{"id":19474,"date":"2022-04-07T19:58:56","date_gmt":"2022-04-07T19:58:56","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=19474"},"modified":"2022-06-02T07:08:00","modified_gmt":"2022-06-02T07:08:00","slug":"5-things-youll-need-in-place-to-start-an-llc","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/5-things-youll-need-in-place-to-start-an-llc\/","title":{"rendered":"5 Things You’ll Need in Place to Start an LLC"},"content":{"rendered":"

\"5<\/p>\n

Operating as a sole proprietorship is simple, but that simplicity comes with a price. Since your business isn\u2019t a separate entity, your personal assets and credit are always at risk. As soon as you start acquiring employees and property, forming an LLC is necessary to protect yourself.<\/strong><\/p>\n

What you Need to Start a Limited Liability Company<\/strong><\/h2>\n

Unlike a sole proprietorship, an LLC can keep business assets separate from its owners. But to receive that protection, you need to gather and sign the following documents for most states.<\/span><\/p>\n

1. IRS SS-4 and Name Reservation Forms<\/strong><\/h3>\n

A sole-proprietorship doesn\u2019t need to obtain an Employer Identification Number (EIN), but business owners must get one to start an LLC. American citizens can <\/span>apply for an EIN online to receive one immediately<\/span><\/a>. You\u2019ll need your EIN for tax forms and other business documents.<\/span><\/p>\n

Along with an EIN, you\u2019ll also need to submit a name reservation application before writing your operating agreement and articles of organization. To search for name availability, go to the secretary of state or corporation bureaus’ websites, then file a name reservation form.<\/span><\/p>\n

2. An Official Operating Agreement<\/strong><\/h3>\n

An operating agreement is an important document used by LLCs. But, <\/span>what is an operating agreement<\/span><\/a>? These agreements outline a business\u2019 financial and functional decisions, like regulations, provisions, and rules, for the purpose of governing internal company operations.<\/span><\/p>\n

Your operating agreement should include:<\/span><\/p>\n