Establish an LLC

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Limited Liability Company FAQs

What does LLC mean?: An LLC, or Limited Liability Company, is a newer form of business organization. The first LLC law was introduced in 1977, and since then, all states have enacted laws permitting the creation of LLCs.

LLCs and corporations both provide limited liability, meaning that officers, directors, and shareholders (or members in an LLC) are generally not personally responsible for business debts. However, this protection depends on maintaining formalities, such as keeping separate bank accounts, holding meetings, recording minutes, and ensuring the entity is treated as legally distinct. Failure to do so can result in "piercing the corporate veil," making individuals personally liable. Like corporations, LLCs offer liability protection but require proper management to maintain it.

LLCs also resemble partnerships or sole proprietorships when it comes to taxation. Income earned by an LLC is not taxed at the entity level. Instead, it is passed through to the members (or the single owner) and reported on their individual income tax returns.
How much time does it take to form an LLC?: The time it takes to register an LLC depends on the state where it is formed. In the past, organizers would mail the Articles of Organization to the state along with the necessary filing fee.

Over time, some states introduced fax filing, and today, most states offer e-filing systems that allow for the submission of various documents, including the Articles of Organization for an LLC.

In summary, registering an LLC can take anywhere from a few days to several weeks, depending on the state in which you file.
What is the cost to form an LLC?: The cost to register an LLC varies by state, but typically ranges from $50 to $500. Additional fees may apply for services like expedited processing, obtaining an EIN, or filing additional documents. It's important to check the specific requirements and fees for the state where you are forming the LLC.

The business services team at Nexus Legal Advisors is here to guide you through the process and ensure you meet all legal requirements for quick and accurate filing. Nexus Legal+ members receive their first business registration filing for free, only paying the state filing fees, and enjoy access to professional services at up to 50% off, including registered agent services, tax preparation and filing, trademark registration, and more.

If your business does not have a physical address in your state (P.O. boxes are not allowed), you may need to designate a registered agent. Registered agents receive official and legal correspondence on behalf of your business. While setting up your LLC, consider appointing Nexus Legal Advisors as your registered agent. Plus, with a Nexus Legal+ membership, you can save on both your business registration and registered agent services, making the membership a valuable investment.
What advantages come with registering a single-member LLC?: Starting your own LLC, even as a solo entrepreneur, offers several benefits. The primary advantage is liability protection. Depending on your filing choice, there may also be potential tax benefits.

Limited Liability: Forming an LLC helps safeguard your personal assets. If your business faces a lawsuit or fails, only the business is held liable, not you personally. Generally, your personal assets are protected in the event of bankruptcy or if your business loses a lawsuit, unless you have pledged personal assets as collateral.

Federal Taxes: You can choose to file your taxes as a "disregarded entity" or as a corporation. If you file as a "disregarded entity," your business income is passed through to your personal tax return, and you’ll be responsible for self-employment taxes. If you file as a corporation, your business will file separately from your personal taxes. It's a good idea to consult with your accountant to determine which option is best for your situation.