Worry No More! Here’s a Legal Guide to Forming an LLC

The legal side of starting an LLC can be daunting for some people, especially if you’ve never done it before. Check out LLCBuddy to learn more about starting an LLC. Luckily, there’s a guide that will walk you through all the basic steps and answer any questions that might come up during this process. The guide includes everything from forming your company to reporting taxes and even coping with different types of lawsuits. It’s time to stop worrying about what to do next. Here’s where to find the answers! 

Step 1: Name of Company

First, you’ll need to choose a name for your company. The name should be unique, not the same as another LLC or corporation. Your business name must include a term that denotes it is an LLC, such as “limited liability company” or “limited” or “LLC”. Consult with Sleek Tech Pte Ltd in your first steps of forming an LLC. They can help with the name and many more issues that you might have to start. 

Step 2: Find a Location for Your Business

Then you’ll need to decide where your business will be located. The exact address of the location where you’ll do business is required when filing articles of organization in some states, so it’s a good idea to think about this before you apply for your company’s name and tax identification number. If you’ve chosen a home-based business, you’ll need to discuss with your partners whether or not you are allowed to conduct business from your home address.

Step 3: Obtain an Employer Identification Number (EIN)

Then you’ll need to obtain an employer identification number (EIN). This is the same as a social security number for your business. You can do this either online or by phone, and it typically takes four to five business days to receive. You can also fax in your documents, but it might take an additional two weeks.

Step 4: Choose Your Business Structure

Next, it’s time to choose your business structure; you have three options: sole proprietorship, partnership, and corporation. If the company is owned by one person it’s a sole proprietorship. If you have two or more people interested in starting this business, then it’s a partnership. And if there is more than one owner and the business is organized as a corporation then that’s called a corporation. 

Step 5: File Articles of Organization

Then you need to file articles of organization with your state’s LLC filing office. Each state has its own requirements, so you’ll need to download the articles of organization form for your specific state, fill it out and file it with the correct office. Your articles must include: the name of the LLC; if declined names are accepted in your state, a statement that “the undersigned company’s name is available for use in this state;” the street address of your business’s principal place of business, or if different, where you will receive legal papers in connection with a lawsuit against/by your LLC; the name and address of your registered agent. 

Step 6: Form Your LLC 

You’ll need to do this by filling out the required forms with the necessary information.  The business name and address and the names and addresses of the owners (known as members) must be provided. You may also choose to appoint a registered agent, who will receive any legal notifications or summons for your LLC.

Step 7: Sign the Operating Agreement

Finally, if there is more than one owner of your business, each must complete and sign the Operating Agreement. This is like a roadmap for the company, laying out who does what and how profits will be divided. For example, if your company has just started up then you can use this document to set out job descriptions and salary information. It might also explain that each member is expected to invest certain amounts of money into the LLC, or take on certain duties. You can take this document to your local library or small business association for tips on how to write an effective Operating Agreement.

Step 8: Report LLC Taxes

Then you’ll need to file the required tax documents with the IRS and State, depending on where you are located. These forms will change periodically so it might be a good idea to check with the IRS or your state about the most up-to-date forms. 

 

Getting started with your LLC can be daunting for some people, especially if they’ve never done it before. There are many requirements that you need to meet and steps to complete before starting this business. However, having an informational guide will definitely put your mind at ease because it walks you through all the basic steps and answers any questions that might come up during this process. It’s time to stop worrying about what to do next and use the guide right here!