Easy Quick Tips For Setting Up A Limited Liability Company (LLC)

A Limited Liability Company (LLC) is by far the most popular route to take for small businesses wishing to incorporate. Requirements and rules are different in every state, but know that it is quite simple to get through the process.  Follow these easy and quick tips and you will be on your way to entrepreneurship!

Choose Your Business Name

This is the fun part. The main law here is that it cannot already be used for another LLC in your state. Most sites where you set up your LLC will make sure of that before giving you the ok. The name will end with LLC or Limited Liability Company.

The LLC Articles of Organization Form

This part is simple. At this point in the game you do not have to specify who does what, only naming all of the members of the LLC. In addition you will notify the state of the business name, the purpose of your business, an office address and who your registered agent (individual who receives legal documents).

Have Your Local Newspaper Publish A Notice

ONLY do this if your state requires it. It is not necessary if it is not required. Be sure to find out if your state does require a newspaper notice! If so, publish before you file the LLC Articles of Organization.

Submit LLC Articles of Organization Form

You will submit this form to your Secretary of State. Some Websites do this for you if you choose the correct package. In addition to the form you will be sending the appropriate filing fees. The fees are also dependent on your state. They typically range from $50 to $1000. Caution: a number of states have a corporate tax separate from your filing fee. This also must be paid when you file.

Create an LLC Operating Agreement

An operating agreement will determine who is responsible for what both financially and management wise. The terms will also be a part of your agreement. No matter who you are working with or partnering with for your LLC. It is important you do this. Put everything in writing. A little more work in the beginning will save you many headaches business wise and personally later.