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FREE LLC Guide
FAQ's
FAQs: LLC Questions and Answers 
Q: What is the definition of an LLC?
A: LLC stands for limited liability company, meaning that the owners, also known as members, of that company are not held legally liable for debts incurred by the company. In other words, the company itself is a separate legal entity. LLCs also enjoy pass-through taxation and members only have to pay taxes once on their income or profits. In addition, an LLC requires less paperwork and falls under fewer regulations than other types of businesses.
Q: Who can start LLCs?
A: Just about any kind of business can become an LLC and the choice to do so depends on the needs of you and your company. Those who cannot include professionals, such as doctors and lawyers, but they may be able to form what is known as a PLLC.
Q: Where can I start an LLC?
A: Most people choose to form LLCs in the state where they live and run their business. However, you can form one in another state if you so choose. People who do so usually do it for tax benefits in states such as Delaware and Nevada. Be aware that you will need a registered agent with a street address in that state if your business is not actually located there.
Q: What paperwork is necessary for my LLC?
A: The most important document you need to start with is the Articles of Organization. This is a document that you file with the Secretary of State's office in the state where you are forming the LLC. You also need to process paperwork with the IRS for the federal tax ID number for your new company. Another document that is not legally required, but that is beneficial to any company, is the Operating Agreement.
A: LLC stands for limited liability company, meaning that the owners, also known as members, of that company are not held legally liable for debts incurred by the company. In other words, the company itself is a separate legal entity. LLCs also enjoy pass-through taxation and members only have to pay taxes once on their income or profits. In addition, an LLC requires less paperwork and falls under fewer regulations than other types of businesses.
Q: Who can start LLCs?
A: Just about any kind of business can become an LLC and the choice to do so depends on the needs of you and your company. Those who cannot include professionals, such as doctors and lawyers, but they may be able to form what is known as a PLLC.
Q: Where can I start an LLC?
A: Most people choose to form LLCs in the state where they live and run their business. However, you can form one in another state if you so choose. People who do so usually do it for tax benefits in states such as Delaware and Nevada. Be aware that you will need a registered agent with a street address in that state if your business is not actually located there.
Q: What paperwork is necessary for my LLC?
A: The most important document you need to start with is the Articles of Organization. This is a document that you file with the Secretary of State's office in the state where you are forming the LLC. You also need to process paperwork with the IRS for the federal tax ID number for your new company. Another document that is not legally required, but that is beneficial to any company, is the Operating Agreement.
Q: Do I need to hire a lawyer to start an LLC?
A: While creating and filing legal paperwork to form a company sounds like something you need a lawyer for, it is something you can accomplish yourself. However, if you want to avoid making common mistakes, but don't want to spend over $1000 on a lawyer, turn to an online service like SettingUpLLC.com. After choosing one of the LLC packages, you simply provide the specifics of the company you are starting. SettingUpLLC.com then completes all of the paperwork and filing for you at the low fee of the package you choose. It's simple and saves you both the hassle and the money of dealing with a lawyer.
Q: How much does it cost to start and operate an LLC?
A: Filing the articles of organization for your business costs anywhere between $100 and $800, depending on the state in which you are opening your business. There are also annual maintenance fees and taxes, but they also vary by state. Consult an accountant for more details.
Q: How Long Can I Own an LLC?
A: The lifespan of an LLC is unlimited.
A: While creating and filing legal paperwork to form a company sounds like something you need a lawyer for, it is something you can accomplish yourself. However, if you want to avoid making common mistakes, but don't want to spend over $1000 on a lawyer, turn to an online service like SettingUpLLC.com. After choosing one of the LLC packages, you simply provide the specifics of the company you are starting. SettingUpLLC.com then completes all of the paperwork and filing for you at the low fee of the package you choose. It's simple and saves you both the hassle and the money of dealing with a lawyer.
Q: How much does it cost to start and operate an LLC?
A: Filing the articles of organization for your business costs anywhere between $100 and $800, depending on the state in which you are opening your business. There are also annual maintenance fees and taxes, but they also vary by state. Consult an accountant for more details.
Q: How Long Can I Own an LLC?
A: The lifespan of an LLC is unlimited.
