How To Start An Llc - Step 1 Is Filing A Notice Of Organization
how to start an llc: An LLC is simply a legal entity that owns and controls a set of individuals or businesses. An LLC is entirely separate from its owners. The only person entirely responsible for the daily operations and finances of an LLC is the president or director of the LLC. Here are the basic steps on how to start an LLC:
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Select a registered agent. The most important step on how to start an LLC is to select an effective registered agent. The individual must be qualified as a member of the LLC and be practicing law in the specific state where the LLC is registered. Many self-regulating LLCs use the services of an attorney or accountant to handle the day-to-day operations of the LLC. This is especially helpful if the LLC has limited personal assets because it eliminates the possibility of personally liable for LLC activities.
Filing the Articles of Organization. The next step on how to start an LLC is to file all the legal documents necessary to register the LLC. If you're using a self-regulating LLC, the papers required will vary from state to state. You can get a checklist of the documents you need to file from the Association of Certified Public Accountants or other business organizations in your state. For informal formation, it's not necessary to file the Articles of Organization.
How to Start an LLC - Step 1 is Filing a Notice of Organization
Fee submission. Once you've filed the Articles of Organization, then comes the fee submission. Every state has a statute of limitations that determines the time limit within which an LLC must appear and pay the appropriate fees. If you haven't established a qualified account yet, you may have to pay a fee for professional service. If you've already got a qualified account, it's advisable to pay the fee as soon as possible in order to avoid penalties later on.
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Forming the LLC. The last step on how to start an LLC involves filing the Operating Agreement, Business Name, and Articles of Organization with the appropriate state government. The Operating Agreement is the most important document, as it covers all the important issues, such as the memberships, the powers and responsibilities of the LLC, and other rules. A complete and accurate Operating Agreement helps protect the LLC and the members against liability.
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Publishing the Operating Agreement. Aside from the Operating Agreement, all the other documents that you need to operate an LLC are filed with the appropriate regulatory body. All the other documents, such as the Articles of Organization, Annual Reports, Statement of Operations, and Notice of Proxy and Annual Meetings, have to be filed with the appropriate governmental agency. Additionally, all the requirements for filing a notice of annual meeting and publishing the minutes of such meeting are handled by the local office. When you finally get around to this step, there will be a small fee for filing purposes.
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Filing the Articles of Organization. This is arguably the easiest part of how to start an LLC, especially if you're a non-filing individual. This task has to be done by a registered agent, who serves as the general counsel to the LLC, and it includes submitting the LLC's operating agreement, notice of meetings, its bylaws, and other documents that define its ownership structure and the relationship between the LLC and its registered agent.
Operating the LLC. Once all the formalities are done, you can actually open an LLC business structure after paying the required fees and filing an irrevocable instrument of registration with the Secretary of State. The next step that must be taken after filing the instrument is to choose whether to create a limited liability protection for the LLC business. Limited liability protection not only protects the LLC against lawsuits brought against it but also enables its LLC owners to avoid paying taxes on their income or capital gains.
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