Form An Llc The Right Way

If you have just gone into business for yourself

, you may have wanted to consider a limited liability company LLC to protect your personal assets. Having your business classified as llc limited liability allows you to protect your home, family income and other assets belonging to your family in the event that your business files bankruptcy or is sued by a customer, employee or supplier

Locating the Proper Business Paperwork

You have two options when it comes to filling out the legal paperwork required for a limited liability company, LLC. You can hire a lawyer, who will have the paperwork already available, or you can search online for a company that allows you to fill out and submit required documentation over the Internet. Keep in mind that each state has its own version of the Articles of Incorporation paperwork that you must submit for registration as a LLC, limited liability company.

Submitting Paperwork to the State

Once you have completed all required paperwork to form a limited liability company LLC, you need to submit it to the office of the Secretary of State where you operate your business. You will receive a reply by mail that your application has been received and that your business is now legally listed as a limited liability corporation in your state.

Obtain an Employer Identification Number

Even if you do not plan to have any employees, you must obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). To do this, locate form SS-4 on their website, complete it and send it back to the IRS by fax or postal mail. Just as your social security number identifies you personally to the IRS, your EIN identifies your business. Since your business is now an LLC, limited liability, you can file separate business and personal tax returns.

Unique Characteristics of a Limited Liability Corporation

Your LLC can have more than one owner, unlike classification as a sole proprietor. The granting of LLC status protects all owners from having their personal assets seized to pay business debts. A LLC is a lesser business classification than a corporation, which can issue and sell stock.

When selecting a business name, you first need to make sure it is not already registered in your state. The name you ultimately select must be followed by a variation of LLC as approved by your Secretary of State.

by: William Hauselberg

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