Starting an LLC in Los Angeles: A Guide for Business Executives
Starting a business in Los Angeles can be exciting, but daunting2 min read
Starting a business in Los Angeles can be exciting, but daunting. One of the most important steps for business owners is the formation of their legal entity--specifically, forming an LLC. Forming an LLC will protect your personal assets, but legal counsel is paramount for success. Whether you need a one-time consult or an ongoing relationship with an attorney, understanding the process of forming an LLC and available counsel in Los Angeles is essential.
Forming an LLC in Los Angeles is a multi-step process that requires a multitude of steps. Firstly, the business owner needs to choose a name for their LLC and ensure that the name is available in California, meeting the statutory and regulatory requirements. Once an available name is found, the business owner can proceed with filing the Articles of Organization along with the accompanying Certificate of Information and any applicable fees with the California Secretary of State.
After this, the business owner needs to create an Operating Agreement for their LLC that lays out the role of their management and governance structure. The Operating Agreement should also document the ownership of the company. The Operating Agreement is an important document that sets out the rules and regulations for all members of the LLC, and should be carefully reviewed by legal counsel.
Once the Articles of Organization, Certificate of Information, fees, and Operating Agreement are submitted, the business owner must also obtain an Employer Identification Number (EIN), as all LLCs are legally required to have one. This step is quite simple and is often done through the IRS website.
It is also important for the business owner to stay compliant with the applicable local, state, and federal laws that may apply to their LLC, such as local business licenses, permits, taxes, and filing fees. Depending on the nature of the LLC, the business may need to comply with additional regulations, such as registering with the securities and exchange commission or filing additional forms with the IRS.
Of course, enlisting the help of legal counsel in Los Angeles can smooth out the formation of an LLC and ensure that business owners remain compliant with all regulations. Legal counsel can provide invaluable advice and assistance on business formation and legal matters. Friends and family, or referrals from other professionals, can provide a great starting point in searching for an attorney.
Meanwhile, there are a variety of online services such as UpCounsel that provide access to high quality attorneys on demand. Business attorneys on UpCounsel’s platform have an average of 14 years of experience, and clients can review profiles of the online attorneys to view client ratings and reviews of their recent work.
Starting an LLC in Los Angeles requires a multi-step process and, in order to be successful, business owners should enlist experienced counsel to ensure that all statutory obligations are met. Utilizing resources such as UpCounsel can provide valuable the support for business owners to procure excellent legal counsel.
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