What LLC forms are required to form a limited liability company?
Organization Papers, sometimes called Organization Certificates, must be prepared and submitted to the government. Filing fees must be paid along with any applicable initial franchise taxes or other initial fees. If your LLC is set up through HELLOGLOB, all you have to do is fill out our simple LLC forms and we'll take care of the rest. We will prepare and file your Articles of Association and LLC forms and pay the initial filing fees on your behalf.
Who can set up an LLC?
Typically, there are no residency or legal restrictions on who can start an LLC. However, several states require members and/or directors to be at least 18 years of age or the age of majority.
Do I need a lawyer to form an LLC company?
No, you can prepare and file the Organization Agreement yourself, one of the most important LLC forms needed. Make sure you understand the requirements of the intended organization state. You can use the HELLOGLOB service to form your LLC, fill out your LLC forms, and save on attorney fees.
What should I name my LLC?
Choosing the name of a new company is an important decision. It is generally recommended to choose a name for your new company that reflects the image you want. There are also benefits to choosing a name that is easy for customers to remember and spell. Legally, the name you choose for your LLC must not be "deceptively similar" to any existing corporation in that state or be "distinguishable in your state's records."
How many people are needed to form an LLC?
There is no requirement that specifies the maximum number of members (owners) an LLC can have. The IRS allows single-member LLCs to qualify for direct tax treatment. State-level taxation for single-member LLCs can be different.
How is a limited liability company (LLC) taxed?
Typically LLC companies are taxed like partnerships with direct taxation. While multi-member LLCs are required to file an informational tax return, single-member LLCs do not. In either case, profits or losses are passed onto the business and reported on the owners' tax returns. Any tax due is then paid by the owners at the individual tax level.
LLCs can also choose to be taxed like corporations, where LLC profits are taxed at the business level. State income tax treatment of LLC profits and losses may or may not reflect IRS tax treatment, depending on the state.
LLCs are also subject to any franchise taxes imposed by the state. Franchise tax is a tax levied on the privilege of being an LLC formed or registered to conduct business in that state.
What is the organizational structure of an LLC?
An LLC company is owned by its members. Depending on how the LLC is managed, they are similar to partners in a partnership or shareholders in a corporation. If the LLC uses directors, a member will look more like shareholders because then the members will not participate in the management. If the LLC is not using directors, the members will closely resemble partners as they will have a direct say in the company decision-making process. A member's ownership of an LLC is represented by a membership interest, just as partners have an interest in a partnership and shareholders have a stake in a company.
How is the LLC managed?
An LLC can be managed by its members (owners) or elected directors. The LLC works like a partnership if it is to be managed by its members. Each member has an equal voice in the decision-making process of the company. Members may elect a director or director, if they so choose, to act in a similar capacity to a company's board of directors. These directors are responsible for the LLC's business.
Member management is the normal default rule of state law. This means that unless directors are selected on the LLC Articles of Association forms, members will manage the LLC's business.
What is the publication requirement?
A few states require an LLC to be published in a newspaper that it has been formed. States with this requirement for LLCs are: Arizona, Nebraska, and New York. The New York Published Company Notification Service for New York limited liability entities (Limited Company, Limited Partnership, Limited Liability Partnership) may also be purchased independently.
In New York, limited liability entities are required to publish their notice of incorporation or registration in two New York newspapers and submit proof of publication to the State Department within 120 days. It is published in two newspapers at the provincial level. Failure to comply with the publication requirement by the deadline will result in a company being suspended from doing business in the State of New York.
Does my LLC need a registered agent?
When you start an LLC or register to do business in another state, you must appoint a registered agent. HelloGlob includes the Registered Agent Service with enterprise service packs. With its Registered Agent Service, HelloGlob meets the government legal requirement for a person or company to obtain important legal and tax documents on behalf of your company.
How can I start forming a limited liability company (LLC)?
After deciding to form an LLC, Articles of Organization LLC forms must be completed and state and initial fees paid. HelloGlob LLC Formation Service packages take care of these steps for you. After your LLC forms are filed, it is recommended that your LLC hold an organizational meeting with members/managers. This meeting will help take on other preliminary matters such as authorizing an LLC to form an LLC by agreeing to an operating agreement, issuing membership interest certificates to members, and authorizing the opening of a bank account for the LLC.
How long does it take to receive my documents when I choose the Rush Filing Service?
The 24- or 48-hour filing period is for LLC formation only. States often take longer to produce filed incorporation documents. Once HelloGlob receives your documents from the state, we'll send them to you by mail. This means you should have your documents in hand in just a few days to a week after you file your LLC. We will also scan them in our Online Status Center and make them available to you before we receive your original documents to help form an LLC as soon as possible.
What is a single member LLC?
A single-member limited liability company is a "disregarded entity" for federal tax purposes. It still ensures the protection of personal assets. You report the business's taxable income and expenses using Schedule C and carry this information on your personal Form 1040.
What is an LLC operating agreement?
An LLC operating agreement is a contract that outlines the guidelines and details of an LLC. The required operating agreement is written by the LLC members at the first meeting.
What is a Professional LLC (PLLC)?
A professional limited liability company (PLLC) is a limited liability company (LLC) organized to provide professional services in industries that require a state license to practice.
How do I get an EIN for my LLC?
Businesses apply for an EIN (Federal Tax Identification number) by preparing Internal Revenue Service (IRS) Form SS-4 and submitting it to the IRS. HelloGlob can help get your company's EIN number from the IRS on your behalf. Simply fill out our Federal Tax ID EIN online order form.