We enjoy nothing more than helping someone start a new business. When at the ground level of an endeavor, your first steps can matter the most. Selecting the proper business entity and structure generally concerns liability, taxation, governance and funding. If the business is not reliant on venture capital or selling stock, an LLC is an excellent option. LLC’s provide liability protection of personal assists. LLCs can elect to be taxed as a partnership or as an S Corp. LLCs do not have intensive governance requirements.
How do you set up an LLC?
- Pick a name
- Pick a Registered Agent (which can be you)
- File a Certificate of Formation with the Texas Secretary of State (online)
- Pay the filing fee
- Create and execute an Operating Agreement
- Receive your Certificate of Filing from the Secretary of State
- Get an EIN from the IRS (online)
- Take your Certificate of Filing and EIN to the local bank so you can have a place to store all your profits
Is it more complicated then that? Yes and no. Continue reading about LLC formation by reading the next article about picking a name.
It might be slightly more complicated then the list indicates. If you would like help setting up your new business, call Daly & Campbell to set up a phone or office meeting to discuss your specific situation and needs.