what kind of lawyer do i need to file for an llc

Do I need a lawyer to form an LLC?

The law does not demand that you have an attorney help you set up your business structure. The choice is completely up to you. If you do not want to do the work and do not mind the cost, an attorney can complete the process for you. Otherwise, you can do it on your own online. GovDocFiling makes forming an LLC quick and easy.

Do I need an LLC name for my Small Business?

And you’ll probably need to include some version of “LLC” or “limited liability company” at the end of your business name. You can review your state’s LLC naming requirements and find out if the name you want is available by visiting the website of the state agency responsible for business filings. In most states, that’s the Secretary of State. 2.

Do I need an accountant to fill out an LLC form?

For help filling out an LLC form, is it best to consult with an accountant or a lawyer? You should not have an accountant form your limited liability company. If you need help, retain a lawyer.

What do you need to set up an LLC?

Setting up your LLC is only the start. Once it’s formed, you’ll need to ensure your business license is active. Again, refer to your state’s Secretary of State website to look up current information on how to do so. Most likely, you’ll have to update any information pertaining to your LLC and pay an annual filing fee.

Which of the following documents is legally required to form an LLC?

To form your LLC, you must submit to the state articles of organization, also called a certificate of organization (or certificate of formation in some states). You can generally download the appropriate form from the secretary of state website. When filing your form, make sure to include the correct number of copies.

Where is the best place to file an LLC?

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What should I include in my LLC?

The 3 Must-Have Documents for an LLC Articles of Organization. The Articles of Organization — also called Certificate of Organization — is the equivalent of the corporation's Articles of Incorporation. ... Operating Agreement. ... Employee Identification Number.

Do I need an EIN for my LLC?

An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed below. Most new single-member LLCs classified as disregarded entities will need to obtain an EIN. An LLC applies for an EIN by filing Form SS-4, Application for Employer Identification Number.

How long does it take to set up an LLC?

The formation process of an LLC depends on the state. The average time is 7 to 10 business days while other states take about 4 to 6 weeks. For some states, you will get approval immediately after the articles of organization, meaning the turnaround time can be as fast as 3 business days.

How much does it cost to set up an LLC?

The main cost of forming a limited liability company (LLC) is the state filing fee. This fee ranges between $40 and $500, depending on your state. There are two options for forming your LLC: You can hire a professional LLC formation service to set up your LLC (for an additional small fee).

How do I pay the $800 franchise tax?

The $800 LLC franchise tax can be paid via mail, online from a bank account or by credit card (see instructions below). The annual tax is due, even if you are not conducting business, until you cancel your LLC.

What is a good LLC name?

How to Choose an LLC NameMake It Legal. The most important thing when you're choosing an LLC name is to make sure it's legal. ... Make It Memorable. You want your LLC name to be something people can remember. ... Make It Meaningful. ... Make It Original. ... Make It Distinctive. ... Make It Domain Name Ready. ... Make It Social Media Friendly.

What is an LLC lawyer?

An LLC lawyer who has prior experience with LLC filings and maintenance is crucial if you’re considering starting a limited liability company, or “LLC.” An LLC lawyer can help you decide whether or not an LLC as a business structure is right for your goals for the business and can also make sure you file all the necessary documents completely and on time. Despite the stigma that attorneys charge an unreasonable hourly rate, often, consulting one can help your business and save you money in the long run. Thus, instead of waiting to hire an attorney when faced with a serious legal issue, you might consider hiring an LLC lawyer at the beginning to avoid those potential legal problems.

Is a limited liability company a partnership?

A limited liability company can be thought of as a combination of a partnership and a corporation. Similar to a partnership or sole proprietorship, an LLC is a “ pass-through ” entity, which means that the LLC is not a separate entity for tax purposes and LLC owners only pay taxes on their business’s profits once, on their personal tax return. This avoids “ double taxation ,” which corporations are subject to.

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.

What is LLC lawyer?

An LLC lawyer can be incredibly helpful in your first few years as a business. They can help you get started and keep your business compliant as you expand, raise money, or hire employees.

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.

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 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.

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.

Can an LLC lawyer help you avoid tax?

In addition, every state’s laws regulating LLCs are a little different, and without understanding your state’s requirements, you can run into trouble with the law, the IRS, or your local tax authority. This is where an LLC lawyer can help you avoid potential pitfalls.

What happens if you file an LLC incorrectly?

If your formation documents are filed incorrectly, they will be rejected and you won’t be able to start doing business, so it can be worth it to make sure they’re submitted right the first time! And let’s be honest, as an entrepreneur, you simply might not have the time to form an LLC yourself.

Why do people need an attorney?

Some people prefer to have an attorney form their business simply because they provide peace of mind that the startup process is handled correctly.

Can I outsource my business formation to an attorney?

You no doubt have a lot on your plate, and it can save you a bunch of time to outsource your formation process to an attorney. If you already have a business lawyer helping you with other services – like trademarks, copyrights, lease agreements, etc. – it can be easy to roll formation duties in too.

Do I need a lawyer to form an LLC?

Even though we just said there isn’t a simple yes or no answer to the question, we should note that legally speaking, you do not need a lawyer to form an LLC. But beyond the fact that lawyers are not required by the state or federal governments, the answer gets more complex.

How to create LLC?

There are several options to create an LLC: 1 to hire a Lawyer/CPA 2 to use independent filing service 3 to file it yourself at the SOS portal.

What is LLC in business?

A company such as LLC is just an organization and facilitates the business. It is not too much work, just have to remember to pay your tax and file tax forms, if you have a company with no active business. Like they say, easy come, easy go. Anything you can get for no cost have literally no value.

Can you convert an LLC to a C-Corp?

Quick note: It is possible to convert an entity from a LLC to a C-Corp. It can be a pain to do this, but it can be accomplished, so don’t worry if you are already formed as a LLC, you can change it later on – we’d recommend you plan to do it in conjunction with an outside financing round as it is not a cheap process.

What does a good lawyer do?

A Good Lawyer Will Protect Your Rights. When the contract is good, accurate, and professional – it will protect your legal rights. Also, a good contract will ensure the satisfaction of both parties. Although you can find various web template contracts online – it is not always a safe option.

What is the purpose of a lawyer when signing a contract?

When you sign a business contract – a lawyer is there to check things out and advise you. On the other hand, when it comes to offering a contract to another party – the help of a lawyer can be essential.

What are the advantages of a limited liability company?

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.

Can a limited liability company have a large capital?

On the other hand, a limited liability company cannot attract large capital by issuing its shares to third parties – as is the case with a joint-stock company. However, this is not a disadvantage – because the founders of LLC want to have only a few people as business partners – and they don’t usually have megalomaniac financial appetites.

Is an LLC lawyer cheap?

Although they are often not cheap, they will provide you with security in the long run. An experienced LLC lawyer will anticipate all possible problems before they happen – and thus save you bigger losses. Their assistance is indispensable in a variety of legal matters that may have an impact on your LLC and its business. Such an ally will help you to always operate following the legal framework, to protect your rights – and ultimately, to operate successfully.

Do lawyers see everything in a contract?

Many things in contracts can sometimes be insufficiently visible to ordinary people. But not to lawyers. Namely, lawyers are there to recognize everything that is needed – and they can see everything hidden between the lines. When you sign a business contract – a lawyer is there to check things out and advise you.

What are the owners of an LLC called?

Owners of an LLC are called members . Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single-member” LLCs, those having only one owner.

What is LLC in business?

A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company. Owners of an LLC are called members.

What is the form 8832 for LLC?

An LLC that does not want to accept its default federal tax classification, or that wishes to change its classification, uses Form 8832, Entity Classification Election PDF, to elect how it will be classified for federal tax purposes.

How long does it take for an LLC to take effect?

Generally, an election specifying an LLC’s classification cannot take effect more than 75 days prior to the date the election is filed, nor can it take effect later than 12 months after the date the election is filed. An LLC may be eligible for late election relief in certain circumstances.

Is LLC a corporation or partnership?

Classifications. Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”).

What is a registered agent for LLC?

A registered agent is someone who receives official or legal documents (such as subpoenas) on behalf of the LLC. Once received, the registered agent will then pass on these documents to the person in charge of the LLC. Anyone over 18 years old can be a registered agent—and there’s nothing wrong with naming yourself. Or, you can designate a company that provides registered agent services to do so. This will come at a fee, of course; pricing for registered agents may cost a few hundred dollars per year.

How to get a copy of articles of organization?

Go to your state’s Secretary of State website to get a copy of the articles of organization form. This document includes details about your proposed LLC so that you can establish it as a legally separate entity.