![]() Setting up an LLC in six steps Choose and reserve your business nameĭeciding on an appropriate name for your business is about more than just branding and marketing. Again, the rules surrounding these processes vary, but no matter where you are, here are the steps you’ll need to follow to start an LLC. You’ll also need a name for your new business and a legal point of contact for receiving important tax documents and court papers. But no matter where you’re located in the U.S., you’ll need to do two things: File articles of organization with the appropriate state agency, and create what’s known as an LLC operating agreement. The specific paperwork you need to successfully start an LLC varies from state to state. LLC members might also be eligible for a 20 percent pass-through deduction on their tax bill. The profits and losses of the business are passed through to its members, who can write them off on their personal income taxes. ![]() An LLC exists separately from its owners, so only the assets owned by the business can be claimed by creditors. This means that their home, savings, and any other assets can be taken to pay off business debts. Sole proprietors can be personally liable for any losses, debts, and lawsuits against them. The most common reason for forming an LLC is to protect personal finances. Whether you’re already doing business as a sole proprietor or you’re about to launch a brand-new business venture, there are many advantages to setting up an LLC. Notice: JavaScript is required for this content. With WeWork All Access, you can open an office in hundreds of dedicated workspaces around the world.Īnd for last-minute flexibility, WeWork On Demand gives you access to stylishly designed workspaces and meeting rooms in 70 cities across the United States, with no monthly commitment to worry about. WeWork’s flexible workspaces can help you quickly expand into new cities without locking yourself into restrictive long-term leases. If you are setting up an LLC and are considering opening an office in a new market, you’ll need a space that suits your business. In this article, we’ll take a closer look at some of the benefits of setting up an LLC, as well as the basic steps you can expect to take if you decide to structure your business in this way. Instead, members must declare profits and losses on their personal tax returns. ![]() Why set up an LLC? What do you need to start an LLC? Setting up an LLC in six steps What to do if your LLC does business in multiple states up an LLC not only makes it less risky to start and run a business, but it can be advantageous from a tax perspective too.
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