When you are considering starting a business, the structure that you choose to run your business is vital. Assuming you have settled on the structure of a Limited Liability Company, let’s run through a quick checklist of the things you’ll need to have in hand to start and successfully manage your LLC.
Businesses come in all shapes and sizes. Whether you need an LLC, Partnership, or Joint Venture, reach out to Attorney Nathaniel Gilbert for help forming and managing your business.
1. Name of the LLC- You’ll need a name for your business, and the name will have to include “LLC” in the actual name. Additionally, you will need to run a search on the Secretary of State’s website to ensure that the name you have selected is not already in use.
2. LLC Information- This includes the name and address of the registered agent, the names and address of all the members and managers and their respective interests, the purposes of the LLC, capital contributions, and any classes of shares. A paragraph could be written on each of these topics and they should be carefully considered when forming your LLC.
3. Operating Agreement- This is a contract between the members and the company that will govern how the organization is to be run. A mistake people often make is using an Operating Agreement from some source they find online without fully understanding the requirements and rules in the Agreement—If you don’t follow the Operating Agreement procedures, you may lose the liability protection of the LLC.
4. Draft Meeting Minutes and Corporate Resolutions- In order to take any actions as an LLC, you must abide by the rules and procedures in your Operating Agreement. Have a draft form of these handy so that you can take action as an LLC within the rules of your Operating Agreement.
5. EIN- This is a free number assigned to you by the IRS. You will need it to open a bank account for your LLC as well as file taxes and make distributions.
6. Foreign Entity Registrations- Will you be conducting business on a regular basis in a state other than where you formed the company? You may need to register as a foreign entity in that state and maintain a Registered Agent there. This can be done through the Secretary of State’s website for that state.
While this list is not exhaustive and there are several factors you must consider when forming your LLC, use this as a jumping off point and begin to think about how you will answer the questions above. If you are ready to talk to an attorney about setting up your LLC, San Antonio Business Attorney Nathaniel Gilbert assists clients in starting and managing their LLCs and business.
Interested in a quick process with no fuss? Click here for the “Quick LLC”
