What is an LLC – Limited Liability Company?

Welcome to the What can you do to form your LLC without expensive attorney fees series. In part one we will focus on getting your LLC formed. Limited liability companies in my own words are pass-through entities that will be taxed once by the IRS via its shareholders or managers. [bctt tweet=”Limited liability companies in my own words are pass-through entities that will be taxed once by the IRS via its shareholders or managers. ” username=”Magnitax”]Most states provide you with the ability to form this type of company through the Articles of Organization. You will do research and probably come to the conclusion that you cannot form this type of company, please stop this series and reach out to an attorney of your choice. Otherwise, you can continue to get your Limited Liability Company (LLC) formed using this series.

Does your LLC’s name matter?

Your LLC’s name is important but isn’t always the most important step in the LLC Formation process. Therefore, pay attention to what I have to say next. The name of your LLC does not have to directly reflect the business activity that you’re about to start. As a result, you can look at your LLC’s name as the umbrella over your business ventures and this will be explained deeper in Part Four: What are some tips to make a “Doing Business As” (DBA) for my new LLC?. Case in point, below I have names of LLC’s that also have corresponding DBA’s (Doing Business As) and opens the gamut of opportunities this company can pursue.

What company name to choose for your new LLC?

Photograph by Joe Klamar—AFP/Getty Images

Where to file my LLC after I have found a good name?

You need to figure out a name that you or your partners collectively agree upon to start. Here are a few places where you can find out if your LLC has already been taken and make sure that you pick the state that you’re in and don’t focus on if someone else in another city has it at this level. Furthermore, if another state has a name similar to yours; differentiate it in a way that fits where you are; i.e., Plumber of Miami, LLC.

Click your state to search below: (Please come back later if your state is not here or email; info@magnitax.com)

You have finished part 1 of a series of blog posts on How to start your LLC without expensive attorney fees. Therefore, be sure to read each step to get your LLC up and running the right way the first time. Here are the next few parts in the series. Check out the remaining six posts of the series here:

Second Part

What tax-related tasks do I need to complete with the IRS for my new LLC?

Third Part

What organizational tasks do you complete for your new LLC?

Fourth Part

What are some tips to make a "Doing Business As" (DBA) for my new LLC?

Fifth Part

What are some of the licenses needed for my new LLC?

Sixth Part

What are some of the smartest ways to fund my new LLC?

Seventh Part

What to look for when hiring the best advisor team for your new LLC?
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