If you are planning to put up a business, you have probably heard of LLC. LLC means limited liability company. It is a business structure that combines direct tax assessment (like a sole proprietor or partnership) with limited liability. An LLC is not an enterprise: it is a legitimate business that gives security and limited liability to its proprietors.
In addition to the limited liability features of a partnership and the simplicity of corporate taxation (where partnership income is reported as part of the owner’s income rather than taxed separately), this alternative is acceptable for multiple owners.
Agreements
Whether they be service agreements, independent contractor agreements, subcontractor agreements, most businesses will need some agreement to operate the business like delivery services for example. Pretty much, every business needs some safety net to ensure they will deliver the agreed services or products.
Licenses
Some businesses need a license to operate. If you are trading a product or a specific kind of service, you might need a sales tax license. Depending on the business that you are in, you might need a business license. Depending on your city or your state, or your county, require different types of licenses if you want to operate a business or do business in that location. Depending on your business, you might need to do more types of licenses.
Insurance
Insurance will vary on the type of business that you are operating. Some companies will want general liability insurance to protect themselves. Some will need workers’ compensation if you hire any employees; you need workers’ comprehensive insurance.
Initial Resolution of Consent
This is not necessary for LLC, but it is a good idea if you want to do something when you are starting the business to show that you have adopted the other documents like the bylaws or the organization’s articles. As the business owner, you have resolved to operate that business per the articles of the organization and the bylaws. In that initial resolution, you might also decide to elect officers.
Form SS-4 (Federal Tax ID)
Even if you are not going to hire any employees right away, you will probably need EIN to have a business bank account. Most, if not all, businesses prefer to use an EIN to open up a business account.
Operating Agreement
Every LLC needs an operating agreement. It is the internal document wherein the owners agree to how the business is going to be operated.
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