What is an LLC?
What is an LLC, and is an LLC the best option? An LLC is defined as a Limited Liability Company. Furthermore, as the name suggests, it offers limited liability of your personal assets to cover any debt or legal action your business (LLC) induces.
How Do I Create an LLC?
There is a few options you need to pick from:
Many companies online offer LLC creation services for a fee, plus state fees. Some do offer a $0 + state fees option, but we do suggest going for a paid plan if you choose to hire an online LLC creation service. You can also go to your Secretary of State Website to skip the extra fees entirely (you would only pay the state fee). This takes more of your time, and resources, though. You also miss out on all the extras you can get for a fair price by using a paid service to create an LLC. You can usually pay an extra fee to expedite the filing process as well. There are a few things you need besides the actual LLC creation to get your business off the ground. We suggest Bizee’s premium package for $299, plus state fees.
This is going to come with:
This all comes with no hidden costs, and there are no long- term contracts or subscriptions.
Get Bizee’s premium package now.
What is a Registered Agent?
A registered agent is an individual or business that is appointed to receive service of process when your business is involved in legal proceedings, such as; lawsuits or summons. The Registered Agent receives notification of renewals that are coming up for your business as well. This is important, because if you are away from your primary residence for any reason, instead of you not being able to receive crucial (often time- sensitive) mail on behalf of your business, your Registered Agent will receive it instead. This allows them to contact you with any important updates or needed actions.
The premium a.k.a. platinum package at Bizee (as stated above) does come with a Registered Agent Service for a year. After that, the service is $119 per year. You can also purchase it at $119 per year as a stand alone option if you so choose to create your LLC with someone else.
Read More: A blog post by Bizee “Registered Agent Requirements in All 50 States”.
What is an EIN?
EIN is an acronym that stands for Employer Identification Number. This number is used as a tax number for your business. It is like a social security number for your business in a way. The EIN is used when you file and/ or remit your taxes. You can obtain an EIN for your LLC for free from the IRS website, or pay a fee for a service to do that for you (usually about $50). Bizee’s platinum package does also come with EIN obtainment included in the $299. They do all the heavy lifting for you.
What is the IRS Form 2553?
The IRS Form 2553 is a form that allows you to file your LLC taxes as an S-corporation, which has major benefits for your business from a saving money on taxes standpoint. It allows any money over and beyond reasonable compensation for yourself to be free from self-employment tax for one thing. If you have made it to this point, and you still want to form your business, you can hire Collective to take care of the formation process, payroll, bookkeeping, and accounting all in one spot for one low monthly service fee of $349. As a thank you for reading our post this far, we have been authorized to offer you 50% off your first month. Just head on over to that link.
Read More: If you need more analysis paralysis in your life for whatever reason, we wrote an article “23 Simple Small Business Ideas You Can Start Today”.
Conclusion
Is an LLC the best option? Whether you believe it is, or not, it very well could be the best way to structure your business. It doesn’t stop there. Any of the services we recommend on this page offer the IRS Form 2553 when filing, which gives a major advantage when it comes to taxes. With Collective, they will form your LLC (filing as an S- Corp with form 2553), your taxes, bookkeeping, payroll and accounting all for one small monthly service fee of $349. Not to mention the fact that we were able to get you 50% off your first month. This is a no-brainer, because we feel you deserve to not waste your time with the particulars. We feel your better off doing what you do best, which is the actual running of your business. If you’ve formed your business already, no problem! All the services they provide are definitely worth that small monthly fee.