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More and more people are looking at starting a business. It makes sense, since it’s relatively cost-effective to do, and there are many perks to being your own boss. However, most people hop in and do their own thing without thinking about how they should protect themselves in terms of paperwork and the credentials it offers.
If you’re looking for help with your new LLC and making sure that you’ve dotted your “i”s and crossed your “t”s, you’ll find that Incfile is undoubtedly going to be the best go-to stop for you. Incfile is recommended in our 2020 best LLC formation companies for their professional and affordable services. Here’s what you should know about your LLC and how Incfile can give you a hand.
What Is An LLC (Limited Liability Company)?
Once you get your company up and going, you may think that it’s just pure, smooth sailing. The reality is that you will need to adapt things as you go. One of the best options to consider for the protection of both yourself and your company is to become an LLC. What is an LLC? It stands for “Limited Liability Company,” and it means that you will be able to separate your personal assets from your business-related ones legally.
A limited liability company is a business entity that is separate from its owners also known as members and allows the owners (members) to limit their liabilities while enjoying the tax and flexibility benefits of a partnership. This means that your liability will be limited when it comes to business-related issues that may arise. Your personal will most likely be protected.
When you form your company into ea LLC, your business itself will be its own legal individual article, which is helpful when you are looking at protecting yourself, your business and keeping everything, legally speaking, organized at the same time. An LLC can be a single-member LLC, or if there are two or more members, it is known as a multi-member LLC.
What Are The Benefits Of An LLC?
One of the most common questions that leads people to us is: what are the benefits of forming an LLC? We understand entirely that it is a big decision that does formalize your business in a legal sense. You want to make sure that you are forming an LLC at the right time, and for the right reasons. Here are some of the essential benefits to learn about the formation of an LLC and how it can offer up protection.
- Your personal liabilities are protected: The most significant benefit, of course, is that personal and business are kept separate. You wouldn’t be dealing with your own savings or other interests coming into play if something were to happen on the company side. All that is involved is the money that you’ve invested in the company itself.
- It is taxed as personal income: You won’t need to be worried about the taxes that traditional companies have to factor in when they are dealing with financials. Since they are attached to your o taxes as income, it’s much easier to deal with when tax season rolls around.
- The profits can be distributed at your discretion: Unlike larger companies that must follow specific rules in distributing the funds that come into a company, an LLC has no such restrictions. Whatever percentages you want can go anywhere you see fit. Control at its finest.
- Anyone can have ownership: Too often, there are restrictions on who can own or be involved with a company when it comes to citizenship or even residency. An LLC is free for those, which is excellent for those who are looking to work alongside members from other countries, or if they are from different countries themselves.
How much does it cost for me to form an LLC with Incfile?
Now that you’ve seen how beneficial an LLC can be for you and your company’s success, it’s time to talk numbers. How much does it cost to form an LLC with Incfile? It’s as low as $0.00 plus a state fee for their Silver Package, $149 for the Gold Package and $299. for the Platinum Package. The Gold has many add-ons included, and the Platinum consists of the add-ons plus business contract templates and business domain name and email service. The Gold and Platinum Packages are the ones to get.
That includes all sorts of details with it that we’ll talk about in detail a little later, but this low number is going to show you that Incfile is focused on helping you and your company finds success. We won’t expect you to be able to roll out the “big bucks” to form an LLC, which is why these fees are kept as low as possible to get it all done on your budget.
What Is A Registered Agent?
When you work with Incfile, you’ll be working with a registered agent to help take care of all of your needs as they come up. What is a registered agent? It’s a physical address (that is not a PO box) that is located in the state of your business, and it is used for any official or legal correspondence.
If you aren’t able to have a registered agent in your state, you can trust Incfile to provide one for you for $119.00 per year. As an added benefit, they will provide your first year of registered agent service for free when you file to form an LLC through Incfile.
What types of things does Incfile’s registered agent do?
You may not be entirely convinced that a registered agent could be helpful, but the reality is very different, we’re happy to report. Incfile’s registered agent can help any company with all sorts of important, critical details that you won’t find elsewhere. For example:
- Keeping your home and business separate: You will have an entirely different set up for all formal correspondence that comes in from the state and other tax-related places. This means that your home will not be attributed to your company, as far as the paperwork is concerned.
- Deadlines: There are deadlines for everything in business. A registered agent will make sure that you don’t miss any of them. Say goodbye to late fees or other issues that come from not staying on top of those pesky deadlines.
- You exist: When you have a set spot legally and formally, your business exists. While your business exists and continues to exist, you are protected in liability. Without a registered agent, you are at the mercy of the state, and other powers that be, which may mean your company could be dissolved without you even knowing about it.
- Information is kept together: With a registered agent, you’ll be able to keep all formal paperwork and documentation together so that everything is always in the right spot when and where you expect it to be there. For those that struggle with organization, especially with something as critical as state paperwork, this is one of the most significant benefits to working with Incfile’s registered agents.
How do I pay myself if I am the single-member owner of an LLC?
As a single-member owner, you do not get a salary or wages; you take the money from your business profits as needed. The IRS treats single-member LLCs as a sole proprietorship; this means instead of the LLC paying taxes on its profits, the profits and losses are passed on to you. Be sure and talk to your accountant or the IRS for more details.
Incfile Pros & Cons
- The Silver Plan is free + state fee but is limited. A very reasonable price of $149 + state fee for their Gold Plan to get your new LLC formed with an EIN and registered properly by a respected leader in online LLC services. Is there a lawyer that does any kind of work like this for $149. these days?
- One year FREE registered agent services. After the first year, the price of providing a registered agent is $119. a year
- Incfile specializes in LLC filings, forming LLC’s quickly and ensuring registered agents are their main business
- Since they focus on LLC filings, Incfile does not provide a broad range of legal services
- There are no options to consult one on one with a lawyer
When it comes to your business and its potential LLC status, you’ll find nothing better than the full service waiting for you with Incfile.