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HOW TO SET UP AN LLC FOR YOUR ONLINE BOUTIQUE BUSINESS

November 2, 2018July 2, 2021



WHAT IS AN LLC?

An LLC is a legal entity that protects business owners from being held
personally responsible for a company’s liabilities and debts. The owners of an
LLC are called members. An LLC can have one member, or it can also be composed
of other corporations or even several business partners.


WHAT ARE THE BENEFITS OF FORMING AN LLC?

The biggest benefit is that as a business owner, your personal assets are
off-limits in the event that your company is sued, goes into debt or has any
other kinds of legal trouble. This means only the money and property that belong
to your business are at risk.

Another big benefit when you start an LLC  is its pass-through tax status which
means is that your company won’t pay federal corporate tax. Instead, the income
will “pass through” to you, which means you’ll report income and losses on your
personal tax return, which will be subject to ordinary income tax. The paperwork
is a little bit more complicated if your LLC has multiple members because the
income will need to be allocated appropriately, but the same idea applies.

Forming an LLC means you should be keeping your company’s finances separate from
your personal finances, which can help you build business credit and will help
if you ever need a small business loan or other business line of credit. It can
also legitimize your company in the eyes of potential clients. But you must
maintain corporate formalities — such as keeping a separate bank account and
signing contracts in the business’s name rather than your own. 


IS AN LLC RIGHT FOR YOU?

Before you make any firm decisions, talk to tax and legal professionals who deal
with small businesses that can help you weigh the pros and cons. 


HOW DO I FORM AN LLC?

Once you’ve decided to move forward to start an LLC, the exact process to set it
up will depend on where you live. You’ll find guidelines and requirements on
your state’s Secretary of State or Department of Commerce website. But here are
the general steps you’ll follow:

1. Name Your LLC. Your business needs a name, right? Check with your state’s LLC
office before you start an LLC to ensure the name you wish to use is available
and complies with any restrictions, such as avoiding prohibited words or
trademark violations.

2. File Your Articles of Organization. Sometimes called a “certificate of
formation” or “certificate of organization,” this document provides basic
information about your business to the state, such as your business name,
address, a registered agent to receive legal documents and members. There is
usually a filing fee associated with this paperwork, and some states have a
corporate tax on top of that. For example, Utah and California have a filing fee
of $70, while most California LLCs are subject to an $800 annual tax.

3. Submit a Public Notice. If you form an LLC in Arizona, Nebraska or New York,
you must place a notice of your intent in a local newspaper. The amount of time
your ad runs for will vary, as will the cost to publish.

4. Write Your Operating Agreement. This document is like your company’s bylaws.
You don’t have to file this with your state office, and you may not need it on
day one if you are the sole member of your LLC, but it’s a good way to formalize
how your business operates from a legal standpoint. If you have multiple
members, it also helps establish who owns what percentage of the LLC and how big
each member’s share of the profits or losses are. It’s probably easiest to get
an attorney to help you draft one up.

5. Set Up Your Business. Once you’ve legally established your business, you’ll
want to get any licenses and permits required by state and local governments, as
well as a federal employer identification number (EIN) — it’s like your
business’ Social Security number (although you may not need one if you’re the
only member of your LLC). You should also open a business bank account.

When it comes to filing and start an LLC, you don’t have to go it alone — sites
like IncFile offer quick and easy service to file for your LLC. Click here to
get started.

While you can save money with a DIY approach, you should determine whether you
feel comfortable managing the process on your own. Forming an LLC can have
long-term consequences for your company’s legal and financial well being, so
it’s a good idea to let the pros walk you through the process.

Click here to file your LLC with IncFile.

This article is not intended as legal or tax advice. Feel free to seek advice
regarding your particular circumstances from an independent legal, accounting or
tax adviser.

By JenelleIn Starting Your Online Boutique



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