Asked by: Anastasija Fernandez Puebla
business and finance business operations

Where do I go to create an LLC?

Last Updated: 13th January, 2020

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To start an LLC, choose a unique name for your LLC that complies with your state's laws. Next, fill out an "Articles of Organization" form, file it with your secretary of state, and pay the required fee. Then, choose a registered agent and obtain any licenses required to run your specific type of business.

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Herein, where do I go to form an LLC?

The 10 Best States to Form an LLC

  1. Wyoming. Corporate tax rate: 0 percent.
  2. Alaska. Corporate tax rate: 9.4 percent.
  3. South Dakota. Corporate tax rate: 0 percent.
  4. Florida. Corporate tax rate: 5.5 percent.
  5. Nevada. Corporate tax rate: 0 percent.
  6. Montana. Corporate tax rate: 6.75 percent.
  7. New Hampshire.
  8. Utah.

Beside above, can I set up an LLC myself? Creating an LLC is the simplest and easiest way to form a legal business, protect your assets and get ready to bring your entrepreneurial ideas to life. When it comes to forming a company, you have a couple of choices: You can create and file the business yourself. You can use a professional company formation provider.

Likewise, people ask, do you need a lawyer to form an LLC?

No, you do not need an attorney to form an LLC. You can prepare the legal paperwork and file it yourself, or use a professional business formation service, such as LegalZoom. In all states, only one person is needed to form an LLC.

How much does it cost to start an LLC?

The primary cost of forming an LLC is the state filing fee, which ranges between $40 and $500, depending on your state. In addition, you will also need to pay annual fees to maintain good standing of your LLC.

Related Question Answers

Zain Timmer

Professional

Should I create an LLC for my rental property?

Creating an LLC for your rental property is a smart choice as a property owner. It reduces your liability risk, effectively separates your assets, and has the tax benefit of pass-through taxation. You can add unique bank accounts for each rental property.

Marquitta Bagaev

Professional

What state should I create my LLC in?

Summary: For most people, it's best to form your LLC in your home state. Since that is where you're legally transacting business. Even an online business is still transacting in your home state. Forming an LLC in Delaware, Nevada, or Wyoming usually ends up costing a lot more.

Ikechukwu Mulhens

Professional

Can you form a LLC in another state?

You can actually choose to form an LLC in any state, regardless of where you are based. Each state has different laws, so your best state to form an LLC may or may not be your home state. Some states offer financial and other advantages for LLC formation that can prove to be beneficial.

Hatem Aponte

Explainer

How much does it cost to form an LLC in Wyoming?

Wyoming LLC Fees
Starting the company only requires a $100 filing fee payable to the Wyoming Secretary of State. The price is $102 if you file online. There is a $2 convenience fee. We only charge $199 to form a Wyoming LLC.

Salah Hatskevich

Explainer

Can an LLC be registered in two states?

To operate an LLC in multiple states, you must choose one state as the “home state” of your LLC and register there as a domestic LLC. After registering as a domestic LLC, you must then register your LLC in other states as a foreign LLC.

Joakina Aranzubia

Explainer

Which state is best to register a company?

Top States for Incorporation: Delaware, Nevada, and Wyoming Explained
  • Business-Friendly States.
  • Incorporating in Delaware. Benefits of Incorporating in Delaware.
  • Incorporating in Nevada. Benefits of Incorporating in Nevada.
  • Incorporating in Wyoming. Benefits of Incorporating in Wyoming.
  • Conclusion.

Mirari Katzmaier

Pundit

Do I need to register LLC in every state?

Limited liability companies that want to transact business in another state typically must register with that state's secretary of state or its equivalent business registration office. Each state creates its own filing forms, requirements and fees.

Bertilia Kerhoas

Pundit

Why is Delaware good for LLC?

Delaware LLCs provide liability protection for owners.
One of the most appealing advantages of a properly formed LLC is the liability protection it offers business owners. Delaware takes this protection one step further by protecting the LLC from its members' creditors.

Raimunda Reichelson

Pundit

How much does an LLC cost yearly?

LLC filing fees range from $50 to $500. The average cost to file an LLC in the US is $127. The LLC filing fees have been recently reviewed and are up-to-date as of August 2019.

Hedi Jaresch

Pundit

How much does an LLC cost per year?

The average LLC annual fee in the US is $101. The LLC annual fees have been recently reviewed and are up-to-date as of August 2019.

Abram Zabaleta

Pundit

Is an LLC good for a small business?

The advantages of incorporating a small business include: No. 1: Personal asset protection. Both corporations and LLCs allow owners to separate and protect their personal assets. In a properly structured and managed corporation or LLC, owners should have limited liability for business debts and obligations.

Yaquelin Hebil

Teacher

How long does it take for LLC approval?

The LLC processing time really depends on the state in which you form your LLC. However, it usually takes most states 7-10 business days; other states could take 4-6 weeks, i.e.

Marianna Bartelmas

Teacher

What taxes does an LLC pay?

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.

Rica Ruaix

Teacher

What are the benefits of having an LLC?

Advantages of an LLC
  • Limited Personal Liability. If your business is a sole proprietorship or a partnership, you and your business are legally the same “person.”
  • Less Paperwork.
  • Tax Advantages of an LLC.
  • Ownership Flexibility.
  • Management Flexibility.
  • Flexible Profit Distributions.

Ndiaye Ivoula

Teacher

How do I know if I need an LLC?

To decide whether you need an LLC, consider:
  1. Whether you plan to have partners, employees, or outside investors.
  2. Whether you have significant contracts or creditors that might lead to financial problems or lawsuits.
  3. Whether you want to have the additional expenses and obligations of forming and running an LLC.

Vasili Horstschrater

Reviewer

When should you become an LLC?

Reasons you might want an LLC include: Limiting your personal liability for business debts. With an LLC, only the assets owned in the name of the LLC are subject to the claims of business creditors, including lawsuits against the business.

Sumaia Cardinho

Reviewer

How much do attorneys charge to set up an LLC?

Attorneys charge $100-$300 or more an hour to guide you through the legal niceties of setting up an LLC, for a typical total cost of $1,000-$3,000 or more depending on your location, the number of LLC members and the complexity of the arrangements.

Zeeshan Bulano

Reviewer

What is the cheapest way to get an LLC?

Depending on the LLC filing fees charged by your state, filing your own incorporation statements may be the cheapest way to form an LLC. For LLCs, incorporation statements are generally the articles of organization, although the name of the document can vary depending on your state.

Rochelle Echevarria

Reviewer

Is an LLC a business license?

To form an LLC, a business license is not required but it may be necessary to register the LLC with the state and obtain an occupational license before the LLC can legally operate as a business. Some fields issue professional licenses that have their own set of requirements.