Forming an LLC

 
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Posted On : 9th Aug 2016

An Ultimate Guide to Form an LLC in any of the 50 States in the US

LLC is considered a simple and a very common business structure to operate a business. We will discuss the steps to be considered while planning to get an LLC License.

Step-1

Are you a US Resident or Not?

The procedure is same to establish an LLC for a US resident or non-resident.Filing an LLC for a Non US resident may take little more time, because the Internal Revenue Service does not issue the EIN online. The IRS timeline is 5-7 working days to issue an EIN for a Non US Resident.

Step-2

Select the State to Incorporate LLC


The simplest way to form an LLC is through your resident state. It is a misconception that you can bypass your state to avoid paying more taxes and create an LLC somewhere other than your home state, because you pay taxes based on your residency.

Step-3

Bank Account:
Opening a bank account is an issue if you are not physically present in the USA. So we strongly recommend to check with the bank first before applying to register an LLC. You can open a manager managed LLC and appoint a manager to look after your USA affair.

Step-4

Business Street Address:
A street address is required to register an LLC and a PO Box is not acceptable. You can use a registered agent service to create an LLC, if you do not have a street address. A registered agent will receive the mail on your behalf from the department to forward you.

Step-5

Name Availability:
The name availability must either be checked or reserved prior to filing an article in the state to register an LLC.

Step-6

Prepare Articles of Organization or Formation:


Articles of Organization or formation files with the Secretary of State or the Division of Corporations.

Step-7

Prepare Operating Agreement:


It is not required to file an LLC but strongly recommended to protect the member(s) or owner(s) of the LLC. It normally consists of:

Name and address of each member of the LLC

  • Details of the internal management of the LLC including the responsibilities of each member
  • Investments and Distributions
  • Business Purpose
  • It guards your personal assets
  •  

Step-8

Get EIN:
Apply for an EIN with the Internal Revenue Service to open a bank account or filing taxes.

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