If you are embarking on the thrilling adventure of launching your own business, setting your venture up as an LLC – also known as a Limited Liability Company – can bring you a number of benefits. Arguably the most important of these is the protection this status affords you, closely followed by its affordability.
You can set up an LLC by yourself if you are planning to operate as a single member company, although it may be best to ask for professional help. Regardless of which route you take, here are some straightforward steps that can help you through the process of establishing your LLC and getting it off the ground.
What’s In A Name?
Choosing a name can be a daunting task when you are first launching a business, as you have to find the right balance between legal requirements and your own brand goals. Of course, if you have decided to establish an LLC, then it’s probably a good idea to have your business name include the letters ‘LLC’ at the end.
Find An Agent
If you are starting an LLC in the USA, no matter what state you reside in, you will need to appoint an agent to receive any legal paperwork on your behalf. As long as the person is over the age of 18 it doesn’t matter whom you choose; you can even appoint yourself as your LLC’s agent, or a family member, so long as they meet the relevant requirements.
Alternatively, you may wish to hire the services of registered professional agents.
Prepare Your Paperwork
Having the appropriate paperwork is crucial when it comes to establishing an LLC. Among the various forms you will need to fill out for your business and the licenses you will need to apply for, you need to make sure you complete and file an LLC Article of Organization Form.
Depending on the state you live in, you may also need to complete other crucial steps, such as announcing the plans for your new LLC in the local newspaper.
Get The Right Insurance Coverage
Various forms of insurance are required for LLCs in order to provide protection against accidents or mishaps, including fire damage and theft.
When it comes to the matter of LLC insurance cost, the sum can vary depending on how many types of insurance you go for and the provider and type of policy you choose. Rates can also alter subject to your location and the type of industry you are involved in, as well as the number of staff you hire and your revenue.
Whatever the cost may be, it is recommended that you invest in comprehensive coverage – while accidents and other severe problems are, hopefully, unlikely to happen, if anything does go wrong at any point you will be glad that you did.
Once You’re Up And Running…
The process of launching an LLC can seem lengthy and fraught with obstacles, but once you have accomplished your goal, you will have a tangible achievement that will hopefully bring you prosperity and security for years to come.
Now the key, going forward, is to make sure your LLC is well-managed and consistent when it comes to abiding by local and national laws to provide the best chance of success.