even fill out any forms, you have to select a name and make sure it is not taken already. You do not have to stress over your name, just make sure that it is something that is relevant to your company and your services.

The next step in how to set up LLC is actually filing what is called an article of organization with your state’s secretary state office. You might see this as a certificate of organization. You will have to pay a fee with this step, which varies depending on the state in which you reside. The filing office can provide you with the form or you can visit their Web site and complete it online. Once this is completed, you will have to prepare and sign and operating agreement. You and any other partners need to do this.
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LLC Operating Agreements – Why This is an Important Step

Because business owners are drowning in paperwork as it is, many of them do the bare minimum when it comes to forming an LLC. The ones that get passed over are the LLC operating agreements. Although these are not required by the state, it is one of the most important forms you can complete. What this agreement includes is how you maintain your liability protection as an individual. It also is a great way to avoid disagreements when it comes to the different company members. What it details is all the rights, duties and obligations of each member.

Many people fail to put this in writing because the LLC operating agreements are not “required” by the state. Down the road they regret this step because they are having a disagreement with another company member. They cannot come to an agreement because both sides have their own opinion as to what should be done. Having it in writing from the beginning in this agreement is the only way to safely prevent and settle any arguments. The agreement also goes over whether the LLC entity will be managed by the members or by additional individuals. Just because it is not required by law does not mean that it will not benefit your company.
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Cost to Set up LLC – Money Well Spent

Anyone who is starting or has started a business of their own has to make several tough business decisions. One decision that can affect their personal assets is whether they are going to set up a limited liability company or not. There are many factors that should be considered, but most people find it is in their benefit to do so. The next thing you will need to worry about is how much it is going to cost to set up LLC. If you are unfamiliar with the basics of what an LLC is, it is fairly simple to understand.

The main reasons people choose an LLC for their business is because it provides them with asset protection and personal privacy. Of course there are many others, but those tend to be the most appealing. The cost to set up LLC varies from state to state, but in general, it ranges anywhere from $150 to $300. The difference in prices is due to the additional resources and tools you receive. The most basic package, which is great for smaller businesses, includes all the necessary paperwork that will create your LLC. It also makes creating a company bank account easier for the managers and officers of your company.
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Set up a LLC in 5 Easy Steps

1. Choose a Entity Name and Check Availability
The first thing you need to do is choose a entity name. Truly, any name will suffice as long as it is not the same or deceptively similar to a name being used by another entity that is filed with the State Filing Office (i.e.: MacDonaldz) – Secretary of State’s Office.

2. File Articles of Organization with Secretary of State
The next step in establishiong your limited liability company is to file ‘Articles of Organization’ (aka: Certificate of Organization) with your applicable State Filing Office (Secretary of State) and pay the required filing fees.
*Almost everyone uses the form provided by their State Filing Office.

In most states anyone can file online, of course you can also mail the form to the Secretary of State together with the filing fee (or) deliver it in person to their office (snail mail).

3. Prepare – Sign Operating Agreement & Hold Organizational Meeting
After the Articles of Organization have been filed, organizers of the LLC will prepare and sign / adopt the ‘Operating Agreement’. This is not required by the state, but is one of the most important steps in maintaining your liability protection and preventing disagreements between the members.

The Operating Agreement is an essential document which sets forth the rights, duties and obligations of all the members of the LLC or Limited Liability Company. In addition it establishes whether the LLC will be managed by the members (owners) or by other individuals / entities.

It is essential to hold a organizational meeting soon after the initial Articles of Organization are filed with the Secretary of State. Typically Organizational Meeting Minutes would include such items as: Approval and ratification of the Articles of Organization and the Operating Agreement, Membership elections etc.
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Set up Your LLC easily in 3 Easy Steps!

A limited liability company (abbreviated L.L.C. or LLC) in the law of the vast majority of United States jurisdictions is a legal form of business company that provides limited liability to its owners. Often incorrectly called a “limited liability corporation” (instead of company), it is a hybrid business entity having certain characteristics of both a corporation and a partnership.

The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation and it is well-suited for companies with a single owner.