LLC Filing Requirements: Everything You Need to Know
LLC filing requirements include drafting an articles of organization, registering it with the secretary of state office and paying the registration fee.3 min read
2. Additional Tax Information
3. Tax Classifications
LLC filing requirements include drafting an articles of organization, registering it with the secretary of state office in your state, and paying the registration fee. Overall, LLC filing requirements are less stringent than corporate filing procedures. An LLC falls under the following categories:
- Sole owner
- Multi-member LLC
Further, other LLCs can own an LLC, including foreign entities and corporations. Members may admit as many members as needed with no restrictions, but your organization must adhere to certain mandates.
- LLC Name: Choose a name that’s not confusing or too similar to other company names. The name must contain such designators as “Limited Liability Company” or “LLC.” You cannot use corporate designators in the form of “Incorporated” and “Inc.” under an LLC registration. Also, you face general restrictions on financial names, such as “Insurance,” “Bank,” and “Trust.”
- Registered Agent: Many states require a registered agent for your LLC. A registered accepts official paperwork on behalf of your LLC. Overall, the agent must have a physical address in the state where you create the LLC but does not have to be associated with the LLC.
- Operating Agreement: An operating agreement is not mandatory, but you should draft one to create a cohesive structure within your company. An operating agreement outlines management structures and operating procedures within your LLC, and you may tailor the rules and management procedures to your liking. A typical agreement includes such attributes as profit divisions, capital investments, and member roles and duties. Also, an operating agreement is an essential document that the courts use in case a legal dispute arises between members.
- Articles of Organization: An articles of organization creates your LLC upon registration. It is also called a certificate of formation or certificate of organization. Each state has separate articles of organization forms, and you must use the one assigned to your state. Also, you may have to complete an LLC application.
- Permits and Licenses: Depending on your profession, you may need licenses and permits to conduct business within your state or county. Such regulations could include tax registration, health permits, zoning permits, or a general business license. You should seek professional advice if you are unsure what type of permits or licenses you would need.
- Statement of Information: As part of the LLC registration process, certain states mandate a statement of information to be included with the articles of organization, and the SOI goes by a variety of names. For instance, California, labels an SOI an LLC-12r or LLC-12. The document is simply a statement that includes such information as partners, business names, and the business address.
- Tax Documents: Tax documents depend on your business endeavors, but one LLC tax document to keep in mind is partnership" rel="nofollow" target="_blank">Form 1065. This is the form that you would file regarding partnership income, and it needs to be included with other tax documents. It should be noted that LLCs and partnerships do not pay business taxes. Instead, all profits and LLCs flow from the business to individual members to file on their personal tax returns.
Additional Tax Information
In addition, other businesses may send your LLC a 1099 Form if they conducted business with your organization and paid you more than $600. Also, the document would be included with your income tax filings, along with your partners. An extension LLC tax form (ex. Form 7004) would be needed to submit taxes at a later date. Such a form would give you five additional months for your partners to complete the filing of tax documentation. For sole-member LLCs, you do not need to submit an extension request with a personal extension.
With that, partners need to file different extension forms for business and personal requests. Also, you must ensure that your partners are submitting extension requests as well.
Form 8832 is a document an LLC uses to gain a different tax classification. One of the primary benefits of an LLC registration is that your organization can choose the following tax classifications:
- Disregarded entity
One maintenance requirement you need to be aware of includes LLC update documents. All documents depend on the state you’re in, but most states mandate an annual update on your LLC. Such updates including the following:
- Contact info
- Member changes
Do you have more questions on LLC filing requirements? If so, submit your legal inquiry to our UpCounsel marketplace. UpCounsel’s attorneys will help you regarding all filing procedures you need to be aware of in your state. In addition, they will help you with any maintenance procedures that your LLC must adhere to in your state.