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What to do after you create your LLC
1. Get LLC-specific tax advice
Tax law is complicated, and it doesn't get any simpler when you start an LLC. Often, properly handling business taxes is one of the biggest challenges a new LLC will face, and improperly handling them can lead to issues such as:
- Penalties and interest. When you incorrectly file taxes for your LLC, you run the risk of significant penalties and interest charges from the IRS.
- Unclaimed deductibles. For new businesses and established companies alike, tracking every possible deduction can seem nearly impossible. By failing to take advantage of deductions such as home office space, travel, and business-related equipment and software, you're essentially leaving money on the table.
- Legal costs. In the most severe cases, incorrect taxes may lead to a business audit or investigation by the IRS, which, in turn, may necessitate hiring legal and accounting professionals.
From a tax standpoint, LLCs are unique because the IRS does not have a specific LLC tax classification. By default, the IRS classifies one-member LLCs as sole proprietorships or “disregarded entities," whereas multi-member LLCs are classified as partnerships. That said, LLCs can choose to ignore the default classification and instead file as either an S corp or C corp, with each having its own benefits:
- Filing as a sole proprietorship. Allows for "pass-through taxation," meaning business profits are directly reported on the owner's personal tax returns without being taxed at the business level.
- Filing as a partnership. Similar to sole proprietorships, partnerships also allow pass-through taxation, with each member being responsible for taxes on the share of business profits they received.
- Filing as an S corporation. These businesses are largely exempt from federal income taxes, but shareholders are subject to individual taxation.
- Filing as a C corporation. These businesses are subject to corporate income tax but have access to a larger range of tax planning opportunities and benefits.
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FAQs
What else should I consider when choosing a business name?
Beyond compliance with state regulations, you should also choose a business name with a similar available domain name, good account name options on social media, and (if you plan to expand) naming availability in other states.
Can I use my personal bank account for my business?
In general, experts advise against mixing business and personal finances. By keeping your accounts separate, you can protect yourself and your business and avoid losing personal liability protections when tax season rolls around (or in the case of lawsuits).
Where should I form my LLC?
In most cases, the simplest and least expensive place to start an LLC is the state where you live. If you form an LLC in another state, you'll also need to register your LLC as a foreign business entity in your state. You'll need a registered agent in both states and be responsible for filing annual reports in both states. Regardless of where you form your LLC, you'll have to pay applicable taxes in the state where you conduct business.
How does LLC liability protection work?
Owners of sole proprietorships and general partnerships have unlimited personal liability for business debts.
Because the LLC is a separate entity, its members are generally not personally liable for business debts or the actions of other members. They remain liable for their own negligent or intentional conduct and for any obligations for which they've signed a personal guarantee. Business insurance can further minimize liability for you and your business.
Am I considered self-employed if I start an LLC?
You're self-employed if your LLC is classified as a sole proprietorship or partnership. You'll report business income and expenses on your personal tax return (partnerships also file a partnership return). You'll pay income and self-employment (Medicare and Social Security) taxes on your share of business profits.
How to Start an LLC in 7 Easy Steps (2024 Guide)
2024 is one of the best years ever to start an LLC, and you can create yours in only a few steps.
Ready to start your business? Plans start at
Key takeaways
- Form an LLC in only seven steps: Select a unique name, appoint your registered agent, determine your LLC’s structure, create an operating agreement, and file articles of organization.
- Set your new LLC up for success: Stay compliant with federal and state law, think about taxes early, and build a strong financial structure.
- Compare the benefits of different LLC types: LLCs are popular for several reasons, but which of the eight types is best for you?
Limited liability companies, or LLCs, provide business owners with liability protection, lower startup costs, and greater flexibility for management and taxes compared to other business structures, making them an attractive choice for many small business owners.
Chief among these benefits, however, is just how quickly and easily one person can start an LLC. In general, filing for an LLC online can be done in an afternoon, and getting approval can take as little as a couple of business days (depending on the state).
Simple as the process may be, however, learning the seven legally required steps of how to start an LLC helps ensure that your new business starts without a hitch.
1. Choose your business name
More often than not, your business' name will be the first thing a prospective customer interacts with—and the first chance you have to hook their interest. A unique, memorable, and evocative name can set you apart from competitors, build a strong foundation for future branding efforts, and set your business up for success overall.
But it's not just about branding—your LLC's name also needs to meet specific legal requirements, many of which vary by state and the nature of your new company. Though we strongly suggest researching the specific requirements of the state in which you'll be doing business, most states require that your business' name must:
Keep in mind that most states allow you to reserve a name temporarily, even if you aren't yet ready to create your LLC. Simply submit your state's name reservation form and the required filing fee to reserve a name.
+ filing fees.by Connor Beaulieu
Connor is a content strategist, journalist, and legal writer living and working in Chicago. Over the past decade, he'.
Contents
Updated on: June 17, 2024 · 22 min read
- Key takeaways
- The 7 steps of creating an LLC
- What to do after you create your LLC
- The pros and cons of starting an LLC
- Creating an LLC with LegalZoom
- FAQs
In 2023 alone, American entrepreneurs started a record-breaking 5.5 million small businesses—the lion's share of which were LLCs. This year, experts believe that the upward trajectory will continue, in large part because of how painless it has become to create and register an LLC.
Instead of the overly complex, painfully slow process from decades past, starting an LLC in 2024 comes down to seven simple steps (and a few extra notes to keep in mind).
