Limited Liability Company Frequently Asked Questions.

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Presentation transcript:

Limited Liability Company Frequently Asked Questions

Limited Liability Company Frequently Asked Questions Why Choose A LegalZoom LLC? Assurance Your LLC will be filed correctly – guaranteed.LLCguaranteed Speed Documents are typically sent for filing within two business days. Support Lifetime customer support and 100% satisfaction guaranteed. Get Started ▶ Get Started ▶ Get Started ▶ Get Started ▶ © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

What is a limited liability company (LLC)? A limited liability company, or LLC, is a business entity created under state laws which has the characteristics of both a corporation and a partnership. Like a corporation, the owners of an LLC are generally not personally liable for business debts. Like a sole proprietorship or partnership, an LLC has operating flexibility and is a pass-through entity for tax purposes. This means that the LLC's profits are passed through and taxable directly to the owners of the LLC. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

What legal documents do I need to form an LLC? To create an LLC, Articles of Organization must be filed with the Secretary of State or appropriate state agency. Next, the LLC members should enter into an operating agreement, which sets forth the rights of the members and the rules for running the company. An LLC may also need to apply for a tax identification number with the IRS. LegalZoom can prepare all of the required documents for you. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

What is the difference between a "member" and a "manager" of an LLC? A member is an owner of the LLC and is similar to a stockholder of a corporation. A manager is a person chosen by the members to manage the LLC. A manager can also be a member. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

Does an LLC have to hold meetings? The answer is usually no, unless the LLC's operating agreement requires meetings. LegalZoom's operating agreements make meetings optional. This is one of the key advantages of an LLC - fewer formalities and less paperwork. This means less paperwork and less chance that the members will accidentally violate the law and thereby lose their liability protection. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

How much will it cost to operate an LLC? Each state charges an annual fee to maintain an LLC. In many states, you must also submit an "annual report" or "statement of information", which is a one-page form sent by the state. California: A $25 filing fee and the Statement of Information are due within 90 days of formation and then every two years. LLCs are also required to pay a minimum annual tax of $800. Nevada: A $125 filing fee and a $200 business license fee are due with the Initial List of Managers and Members within 30 days after formation. The $125 filing fee is then due every year, as well as the $200 business license fee. Delaware: An LLC tax of $300 is due each year on June 1, beginning the year after formation. New York: Every LLC must publish notice of its formation in two newspapers. The company must then submit a certificate of this publication to the state, together with a $50 filing fee. New York also requires LLCs to file a report and a $9 fee every two years, as well as a partnership tax that varies based on the company's income. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

What are the main differences between an LLC and an S corporation? Although an S corporation shares many of the same tax characteristics as an LLC, an LLC has more flexibility and fewer restrictions than an S corporation. An S corporation cannot have more than 100 stockholders, cannot issue more than one class of shares, and is subject to more formalities than an LLC. However, owners of an LLC are required to pay Social Security and Medicare taxes on profits. Corporate stockholders are not required to pay these taxes on profits over and above the stockholders' salaries. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

Do I need an attorney 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 business formation service, such as LegalZoom. If you choose to form your LLC through LegalZoom, you will only need to answer a few simple questions online. We will take care of all of your paperwork, file the necessary documents with the state and even send you an LLC kit with seals and certificates. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

How many people are needed to form an LLC? In all states, only one person is needed to form an LLC. © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.

Limited Liability Company Get Yours Started Today! Why Choose LegalZoom? Assurance Your LLC will be filed correctly – guaranteed.LLCguaranteed Speed Documents are typically sent for filing within two business days. Support Lifetime customer support and 100% satisfaction guaranteed. Get Started ▶ Get Started ▶ Get Started ▶ Get Started ▶ © LegalZoom.com, Inc. All rights reserved. LegalZoom provides access to independent attorneys and self-help services at your specific direction. We are not a law firm or a substitute for an attorney or law firm. We cannot provide any kind of advice, explanation, opinion, or recommendation about possible legal rights, remedies, defenses, options, selection of forms or strategies.