Launch a Limited Liability
Company Online in a Few Steps.
10 steps are all you need to form your own LLC.
What LLC means is that more than one person is allowed to own a part of a company and it is a very common business structure these days. Any and all profits that are generated by an LLC company go through its members and the company does not file a separate tax return like a corporation has to do.LLC decreases the owner’s exposure to liability from any activity done by the company.
Building a limited liability company is an uncomplicated and easy process. There are a few steps you need to follow…
1. Choose a Name that suits your company.
A name is what defines your company and your business. It is an important step for your company to become an LLC. The name you choose should be legally free to use which means no other LLC should have that same name.Biz Pro Filings will book a name as a representative of your Company and will also manage your name search, all this for a nominal fee. You are also free to run your own name search. That you have to check for all the trademarks that are already registered on the name you have chosen too.
2. Know the LLC Organizer Requirement.
Getting to the second step needed to form an LLC goes through what is called an organizer and the organizer for your LLC can be anyone.
If you feel you want to choose your own organizer then you have to prepare and upload the articles Of organization form on your own. You can do this online by preparing with us at Biz Profiling and we can be your organizer.
3. Designate a Registered Agent.
A designation of a person or a form is required on your article of the organization to be a registered agent for your LLC and if you want to know more on articles of organization you can find it in step 6
4. Choose Your Ownership and Management Structure.
Any specific way you like your company to be managed? This is an important question you should ask yourself and your members. And the answer to this question will also be required for you to add to your articles of organization – It means that you will be managed by just one manager, all members, or multiple managers?
The choice given to you is very important because it will be deciding whether your company will be a manager-managed LLC or a member-managed LLC.
5. Create an Operating Agreement.
An operating agreement is essential as it is the legal engine that will give your business its governance, manage its working capital, and payout its profits. Crucial matters are at stake, Matters involving money, violation, liability, and fiduciary constraints. If you are an LLC you do not have to have an operating agreement. This is because a default operating agreement is already applied to your LLC according to state guidelines. But still, there is a need for you to read and understand all this default operating agreement to ensure that it is a good fit for your LLC.
You have to decide whether your LLC will be manager-managed or member-managed?To support your company’s records, if you will have a manager-managed LLC, you need to state the company and your operating agreement. And also declare that in your articles of organization.
An attorney should be consulted for further advice.
6. Filing the Articles of Organization.
Articles of the organization come next. You need to fill out your articles of organization and this is required by the state of Tennessee.
Articles of organization just lay in about a single page. It basically has all the details of your company. Once your state secretary accepts your articles of organization your company will immediately and officially be created, and your LLC will be formed.
To file for your articles of the organization following things are needed: the name and address of your company, your LLC organizer, your registered agent, and your management method.
I want to file articles of the organization quickly? Do you have a time issue? Biz Pro can file the Articles of Organization for you And also handle any paperwork that needs filling.
7. Acquire an EIN and Open a Business Bank Account.
If you have reached this point, congrats! Now you are registered with the state of Tennessee as an LLC. Now you will need an employer identification number, this is true based on if your company employs workers or not. In Tennessee, if you form an LLC with more than one member you need an employer identification number.
The IRS issues the EINs. Biz Pro Filings can file for you with the IRS, This can also be done on your own.
Add this step you should have opened a business account and start tracking your business expenses ASAP. Keep in mind that you need to stop using any personal accounts for your business. If you want to create a business account with the bank you need your employer identification number. It has its user benefits in other money-related matters. If you get confused or if you want to inquire about something it Will be good to speak with an accountant who will help you in business-related matters.
8. Pay Your State Taxes.
Keep in mind one thing that is you have to pay the minimum yearly tax and you also need to collect Sales tax if Selling goods and products are a part of your business. The annual tax is not a form of income tax. For more information on state tax visit your state’s tax website.
9. Determine Necessary Licenses and Permits.
It is a must that you have a business license or permits for at least 12 months. This is needed if you want to run your business in a specific community city or country. Do not be sure that you are exempted It is good if you double-check the rules and regulations. We are saying this because there are Huge fines if you are caught with a faulty permit or license.
10. File an Annual Report
All LLCs doing business must file an Annual Report every year and pay the appropriate filing fee. Biz Pro Filing is here to file your Annual Report for you if you prefer. Of course, we can carry out other filings for you as well. We are always on time and reliable with our filings. Find any necessary LLC forms (including the Annual Report form) on your state’s Secretary of State website.
Important Notice: It is beyond the scope of this article to discuss your potential insurance needs, or matters relating to employees. You should consult an attorney or accountant with any questions about legal or financial matters. Please note that nothing in this article can be construed as legal, tax, or accounting advice.
LLCs that are still in business must pay an appropriate filing fee in addition to filing an Annual Report. You need not stress here as Biz Pro filings is here to file your Annual Report for you if you prefer. We can also work on your other filings if you wish. We pride ourselves on our timing and reliability when it comes to filing important documents. All the LLC forms including the annual report form is available on your state of secretary state website.