{"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":"
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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 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 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 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 An operating agreement is mandatory in New York, Missouri, Maine, Delaware, and California. LLC owners that don\u2019t draft this document elsewhere must govern by the state\u2019s default rules. Either way, an operating agreement declares the LLC structure as a separate business entity.<\/span><\/p>\n An article of organization is similar to an operating agreement, except it\u2019s a mandatory document filed with a state government. This document ensures that your LLC meets the specific requirements in your state to operate. An articles of organization will include:<\/span><\/p>\n All states have a fill-in articles of organization template you can use. Simply follow the instructions and submit your document before registering with the <\/span>Department of Revenue<\/span><\/a>.<\/span><\/p>\nWhat you Need to Start a Limited Liability Company<\/strong><\/h2>\n
1. IRS SS-4 and Name Reservation Forms<\/strong><\/h3>\n
2. An Official Operating Agreement<\/strong><\/h3>\n
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3. An Articles of Organization<\/strong><\/h3>\n
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4. Register Your Business<\/strong><\/h3>\n