how do i apply for my LLC license?

Question

I need to apply for Limited Liability Corp. license and am trying to find out what I have to do. I have a small painting business.

Answer 1

Explained by attorney Robert Shapiro's ("formerly of OJ Simpson's Legal Dream Team") website named LegalZoom, "Limited liability companies, or LLCs, are becoming more and more popular, and it's easy to see why. They combine the personal liability protection of a corporation with the tax benefits and simplicity of a partnership."

But instead of applying for a licence or even writing a business plan, you will legally form a LLC.

Its a simple and convenient business structure that will give your small paint business exactly what it needs.

Answer 2

The answers so far are informative and should give you some idea about the LLC entity itself, but in terms of getting this actually processed you will have to choose which state to incorporate the LLC in. Depending on the nature of your business, you may not want to choose the state where you are located for tax reasons. The most popular states are actually Nevada and Delaware, even though most of those LLC's are not located in those states.

Also, it isn't necessary to pay a lot of money to create the LLC. You can call a corporate service company like CRS (http://www.crslink.com) and pay a small fee rather than paying an attorney a substantial fee.

You can also look up existing company names to see what is available by going to the state websites. Registered Agent Solution's website has an great resource center with links for all 50 states websites. You can do your research there.

Good luck!

Answer 3

The basic legal documents and procedures involved with starting your own LLC is a simple process. You can prepare the paperwork yourself, or you can hire a lawyer to prepare, sign and file the basic documents to set up an LLC.

The requirements in forming an LLC are as follows:

LLC Articles of Organization. The first formal step to create an LLC is the submission of the LLC Articles of Organization with your state's LLC filing office. Request a copy from your state's filing office, typically the Department or Secretary of State's office, normally located in your state's capital city (some big states have branch offices). The LLC Articles of Organization is a relatively simple form where you need to supply some basic details about your LLC: name, principal office address, agent and office for receiving legal papers, and names of its initial members or the special management team. Upon submission, the name of your LLC will be checked for possible duplication. Check with the LLC filing office if the additional step of posting a notice of intention to form an LLC in a local newspaper prior to filing your Articles is required (some states require this, while many don't).

LLC Operating Agreement. The operating agreement defines the basic rights and responsibilities of LLC members. As a matter of prudent business practice, this is a crucial documentation that serves as the written guidance for the newly formed LLC. This document usually provides for the purpose of the LLC, its duration, transferability, and management structure. This written agreement also contains provisions on how a new member can be accepted, how an existing member can withdraw, the continuation of the LLC should any member dies or retire, and buy-out rights of existing members. More importantly, the operating agreement defines the percentage of membership interest, and the sharing of profits and losses among members.

Given the newness of the LLC business structure, a number of issues particularly in tax requirements are still fuzzy. It is best to consult your accountant or tax advisor in the preparation of tax documents for an LLC.

You may want to read the following books:

How to Profit by Forming Your Own Limited Liability Company http://www.amazon.com/exec/obidos/ASIN/0936894938/powerhomebizguid
Starting a Limited Liability Company http://www.amazon.com/exec/obidos/ASIN/0471133655/powerhomebizguid
Form Your Own Limited Liability Company http://www.amazon.com/exec/obidos/ASIN/0873374193/powerhomebizguid
How to Form & Operate a Limited Liability Company : A Do-It-Yourself Guide http://www.amazon.com/exec/obidos/ASIN/1551801825/powerhomebizguid

Answer 4

You don't apply, you have to actually write a business plan and go to your state L& I Dept and fill out the paperwork. You should be able to look it up online. It just costs a different amount and it has more to with the structure of your business than much else. In my experience your better off with taxes and liability simply incorporating, its just as easy.

Answer 5

I posted some handy links that should get you started on your way.

Hope that helps! I wish you much success & happiness in all your ventures!