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3 tips for forming and running an LLC

You want to open a new business but are not sure where to start. Forming a small business as a limited liability company, or LLC, is a popular choice for many people. You might consider this option due to the legal protections this business structure offers without the burdens of a corporation. The thought of creating and operating an LLC may seem daunting, but it can be done with the right help.

Of course, you will want to choose a business name and fill out your Articles of Organization, but the process requires more if you want to do it correctly. Read below for some helpful tips on starting your LLC with information from Forbes.

1. Prepare your Operating Agreement

You should start planning your Operating Agreement before you submit your Articles of Organization. This is not legally required, but it will help avoid issues. Someone might not want to be part of your business once they know the details or you might find out you need to bring someone else onto the team. Start drafting your Operating Agreement early.

2. Get an Employer Identification Number

You must have an Employer Identification Number, or EIN, if you plan to hire any employees. An EIN acts as your tax identification number. It is a simple and quick process thanks to the ability to obtain an EIN online through the Internal Revenue Service website. Plus, the process is free, so you should just get it out of the way.

3. Update your Membership Ledger

Just like corporations have stock ledgers, LLCs have Membership Ledgers. Make sure this document contains names and addresses of each owner and the details regarding the units they hold and acquire. If any members relocate, acquire units or transfer units, promptly update the Membership Ledger with this information.

These three tips will help you set up and maintain your LLC successfully. For more help starting and running your business, consult an attorney.

 

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