When you're looking for information on how to start an llc, you'll need to know a few things. The first thing you'll need is an Employer Identification Number, also known as an EIN or Federal Employer Identification Number. You'll need this number to open a business bank account and hire employees. You can obtain your EIN online or by fax, but you should always separate your business and personal expenses.
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Articles of organization
To form an LLC, you will need to prepare Articles of Organization. These documents must be signed by the organizer, which can be an individual or a legal entity. The organizer need not be a member of the LLC, though. A business formation company can act as the organizer if you do not want to be personally involved in the formation of the LLC. If you are unsure of how to create Articles of Organization, read on to find out the most important information to include.
Choosing an appropriate name is important because you may be asked to provide proof of your identity if you choose an unusual name. However, the name of your LLC must be distinctive from the name of any other corporations or limited partnerships. To avoid confusion, you should consult Section 204 of the Limited Liability Company Law to see a list of prohibited words. You may also need to seek approval from other state agencies before deciding on a name for your business.
Operating agreement
When starting an LLC, one of the most important documents you'll need is an Operating agreement. This document describes how you'll manage your business, and whether you'll be responsible for day-to-day decisions or appoint a manager. In addition, your Operating agreement should specify whether your LLC will be member-managed or managed by a third-party manager. You can decide which structure is best for your business based on the type of management you're looking for. Whether you'd like to have a manager or a board of directors, an LLC operating agreement will detail the rules and procedures for managing your business.
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While many entrepreneurs create an LLC to be their own boss, the majority of them want it to continue after they retire or die. In that case, the operating agreement should spell out who will be responsible for running the business after they're gone. Having an operating agreement spelled out how you'd like your LLC to be taxed will ensure that your business is not subject to family disputes or lengthy legal battles.
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State-specific filing requirements
While setting up an LLC is the first step, there are still some state-specific filing requirements you must adhere to. First, check to see if you need to publish a notice that you are planning to form an LLC before filing your Articles of Organization. Publication of your intention to form an LLC is only required in New York, Nebraska, and Arizona. In addition, some states require you to file an annual report and pay a filing fee.
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After establishing the LLC name and filing the appropriate paperwork, the next step is to choose the management structure of the business. Your LLC can be managed by its members or by its managers. The management structure you choose should be clearly stated in your LLC's certificate of formation. The Secretary of State will not give you advice on this matter. You should consult an attorney to decide which structure is best for your company.
Choosing a registered agent
While a registered agent is not legally required for an LLC, it is highly recommended. An agent must have a physical address in the state where the LLC is formed. He or she must be readily available to answer questions during business hours. The registered agent can be an individual over 18 or a business that offers registered-agent services. LLCs can also use the registered agent of an employee or trusted friend. However, a registered agent is required to accept legal documents (also known as Service of Process).
The Registered Agent is required for all formal business entities. Regardless of size, it is important to choose an experienced and reputable registered agent. Your agent must keep up with important documents, meet government deadlines, and file returns on time. Having your business registered with a trusted registered agent ensures that your documents and business affairs remain in order. If you're in the process of starting an LLC, here are the most important things to remember.
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