How Do You Get a LLC for Your Business?
Forming an LLC is often not as difficult as perceived by most entrepreneurs and investors.1. Deciding a Name for LLC
First off, you must a choose a suitable brand name for your LLC. All the LLC rules of the zone must be carefully complied when choosing the name of your company.
· Although the requirements differ from state to the other state, generally:
· The name must be unique and dissimilar from an existing LLC.
· The name has to end with “Limited Liability Company or any of its abbreviations such as LLC, LC, Ltd or Liability Co.
· Certain names prohibited by the state must not be used in the LLC’s name such as Bank, Corporation, Insurance, City or State.
· The name does not violate the Trademark Law laws by violating the intellectual property of some other existing LLC
2. Creating Articles of Organization
Once the name has been secured, the next move is to file “articles for organization” through the LLC filing office. The term article of organization is often regarded as “certificate of formation”. This is where the legal process of the organization starts to kick in.
A slight disadvantage during this process is that the owner pays a fee when submitting your company’s article of formation. These fees are moderated by the countries laws, however, the zones can charge according to their own specific preferences. The LLC company setup fees will be renewed each year. In the articles, the owners and co owner names, LLC name and addresses.
3. Forming an LLC Operating Agreement
An LLC operating agreement has to be drafted through the LLC filing office, where the owner must set out
Percentage interest of the members
The rights and responsibilities of members
Visiting power of vendors
How the LLC setup will be managed?
4. Start Publishing a Notice
Now that your company is official, a letter must be published to a local newspaper confirming the LLC formation. This will be repeated for a couple of weeks until you are eligible to submit an affidavit of publication to the LLC filing office.
5. Start Business
Now your LLC is open to business and can run its operations freely according to the state’s laws.
“We must all obey the great law of change. It is the most powerful law of nature.” — Edmund Burke
