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#Business: Forming a LLC

5/18/2017

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Forming a LLC (limited liability company) is not as hard as most people think. Here are the steps you need to take to make your LLC a legal reality.





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Forming a LLC Overview
  1. Choose an available business name that complies with your state's LLC rules.
  2. File formal paperwork, usually called articles of organization, and pay the filing fee (Average cost for Louisiana).
  3. Create an LLC operating agreement, which sets out the rights and responsibilities of the LLC members.
  4. Publish a notice of your intent to form an LLC (required in only a few states).
  5. Obtain licenses and permits that may be required for your business.
Forming a LLC Full Details
  1. Choose a Name for Your LLC
The name of your LLC must comply with the rules of your state's LLC division. (Typically, this office is combined with the corporations division within the secretary of state's office.) While requirements differ from state to state, generally:
  • the name cannot be the same as the name of another LLC on file with the LLC office
  • the name must end with an LLC designator, such as "Limited Liability Company" or "Limited Company," or an abbreviation of one of these phrases (such as "LLC," "L.L.C.," or "Ltd. Liability Co."), and
  • the name cannot include certain words prohibited by the state, such as Bank, Insurance, Corporation or City (state rules differ on which words are prohibited).
Your state's LLC office can tell you how to find out whether your proposed name is available for your use. Often, for a small fee, you can reserve your LLC name for a short period of time until you file your articles of organization.
Besides following your state's LLC naming rules, you must make sure your name won't violate another company's trademark.
 
Once you've found a legal and available name, you don't usually need to register it with your state. When you file your articles of organization, your business name will be automatically registered.
  1.  File Articles of Organization
After settling on a name, you must prepare and file "articles of organization" with your state's LLC filing office. While most states use the term "articles of organization" to refer to the basic document required to create an LLC, some states call it a "certificate of formation" or "certificate of organization."
Filing Fees
One disadvantage of forming an LLC instead of a partnership or a sole proprietorship is that you'll have to pay a filing fee when you submit your articles of organization. In most states, the fees are modest -- typically around $100.
Required Information
Articles of organization are short, simple documents. In fact, you can usually prepare your own in just a few minutes by filling in the blanks and checking the boxes on a form provided by your state's filing office. Typically, you must provide only your LLC's name, its address, and sometimes the names of all of the owners -- called members. Generally, all of the LLC owners may prepare and sign the articles, or they can appoint just one person to do so.
Registered Agent
You will probably also be required to list the name and address of a person -- usually one of the LLC members -- who will act as your LLC's "registered agent," or "agent for service of process." Your agent is the person designated to receive legal papers in any future lawsuit involving your LLC.
  1.  Create an LLC Operating Agreement
Even though operating agreements need not be filed with the LLC filing office and are rarely required by state law, it is essential that you create one. In an LLC operating agreement, you set out rules for the ownership and operation of the business (much like a partnership agreement or corporate bylaws). A typical operating agreement includes:
  • the members' percentage interests in the business
  • the members' rights and responsibilities
  • the members' voting power
  • how profits and losses will be allocated
  • how the LLC will be managed
  • rules for holding meetings and taking votes, and
  • "buy-sell" provisions, which determine what happens if a member wants to sell his or her interest, dies, or becomes disabled.
  1. Publish a Notice (Some States Only)
In a few states, you must take an additional step to make your company official: You must publish a simple notice in a local newspaper, stating that you intend to form an LLC. You are required to publish the notice several times over a period of weeks and then submit an "affidavit of publication" to the LLC filing office. Your local newspaper should be able to help you with this filing.
  1. Get Licenses and Permits
After you've completed the steps described above, your LLC is official. But before you open your doors for business, you need to obtain the licenses and permits that all new businesses must have to operate. These may include a business license (sometimes also referred to as a "tax registration certificate"), a federal employer identification number, a sellers' permit, or a zoning permit.
 

 
If you are interested in learning more about our services or would like a consultation review of your business, don’t hesitate to contact us!
Additionally, you can add your business to our Curated Connections small business registry for free. It will provide other businesses and customers with a way to learn more about your company.
Curated Connections: http://www.promisingpresence.com/list-your-business.html
 
                                                                          

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Quick Tip: Tactical Goals Help To Achieve Short Term Goals

2/13/2017

1 Comment

 
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1 Comment

Quick Tip: What Do You Plan To Accomplish

1/25/2017

3 Comments

 
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Do you really know what your end goals are for your business? Do you aim to leave a legacy of impacting families? Do you plan to make XYZ dollars? Do plan to open 5 stores? Whatever you plan to do, began creating tangible SMART goals to accomplish them. Your business should have goals that you work to accomplish each day to ensure your success. Your time is valuable and don't want to own a business just to own it. You want to own your business and excel at it!

What are SMART Goals?
S - specific, significant, stretching

M - measurable, meaningful, motivational

A - agreed upon, attainable, achievable, acceptable, action-oriented

R - realistic, relevant, reasonable, rewarding, results-oriented

T - time-based, time-bound, timely, tangible, trackable

Get busy with reaching your goals!


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New Year, New Goals?

1/9/2017

1 Comment

 

Do you have new business goals but you aren’t sure how to tactically achieve them? Set up a free consultation with our team of business development professionals to get things moving! 2017 is the year to GET THIS Done!

Set Up Consultation
 
Also, we partnered to create the “Job Done 2017 Planner”, a planner to help you simply stay focused to get your tasks done!
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1 Comment

Quick Tip: Spend Money On What Matters

1/9/2017

0 Comments

 
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​To make a profit by spending on improving customer experience, you must first find places where the spending actually matters. Just as important, you should avoid spending on experience improvements that don’t actually matter. How do you find out what matters most to you customers? Create surveys and feedback loops that allow your customers to provide responses to what they enjoyed most.
 
By improving the customer experience and perfecting what matters most to the customer, you will see more returning customers which leads to consistent business revenue.

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Join Your Chamber of Commerce

10/24/2016

1 Comment

 

Quick Tip:

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Chambers of Commerce are essential to the economic growth of our local communities; through networking, making introductions, facilitating projects, understanding the areas served and their economic climates and keeping abreast of pending development projects. If you are looking to become more abreast in your community, joining your chamber of commerce may be beneficial.
Inquire about joining your local chamber today. 

1 Comment

Embrace Partnership Events

9/11/2016

1 Comment

 
 Have you pondered ways to gain exposure to new clients while teaming up with individuals who offer similar but different services? Consider hosting a joint event. You will be able to reach new customers while reducing the stress and cost of hosting an event alone. 
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1 Comment

Increase Your Drive

9/7/2016

2 Comments

 
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2 Comments

Created Weekly Goals

9/1/2016

0 Comments

 
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0 Comments

Get Repeat Customers

7/26/2016

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