LLC(Limited Liability Company) – Advanta Accountancy Inc.

What is LLC?

An LLC stands for a Limited Liability Company.
The main reason for forming an LLC - whether you are starting a new business or formalizing an existing one - is to separate your personal affairs from your business.
When done properly, and kept compliant, an LLC means you are not responsible personally for debts or liabilities of your business: invaluable protection.
An LLC is also very flexible about who can own and manage the business and how you decide to manage its tax affairs.
An alternative is a Corporation: that is often preferred by companies who are seeking external investment or plan to take the company 'public'. This comes with greater formalities such as requiring a Board of Directors, issuing stock and creating bylaws.
If you decide to create an LLC, it is possible to convert it to a Corporation in the future if your needs change.
Most of our customers decide an LLC is the best option for their needs. We can help every step of the way.

First, you'll pick a name for your LLC. We run an “entity name check” as part of your order to make sure your business name is available in the state you wish to file.
Then, you answer a series of questions in our convenient system, and we file your completed paperwork with the state.
States require a filing fee to form an LLC and we add this to your order so you don't have to pay it separately.
To run the day to day operations of your LLC you will also need an operating agreement that sets out the 'rules' and structure of your company, an EIN to open a bank account and pay taxes, and local licenses and permits. We provide several options that can help take care of that for you.
Most states require LLCs to file an annual report (or other periodic report), and the consequences of a late filing can be expensive. With Total Compliance, we'll file this report for you (based on information you provide), and we'll send you reminders for upcoming annual report and state income tax deadlines.
LLCs have ongoing requirements, such as the filing of annual reports and other compliance documents, and our Total Compliance package can help you with this.
The set-up costs of an LLC are usually tax deductible!