i want to form an llc what lawyer would i talk to

Having an accountant or tax attorney advise you during and after the LLC formation process will allow you to best take advantage of this benefit. Among other things, your tax adviser can inform you how to get your company's tax identification number and use it to open up a bank account.

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How to find a lawyer for an LLC?

Aug 23, 2020 · The main advantage of limited liability companies (LLC) – is the fact that the members of the company are not liable for the obligations of the company with their assets. Therefore, in this form of company, the founders are maximally protected. It is because their property cannot be the subject of claims. Companies that are established in the ...

Should I start an LLC or corporation?

Attorneys can also explain options regarding the LLC's structure and operations and advise you about which choices are best for your business. Other Options for Assistance. Using an online service provider to help you form an LLC is an option that provides a middle ground between doing it yourself and hiring an attorney. It's usually less expensive than an attorney and can …

Do I need an accountant or tax attorney to form an LLC?

Nov 16, 2018 · Where to Find an LLC Lawyer. Business attorneys are widely available, but your goal is to find one who’s experienced with LLCs, familiar with your state’s laws, and most of all, who understands your business’s goals. There are multiple ways to find an LLC lawyer who is a great fit for your business: 1. Ask other business owners.

What do I need to form an LLC?

Aug 13, 2021 · There is no legal requirement to hire an attorney to form an LLC. Most states allow LLC formation by registering the business entity on your secretary of state's website and with the Internal Revenue Service (IRS). LLCs provide advantages over …

How do I start an LLC?

You can form an LLC by filing articles of organization and paying a filing fee with the Secretary of State in the state where you plan to operate your business.

Is LegalZoom legal advice?

The content is not legal advice. The statements and opinions are the expression of author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law.

Is it necessary to have an LLC?

Although it's not a requirement for the legal formation of an LLC, hiring a small business attorney can be beneficial, as the advantages of having a professional do the work for you often outweigh the cost. Using an attorney to prepare and file the required documents with the Secretary of State helps you avoid making mistakes when starting your LLC.

Can I use an online service provider to form an LLC?

Using an online service provider to help you form an LLC is an option that provides a middle ground between doing it yourself and hiring an attorney. It's usually less expensive than an attorney and can help you avoid many of the common mistakes that can occur from doing it yourself.

Do I need an attorney to start an LLC?

Hiring an attorney or consulting an online legal service provider is not one of the requirements for starting a limited liability company (LLC), but it is often helpful as you create your organization.

How to find an LLC lawyer?

Often, the best way to find an LLC attorney is simply to get recommendations from other people who have formed a business recently or obtained help on a business legal matter.

How to get legal help for LLC?

A great way to get legal help for your LLC without paying a fortune is by utilizing online legal services. Two such sites are LegalZoom and Rocket Lawyer, which have business legal plans that give you unlimited access to business legal forms and an on-call attorney for less than $40 per month.

How to register as an LLC?

These are some of the specific things an LLC attorney can help you with: 1 Determine whether your business is eligible to organize as an LLC in your state. 2 Determine which state it’s best to register in, particularly relevant if you do business in multiple states. 3 Understand whether, and why, an LLC is better for your business than other business structures, including the tax consequences of each structure. 4 Draft and file your articles of organization, which is the foundational document for an LLC that you have to file with the state to create your LLC. 5 Draft and negotiate funding agreements for your LLC with investors. 6 Help you comply with Securities and Exchange Commission (SEC) requirements if you want to raise money from investors. 7 Draft your LLC operating agreement, which creates the backbone of your LLC and specifies how you’ll make decisions and manage the business. This will cover things like how to invite new members into the business, replace members, and bind the company to business loans and important agreements. 8 Maintain meeting minutes, member resolutions, and other important LLC paperwork. 9 Understand state-specific LLC laws and how to comply with them.

How much does an LLC lawyer charge?

Some LLC lawyers charge a fixed rate of as low as $500 to draft and file LLC formation paperwork, and others charge as much as $3,000. For document drafting and document review, lawyers typically charge an hourly rate of $100 to $300.

Why is it important to pick a lawyer?

The most important thing is to choose someone who has a good rapport with you and who makes you feel confident about your business and protected from risk as you grow.

How to start an LLC?

If you do not need LLC formation services, but need help with your new business, you may want to consider: 1 Employment law attorneys to create employment contracts and HR policies 2 Intellectual property lawyers to review your products or services to make sure they are protected 3 Tax lawyers to review your income tax and tax returns to ensure you are not leaving money on the table 4 Business lawyers if you need to change your business structure to a single-member LLC, S corporation, or another type of business, or need help with another business-related legal matter 5 General counsel to review compliance with state laws, state agencies, state fees, or annual fees 6 Real estate attorneys to register your business offices or production space

How much does it cost to register an LLC?

Your LLC will give you tax benefits and protect your personal assets if anything happens to your company. It costs between $50-$500 on average to register your business. You do not need an attorney to form an LLC.

What is a business lawyer?

Business lawyers if you need to change your business structure to a single-member LLC, S corporation, or another type of business, or need help with another business-related legal matter. General counsel to review compliance with state laws, state agencies, state fees, or annual fees.

Do I need an attorney to register my business?

However, by law, you do not need an attorney to register your own business. Other documents and legal services can be handled with a DIY approach or trusted to an attorney to save you time and prevent mistakes along the way.

Can an LLC be sued?

Once you register, you can buy or rent a building and have company bank accounts. Unfortunately, your company can also be sued.

What's the Difference Between an LLC and a Sole Proprietorship?

Partners and sole proprietors are responsible for the debt of the company and any liability. Creditors then are allowed to use personal owner assets in order to settle the debt. An LLC protects from this while still being more flexible than other business entities.

Can I Convert My Existing Business into an LLC?

Yes. Existing sole proprietorships and partnerships can be converted from its current form to an LLC. The business still receives the same legal benefits without changing the way that the income for the business gets taxed.

Do I Need a Lawyer to Form an LLC?

Unlike other business entities, hiring a lawyer to assist with the LLC creation is not necessary. The business owner is allowed to form the LLC by filing the articles of organization. With that said, it may be worthwhile to consult a lawyer or other expert to ensure that forming an LLC is the right direction to go.

Does My LLC Need an Operating Agreement?

Yes. After going through the process of finding a name for the LLC, filing the articles of organization, appointing a registered agent, and paying the appropriate filing fees, it's time to form an operating agreement. Some states may require a copy of this agreement be submitted. Others ask that it be kept on file.

How to manage an LLC?

Management of the LLC can take many different forms, particularly if there are multiple members are investors. Generally, management of an LLC will fall into one of the following categories: 1 You are the sole member, with no investor, and you fully manage the company. 2 The LLC has multiple members (possibly including an investor), but all the members agree that one person manages the company. 3 The LLC has multiple members (possibly including an investor), all the members agree that one person manages the company, but that person needs their consent before taking certain actions that are outside the ordinary course of business (for example, borrowing money, selling the company, declaring bankruptcy, and the like). 4 The LLC has multiple members (possibly including an investor), and all the members agree to manage the company together, perhaps by forming a board of managers (which is similar to the board of directors of a corporation).

What are the advantages of an LLC?

One of the attractive characteristics of an LLC is the potential pass-through tax treatment. Having an accountant or tax attorney advise you during and after the LLC formation process will allow you to best take advantage of this benefit.

Why do companies use fictitious names?

Fictitious names can be very useful if you want to vary your business' name by geographic location, or assign different names to separate divisions within the company. This allows you to avoid having to formally create new subsidiaries.

What can a tax adviser do?

Your tax adviser can also guide you on how to make and record periodic cash distributions to members, if applicable.

Can an LLC have multiple members?

The LLC has multiple members (possibly including an investor), all the members agree that one person manages the company, but that person needs their consent before taking certain actions that are outside the ordinary course of business (for example, borrowing money, selling the company, declaring bankruptcy, and the like).

What is limited liability LLC?

This means that debts are solely the responsibility of the business and not the owners. This provides a safeguard against lawsuits and judgments if members face litigation. This also means that creditors cannot petition for the personal assets of the members. With that, such protections do not apply to unlawful acts committed by LLC members, and the courts can remove protections if members committed negligence.

What is a registered agent?

A registered agent is the person accepts official documents on your organization’s behalf, and choosing an agent is a general requirement. Depending on your state laws, a registered agent can be the following:

What is an article of organization?

An articles of organization is the document that creates your organization, and it is a basic document that mentions information about your LLC. Your state may also provide you with a blank template where you fill in general info about the business. The document will ask for such info as:

Is a corporation a sole proprietorship?

A corporation is not designated as a taxable entity, which is why it is either taxed as a sole proprietorship or partnership. A specific return is not required for an LLC because the business itself does not pay taxes, and members only pay taxes owed from individual tax returns. Also, LLCs can choose a corporate tax classification, but you should conduct more research to find out if such a move would be the right move for your business.

Why is an LLC important?

An LLC's operating structure also helps to avoid conflict and misunderstandings between you and your business partners. Your business has significant risks. Some types of businesses are at high risk for failure. Others have both financial and liability risks.

What are the advantages of an LLC?

LLCs also have other advantages: If you have business partners or employees, an LLC protects you from personal liability for your co-owners' or employees' actions. An LLC gives you a structure for operating your business, including making decisions, dividing profits and losses, and dealing with new or departing owners.

Can an LLC issue stock?

Unlike a corporation, an LLC can't issue stock, and this complicates matters if you want to take on investors. Many investors prefer corporations over LLCs. If you are a licensed professional such as a doctor, lawyer, accountant, architect, or engineer, your state may not allow you to form an LLC. Depending on your state, you may choose ...

Can an LLC protect your assets?

An LLC does not protect your assets if you personally guarantee a contract or loan. And it won't protect the business itself from losing everything in a fire, flood, lawsuit, or economic downturn. Because of these limitations, an LLC is never really your first line of defense against business problems.

Is it bad to have an LLC?

Forming a business entity like an LLC or corporation is almost never a bad idea, but it isn't always an absolute necessity for solo business owners. To decide whether you need an LLC, consider: Whether you plan to have partners, employees, or outside investors.

Do small businesses need an LLC?

Many small businesses are organized as limited liability companies, or LLCs, because an LLC offers the same liability protection as a corporation, but with a less rigid structure and fewer administrative requirements. But not everyone needs an LLC. Some businesses will do just fine as sole proprietorships, while others should form ...