Starting an LLC – What You Need to Know

starting llc business

Llc starting a business an LLC is a major professional step that can help you build credibility. It can also make it easier to attract investors and hire employees.

Choosing Your Name

Picking your business’s name is one of the most important steps in forming an LLC. Having a distinctive business name can help you avoid trademark infringement claims and other legal issues.

Establishing a Business Address

As an LLC, you must provide a legal address that will be used for official business purposes. This address will be listed in your state’s public records.

Starting a Business as an LLC: Pros and Cons

Your state requires you to list all the members of your LLC. This includes everyone with a share in the LLC and anyone who is on the LLC’s board of directors.

Bringing in the Right People

Who you bring into your business can make or break it, from experts in their field to friends who you trust will be able to take over operations when you’re busy with other aspects of the company. You’ll need to include all these people on your LLC’s formation documents, which are called articles of organization in most states.

Using an EIN

The IRS requires that all businesses have a federal employer identification number (EIN). You can get one for free by filling out an online application.

Creating a Business Plan

While not required by law, having a business plan can help you make a plan for your business’s future. It can give you a clearer picture of how your business will grow, as well as outline your goals for the future.

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