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LLC Filing: Things To Know Before Venturing Into LLC

June 23, 2021 by adminLLC FilingLLC Registration

Becoming the owner of a trucking company and changing it to an LLC comes with many responsibilities. From forming the company’s name and getting all the permits to Limited Liability Company Filing, the list goes on and on. Getting all these, especially LLC Filing, requires start-up cash, commitment, and paying attention to every detail. With a lot of competitive information on the internet, it is even more difficult to know all the processes you need to follow. Looking for where to start? Global Multi Services has assembled the steps you need to take for LLC Filing. Let’s dive in.

Check The Availability Of Your Company’s Name

Contact the Secretary of State to do a thorough name search before filing to register it as a trademark. This is to ensure the business name you choose is not already taken by someone else. Failure to do so could lead to the infringement of someone’s trademark. The owner of the trademark can sue you which can cost you a lot of money.

Know The LLC Filing In Your State

The requirement for forming a Limited Liability Company varies from state to state. For example, in Delaware, LLC is required to pay an annual tax fee of $300 to substitute filing an annual report. While New York applicants must follow Section 206 of the state Limited Liability Law. The law states that a copy of the company’s Article of Organization or any other related information that proves the Limited Liability Company formation must be published in two newspapers for six weeks. It is advisable to seek the guidance of a legal practitioner. They will answer all your questions and explain the filing requirements of every state.

Appoint A Registered Agent

A registered agent is an individual or company that serves as an intermediary between the LLC and the government. They represent the LLC in matters concerning receiving and sending legal documents. These documents include state filing notice, legal summon, and others. They also help the limited liability company stay in compliance with the state law. The registered agent appointed by the LLC must be authorized to do business in the state and also have a registered address where the LLC is registered.

File For LLC Article of Organization

This document is incredibly important when starting an LLC and it is also called Certificate of Formation and Certificate of Organization depending on the state. The Article of Organization is a document that contains all the information such as the company’s name and address, members name and address, members financial contribution, the name and address of LLC registered agent, and many more. The document is prepared and filed by its members with a filing fee to the Secretary of State filing office.

Create LLC Operating Agreement

An LLC operating agreement is an internal document that outlines how the LLC should be run including its finance and members dispute. The documents provide a physical hard copy and can be referred to if members are not sure of the rules of the company. It will be governed by state laws if there is no operating agreement that guides its functioning.

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LLC Registration: know Everything before registering as an LLC

April 21, 2021 by admin0LLC FilingLLC Filing CompaniesLLC Registration

I know that there are a lot of zealous entrepreneurs out there eager to grow their businesses. But it is an arduous dilemma to choose what kind of corporation you should file. Should you go for an LLC Filing or a Corporation Filing. Though there are many pros and cons of both, I always say that the major aspect that you should consider before filing for any is the size of your company and the knack of your organization. But whatever it is you know that you could rely on Global Multi Services for adept advice. In this blog, I am particularly targeting your concerns for an LLC registration, so sit tight.

What is an LLC Registration?

“No one knows everything but everyone knows something” keeping this philosophy in mind, I do want to exclude the LLCs definition from this blog. I am sure most of you know that LLC stands for Limited Liability Company, but there is much more hidden in this abbreviation than just the full form. As the name suggests itself the LLC gives protection to your personal assets, which means that if in the future somehow your company gets into heavy loss and debts then your personal assets will not be susceptible to the retrieval of your debts. Each state has some of its individualized sets of regulations for the LLCs, so you might have to check with your state’s regulations for the same. And although different states could have some different regulations, you do not need to worry as such differences are certainly not radical. Also, a majority of states give permission for Single- Member LLCs. Another important point is that the owners if there is more than one, of an LLC, are called members whereas the owners of a corporation are called Shareholders. Some specific business kinds like banks and insurance companies can not register as an LLC, so if you are one of these you should consider Corporation Filing.

Perks of An LLC

The LLC comes with a number of perks or merits that could not be constrained and written in a single paragraph. Hence I am going to write them in different segments.

Pass-Through Taxation

There is a thing called Double Jeopardy or Double Taxation that the C corporation is prone to. Under this Double Taxation, the earnings are taxed twice, first in the form of corporate tax at the company level and then the dividends of the owners are taxed at the personal level. But the LLCs or the S corporation are exempted from this. In LLCs, there is something we call pass through Taxation, in which the profits and losses of the company are not taxed but the owners are taxed on the individual level. And that’s so it is called pass-through taxation because all the profits and losses pass through the taxation process. Another great thing about pass-through taxation entities is that they do not have to file tax returns as an entity instead they could file an information return, all and all the pass-through entities do not have to pay taxes at a company entity level.

Versatility

Another great aspect of the LLCs is their versatility as there are a lot of options in a number of fields like there is no limit on the number of owners, there could be a single owner or sole proprietorship, then there could be ten owners or even hundred owners. On the management level also, LLCs can appoint many members at a single post, for instance, they can appoint one or more managers and they don’t have to be managers only, they could be either members or one of the owners or non-members. Then in some cases, LLC also gets to decide what kind of taxes they want to pay. If they want to be taxed as an S corporation then they will be a pass-through identity, or they could choose to be taxed as a C corporation.

Simplicity

At last, unlike a corporation, the LLCs do not have to be that much programed. They do not have to appoint CEOs, CFOs, BODs, and arrange annual board meetings

Conclusion

I think I have listed enough points that you could make up your point between opting for an LLC Filing or a Corporation Filing. But still, if you want to find more about LLC registration, and corporations as well, you are cordially welcomed at Global Multi Services and will help you to file the same with the assistance of our proficient experts in this field.

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