An LLC is a formation of a business entity. Not every business can form an LLC, such as a bank or insurance company. On a state by state basis, the rules and regulations to start an LLC will vary. By using an LLC application via Gov Doc Filing, support is provided to help business owners form an LLC and file for a tax ID as needed.
To start the process, you will need to fill out LLC forms. Whether you are converting a corporation or sole proprietorship to an LLC or starting a new business, you can use these forms to go through the step by step process of starting an LLC. The paperwork to complete this process can be confusing. Having all the items in one place, with online assistance available, you can easily prepare your business to become an LLC.
Benefits of an LLC
Forming an LLC has its benefits. One of the primary benefits of this type of corporation is that it creates a distinction between personal and business assets. A member’s home, vehicles, bank accounts and additional assets are protected from creditors if the company takes on too much debt or are sued.
In many states, an LLC is not required to file annual reports, which means less work for your business. Record keeping requirements are not as strict as with other business types which mean less paperwork to worry about. LLC’s also have pass-through taxation, which means the taxes are paid based on personal profits instead of based on a company level. The distribution of profits is more flexible among members which makes the tax liability less than what a corporation would experience.
You can easily start the process today to turn your business into an LLC via Gov Doc Filing. The forms are located in one place, with easy to follow instructions to get you started.