What is an Annual Report? An annual report is filed once a year with the secretary of state and has the role of keeping your business up to date in state records and communicate any changes that might arise. Failing to file such a report can result in fines, penalties and, depending on the [...]
As individuals use their Social Security numbers for personal tax purposes, business entities must generally use a federal tax ID number, also known as an employee identification number (EIN). There are a few situations in which you need to obtain an EIN for your business, even if you have an LLC. Single Member LLCs This [...]
Filing for registration is not enough when making the first steps in business. Even with a simple business entity as LLC. You also need to make sure you understand and you are in compliance with state and federal tax laws. Do I Need a Tax Number for LLC? The EIN is used to identify your [...]
When thinking about the notion of foreign limited liability company, many people jump to the obvious conclusion of a company created outside U.S. since this is what usually “foreign” means. But in this case, things are a little bit different. Logically speaking, if a company would be created outside U.S., we would not be calling [...]
One of the very first steps in starting a business is to form a business entity. But with more than one option of business entities to choose from, this is sometimes one of the most difficult steps. Should you choose a LLC or a corporation? Which one is better suited for you and your [...]
A LLC (Limited Liability Company) is usually chosen of a form of association for business activities because of three main advantages: it is relatively easy to create a LLC, it involves limited liability protection to the LLC members and it offers a flexible LLC profit distribution. While the last is less known, it is an important advantage for any [...]
More flexible than corporations, with fewer recordkeeping requirements and limited personal liability for their owners, limited liability companies are one of the options you can choose from when creating your business. But can you create more than one LLC and what does that require? Although it is actually quite frequent for a sole owner [...]