Forming a limited liability corporation (LLC) is easy if you have the right information. It is not always easy to get your business off the ground, but it sets you up for success if you start out as the right kind of business.
One of the first steps to protecting yourself is filing as a limited liability corporation, because it protects you against personal financial liabilities if there are problems with the business in the future, such as bankruptcy. There may also be tax advantages, which could help you save hundreds, or thousands, of dollars.
The process is complicated, which is why most people work with attorneys to decide on the kind of business they want and to put it together with as solid a base as possible. This is a great choice for those who are starting their first business since there are tax liabilities and laws that apply to nearly everything you do.
What’s the first step?
Before you can get your LLC, you’ll have to search for the name you want. Your business name has to be unique, and it cannot already be taken on the Secretary of State’s website. You should end the name with LLC, a designator that identifies your business title.
From there, you’ll need to file an official document with the state, called a Certificate of Formation or Certificate of Organization, which costs a few hundred dollars at most in the majority of states.
If you’re ready to set up your business, don’t delay. Your attorney can give you the push you need to get your LLC.