If you’re a business owner and you’re considering applying for an LLC or a Limited Liability Company, there are a few things you should know before starting the process. You’ll need a few key pieces of information and paperwork to get the process going, and you’ll want to get your company an IRS LLC EIN number once you’re completed forming the LLC. Here’s the proper paperwork steps to follow.
Start with a Name
While every state follows the same general practices to form an LLC, there are some differences depending on where you’re located. The general consensus is started with picking a name for your business. After you’ve chosen the name for your company and made sure it is not already taken in your state, you’re ready to move forward and get the Articles of Organization.
You’ll also need to obtain an operating agreement for the LLC. This is not required by every state but it is a good idea to have one so that everyone involved is on the same page of how the business is run.
Tax ID Number
It is then imperative once you have formed the LLC to obtain your LLC tax id number. This is the number you need that will allow you to open bank accounts in the business name, file taxes, etc. It is an important part in getting your business up and running.
One of the main benefits to having an LLC formed is that you cannot be held liable for the businesses debts. This keeps your personal assets and business assets separated. It’s very important that you take those necessary steps to gain your tax id number so that you can protect your family and yourself from any business issues that may arise.