Deciding to establish a Limited Liability Company (LLC) is an exciting time and there are so many possibilities and options available. The main reason small business owners decide to set up an LLC is due to the liability protection it provides. An LLC exists separately from its owners (known as members), and the owners are therefore not personally responsible for business debts.
Taking things one step at a time and understanding how to properly establish an LLC will be a great investment into your new project. Being fully aware of regulations to properly start a business will keep you on track and allow you to make the best decisions possible. In summary the steps to establish an LLC and have it ready to start the business are listed below.
STEP 1: Choose State for Registration
STEP 2: Choose Name for LLC
STEP 3: Choose Business Location
STEP 4: Choose a Register Agent
STEP 5: Choose your business activity
STEP 6: Register with State
STEP 7: Choose Taxation Structure and EIN
STEP 8: Prepare Operating Agreement
STEP 9: Open Bank Account
STEP 10: Obtain Required State, City & County Licenses
You are now ready to Being Business!!
Establishing a Business Entity in the US is fast and simple. However, tax and state law complications can occur just as fast. For this we suggest you always consult with a tax professional and business lawyer to assure that you are in compliance with taxation regulations and state laws to avoid any unexpected drawbacks.