The executor of an LLC is the individual forming the limited liability company. An LLC is a kind of business created by virtue of the state laws and has the legal capacity and features of a partnership and a corporation.
Just like a partnership or a sole proprietorship, an LLC is a pass-through entity which means profits are passed and are taxable to the LLC owners. On the other hand, just like corporations, the LLC owners are not liable, in their personal capacities, to the debts of the business.
LLC formation is easy for as long as you know who to seek professional help from. You can also do it yourself but save your energy, time, and focus on business-related matters. Leave the paperwork to your Tax and EIN experts. They can answer your question about “how to apply for an LLC?”
Applying procedure is very simple:
First of all you need to select LLC name which should comply with your respective LLS division of the state. You must spend some time in selecting the name as it will be the name from which your business is going to be recognized. Also make sure that your LLC business name also includes the designation like LLC. You also need to check the availability of names because sometimes the name you are selecting has already been taken by someone else.The business office of your state must be able to provide your complete information regarding name availability. Then they will temporarily reserve the name unless and until you file your documentation. If you are not planning on running LLC under your business name and want a different one then you also need to register a DBA name. DBA name is also called as trade name or assumed name. Then you need to file the articles of your organization with your state. Then designate a registered agent. Procedure is not so tough just you have to go step wise. But yes it takes some time as each step needs to be done precise.
Different states charge differently for the annual fee in maintaining an LLC. In most states though, you need to submit a yearly report or statement of information to the government agency concerned. This is where they base the annual fee they charge your LLC.
Majority of the reasons why individuals opt for an LLC over other types of business include asset protection, limited liability, improved credibility, easy and few compliance requirements, laidback management agreement, and minimal restrictions.
Of all these reasons, the best one is the limited liability proviso. This means the in case the business dissolves or incurs debts and pecuniary obligations, the junior creditors cannot run after the personal properties of the members. Liens cannot be attached to properties as well.
To get an EIN for LLC formation, with GovDocFiling, the only thing you will do is to file your information. The filing and the whole processing phase will be left for the EIN and Tax Specialists.