Your LLC Startup Journey, Supported!
Navigate your business setup with ease as Respected Builders guide you through the entire LLC formation process. With our expertise, we take care of documentation, offer advice, and manage complexities so you focus on success. Engage additional services such as trademark registration to further align with your ambitions. Discover how we streamline or assume direct control of these foundational tasks for you.
“Kalvin and his team has helped me secure my business registration All I needed to expand my business. Their team was knowledgeable and supportive throughout the entire process.”
Edwin Noelus
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Questions?
- Is there an annual fee for LLCs?
Each state has its own filing fee requirements, and most states require you to file annually and pay a filing fee whether or not your business is profitable. It’s a cost of doing business. However, a few states don’t have annual filing fee costs or requirements for LLCs. Texas LLC’s, for example, generally don’t have to pay an annual filing fee, while California’s annual fees are quite expensive.
- Is it worth it to form an LLC?
It can be well worth it to form an LLC or incorporate your new business as soon as possible. The tax benefits alone may make it worthwhile. If your business is sued or runs into other legal problems, you can’t form an LLC retroactively. In other words you don’t want to wait until it’s too late.
You may also find that without an LLC or formal business structure, you may miss out on opportunities for growth because potential clients or customers may not take your business seriously.
Building business credit can be easier as an LLC or corporation. Finally it can be harder to get financing in the name of your business if you haven’t formed an entity; after all, without a formal business structure there’s really no distinction between you and your business. While most small business credit cards don’t require your business to be an LLC or corporation, there are some small business lenders that won’t lend to sole props.
- Can one LLC do multiple things?
Yes. One LLC can operate multiple businesses underneath it by using a separate Doing Business As (DBA) name for each. This name is also called an “assumed name.” Each DBA must be different than the name of the LLC. You’ll want to complete a name search before deciding on a DBA to make sure that the name is available and then complete the name reservation. Filing requirements for DBAs vary depending on state and local laws, so be sure to check them before you register your names.
- Does having an LLC affect debt?
It can. An LLC is a separate legal entity from the business owner. Therefore, if you take out debt under the LLC, loan payments do not affect your personal credit. Being late on a business loan payment will not be reported to personal credit bureaus — as long as you maintain the separation of business and personal finances, also called the corporate veil.
“Respected Business Builders went above and beyond my expectations. Their patience and guidance helped me grasp the steps needed to elevate my business successfully, overcoming initial doubts.” - Mike Baker