Limited Liability Corporations

Set Up Limited Liability Corporations Hilton Head, Bluffton and Okatie, SC

If you are planning to build a business, having it incorporated can mean a lot of paperwork, and it can be daunting, especially if you are just starting out as a small or local establishment. Thankfully, you may opt for a simpler option—creating a limited liability corporation or LLC.

Limited liability corporations are commonly referred to as the hybrid of a corporation and a partnership because it has characteristics of both business structures mentioned. LLCs are considered as legal entities separate from its members. Although LLCs are easier to form than a corporation, it can still be a tasking job for someone that is not familiar with the application process of the state he or she is under.

Denny Fraser of Fraser Law Firm, LLC can help you start up your business by assisting you in the formation of your LLC. We can aid in the filing of your forms and processing of the necessary requirements to establish your LLC in the fastest way possible, so you can focus on building and developing your business sooner.

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How To Form A Limited Liability Corporation

1. Choose a State

Typically, you should form your LLC in the state where you will conduct your business. If you are planning to establish offices or any physical presence in various states, you must also file a foreign LLC for each state.

2. Select a Name

In choosing a name for your LLC, you must consider the different rules and guidelines set by the state that you plan to have your business formed. However, there are common guidelines that states do observe, such as including “LLC” in your business name, and not choosing a name that is confusingly similar to a government agency or a well-known business.

3. Choose a Registered Agent

A registered agent will be the one who will represent your business in legal summons and document filings. He or she will also receive and sign legal papers on behalf of your LLC. It is also important to note that most states require your registered agent to be a resident of the state where you are conducting business.

4. Filing of Forms

For your business to be acknowledged by the state, you must file the necessary forms required for an LLC. The LLC form will also require you to indicate if your business will be member-managed or manager-managed, so it is better to discuss these types of specifications before filing.

5. Creation of Operating Agreement

Some states may not require this, but it is vital for an LLC to have an Operating Agreement to clarify the roles, responsibilities, contributions, and structure of your business. You may also outline how it was created and how it may be dissolved in the future.

6. Processing of Employer Identification Number (EIN)

Since you will be starting a business, you will need to hire employees and open a bank account. To do this, you are required to have an EIN, also known as the social security number for your LLC.

Jumpstart Your Business By Forming An LLC

Limited Liability Corporations are usually the preferred business structure of small businesses and start-ups because it has a simpler formation procedure compared to corporations. LLCs are also very attractive to small businesses since it protects its members from being liable to the debts and obligations of the LLC because it is considered as a separate legal entity from its members. Lastly, LLCs are very flexible with their tax requirements, having the option to not pay federal taxes, and having the members shoulder it in their personal tax returns.

Are you in or around Hilton Head, Bluffton or Okatie, SC, and in need of help in setting up an LLC for your business?

We, at Fraser Law Firm, LLC, will be more than happy to help. Attorney Denny Fraser, we will make sure that your business will be up and running in no time.

Process Your LLC In No Time With Fraser Law Firm, LLC!
Call To Schedule An Appointment Now At

Fraser Law Firm, LLC
94 Main Street, Suite D,
Hilton Head, SC 29926

The Fraser Law Firm, LLC