LLC Entity Filing Status
What are the general steps for incorporating as an LLC? The first step in forming an LLC is to file your company’s Articles of Incorporation with the state in which you are looking to establish your business. Once this has been completed, it is recommended that you take the time to develop a formal set of documents that will explicitly outline the ownership and management structure of the business, as well as establish your initial bank accounts.
There may be some state specific requirements that you must observe during these processes as well. Also, keep in mind that LLCs do face ongoing compliance requirements that will need to be fulfilled on an annual basis.
LLC FAQs:
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How do I determine if it’s best to form my business as an LLC?
An LLC allows business owners to remain free from a great deal of the regulations imposed on other types of companies, yet still provides some protection for its owners. This means that the personal assets of an LLC's ownership cannot be collected to fulfill the debts of the business.
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What is involved in forming an LLC?
All states require potential LLC owners to file a substantial set of documents, typically called the Articles of Organization, in order to establish their business. We can take care of this process for you, saving you time, effort, and allowing you to focus on developing your business – not filing paperwork. Lean on our expertise to ensure all paperwork is filed correctly the first time.
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How long does the formation process take?
Though it typically only takes between 7 and 10 days to form an LLC, the length of the formation process depends on the state in which you’re starting a business. For an additional fee, expedited processing can be requested so that your application is reviewed before others.
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How should I name my LLC?
The name you choose for your LLC is an important decision, as it will be how you represent yourself to potential associates and clients. With that in mind, it is advisable that you take some time to craft a name that you will be proud to have representing you and your business.
Your name must be unique, and not deceptively similar, to any other trademarked name or business. It is also required that your name not be used to intentionally misrepresent the products or services you offer. For LLCs, nearly all states will also require you to add a signifier of your limited liability status, such as "LLC" or "L.L.C." to the end of your company's name. You may be able to operate under a name other than your formal LLC name by applying for and using a dba.
Leverage our free business name generator to find a name perfect for your businesses. Already have a name in mind? Enter the name in our free business name search and we’ll let you know if it’s available, as well as help you secure the name for future use.
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Are there a required number of individuals needed to form an LLC?
There is no minimum requirement as to the number of owners (also referred to as members) that an LLC must have.
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Is an attorney necessary to file an LLC?
An attorney is typically not required when starting a business. A business filing service such as Free Your Mind Services can help you streamline the formation process, and save you a great deal of time, effort, and money. However, if you are unsure of which business structure may be right for you, or you have questions regarding specific tax or organizational issues, it may be advisable to speak with an attorney or accountant before starting a new business.