How To Form an LLC in 8 Steps

by | Nov 19, 2020 | All Up In Yo' Business, LLCs, Single-Member LLCs, Starting a Business

In the beginning stages of starting a business, it can be easy to forget a few things (especially having so much to do).  Though following these 8 steps to form an LLC can ensure you’re on the right track.

First, figure out which state to form the LLC in. There’s a lot of discussion about Delaware, Wyoming, and Nevada being the optimal states to form an LLC. Though for most people, you’re better off forming the business in the state that you’re in. This brings about the obvious question here:

But why do you people want to form in those specific states?

Delaware, Wyoming, Nevada, and some other states have certain laws that can be very beneficial for businesses. For instance, Nevada has no state income tax. People may want to form there because they believe they won’t have to pay income tax. That’s when you hit a snag. With an LLC, that only works if YOU live in Nevada.  You still have to pay state income tax in the state where you live. Also, each state has laws requiring foreign entities to register their business within the state. So if you register the business in one state but operate in another, you’ll most likely have to register the business as a foreign LLC in that second state anyway.

Special thanks to our friends at Atomic Social for sponsoring this episode. Check them out at www.atomicsocial.com and be sure to watch the video for an exclusive discount offer! Visit www.calendly.com/benedson/freewebsite or give them a call at 480-608-1690 to get started on your BRAND NEW website!

 

Tune in to the new episode of All Up In Yo’ Business to find out the seven other steps to form an LLC. And be sure to subscribe to our YouTube channel for more All Up In Yo’ Business! Contact us today if you’re in Colorado and need help with your LLC.

Want more information for your business? Check out: Attorney-Client Privilege and Confidentiality Explained

Post

Comments

0 Comments

You may

Also like

Using a Virtual Address for LLC Registration

Using a Virtual Address for LLC Registration

When a business starts and is looking at registering as a Limited Liability Company (LLC), their first thought is probably about office space. Not only does having a fancy office space give your business a more professional feel, but it allows you to put a physical...

read more

10 Legal Tips for Starting a Business in 2022

If you're starting a new business venture, you'll want to make sure to take a few legal steps so your business is legally protected and set up for success from the very beginning. You may have a great new business idea and you're ready to launch, but you have to make...

read more