- Is an LLC really necessary?
- Does an LLC protect my business name?
- Should I name my LLC after myself?
- Does your LLC name matter?
- Should I get a trademark or LLC first?
- Should I copyright my business name?
- When can an LLC own another LLC?
- Do single member LLC pay quarterly taxes?
- What if your LLC makes no money?
- Can an LLC be owned by an LLC?
- Can I abbreviate my LLC name?
- What is the downside to an LLC?
- How do I make sure nobody steals my business name?
- Does a single member LLC need an EIN?
Is an LLC really necessary?
You don’t need an LLC to start a business, but, for many businesses the benefits of an LLC far outweigh the cost and hassle of setting one up.
by Jane Haskins, Esq.
An LLC, or limited liability company, provides personal liability protection and a formal business structure..
Does an LLC protect my business name?
Once your LLC or corporation application is approved, your name is protected in the state: No other business will be able to form an LLC or corporation with the same name in that state. However, there’s nothing to stop a business that operates as a sole proprietorship or partnership from using your name in the state.
Should I name my LLC after myself?
Like all LLCs, it must have a unique name, and you must file articles of organization to set one up. But because an LLC that uses your name might be confused with you personally, it’s especially important to always use the initials LLC after your company name.
Does your LLC name matter?
The legal name of your LLC or corporation must be distinguishable from the names of other entities on record with the state filing office. Otherwise, the state may refuse to file the documents to form your LLC or corporation.
Should I get a trademark or LLC first?
In many cases, a business will want to start the trademark application as soon as their LLC or corporation paperwork is filed. By filing for a trademark prior to launch, you can be sure that your name is protected once you begin commercial sales. However, there may be an even stronger reason to apply early.
Should I copyright my business name?
If you are using your business name as your trademark, you can also register your business name as a trademark. Registering your trademark will give you exclusive rights to it in Canada for at least 15 years (you can renew it indefinitely as long as it is still being used).
When can an LLC own another LLC?
Yes. There are two ways in which an LLC may own another LLC: An LLC may own multiple, single-member LLCs—this is called a holding company structure; or. An LLC may serve as the master entity and own a series of LLC cells, should state statute offer this option.
Do single member LLC pay quarterly taxes?
Updated June 28, 2020: Paying single member LLC quarterly taxes to the federal government is required since you are paying self-employment tax on income received through your LLC. Self-employment tax is separate from taxes paid on gross income.
What if your LLC makes no money?
But even though an inactive LLC has no income or expenses for a year, it might still be required to file a federal income tax return. … An LLC may be disregarded as an entity for tax purposes, or it may be taxed as a partnership or a corporation.
Can an LLC be owned by an LLC?
As for the legality of ownership, an LLC is allowed to be an owner of another LLC. … LLC members can therefore be individuals or business entities such as corporations or other LLCs. It is also possible to form a single-member LLC whose only owner is another LLC.
Can I abbreviate my LLC name?
You can use LLC abbreviation instead of long form of “Limited Liability Company” but just after your company name you need to put the LLC word as it indicates you are legally incorporated as an LLC…
What is the downside to an LLC?
Profits subject to social security and medicare taxes. In some circumstances, owners of an LLC may end up paying more taxes than owners of a corporation. Salaries and profits of an LLC are subject to self-employment taxes, currently equal to a combined 15.3%.
How do I make sure nobody steals my business name?
How to Protect Your Brand and What to Do If Someone Steals itProtect your unique brand name / logo. If you have a unique brand name or logo, protect it. … Make a paper trail. … Watch for trademark violations. … Keep your domain. … Trademark your new name BEFORE releasing it. … Register your new domain. … Announce the change.
Does a single member LLC need an EIN?
As a sole proprietorship doing business through an LLC, you do not need a separate EIN number unless you have employees or are required to file excise tax returns. … Owners of single-member LLCs are not required to have separate EINs because they are not considered employees of the LLC by the IRS.