Before deciding to form an LLC in Georgia, you need to understand what an LLC is and be sure it is a suitable business structure for your company. First, LLC is a business structure that is firmly grounded on versatile stakeholders who are well aware of the effectiveness of constant evaluation of its effectiveness with a limited decision making power with respect to the individual stake contributed in the making of the corporation. One of the major benefits of establishing an LLC is that there is no limit to the individuals who can carry a major stake in the shares of the company. This is very good since more stakeholders definitely mean more money in funding the major daily operations in the company.
There are a few tips to help you in setting up a successful Georgia LLC Formation.
1. Choosing a suitable name for your business
There is the freedom to pick any business name that ends with L.L.C or Ltd.Co. The process can be completed online however, it could require a few bucks as much as thirty dollars, however, everything could be completed in a matter of few days. All that is needed are just the name, contact number, and address of the business.
2. Assign an agent for the completion of the process
These officials are registered officials who have been given the approval to work in the state with their permanent locations in Georgia. These registered officials would acknowledge authoritative records in the interest of the LLC and ensure all the major stakeholders are adequately informed.
3. Obtain an Employer Identification Number or EIN from the IRS
In most cases, LLC Formations EIN number would be very necessary and important especially, in a situation where more than one individual is involved in the setting up of the organization, then it is important to obtain an EIN from the IRS for charges and other fees purposes.
4. Perfecting a Working Understanding
Even though a Georgia LLC is not needed before arranging for a limited liability company. It is still better to have one set up with the other members especially when there are many other major stakeholders involved in the business setup. Georgia acknowledges limited liability company agreement important part of governing documents.
5. Register with the Revenue Department
According to Georgia state laws, LLC individuals are necessary to record individual annual assessment forms with the Georgia Department of Revenue. Each and every LLC are also needed to enlist with the Department of Revenue which definitely can be done on the web. However, enrollment requires an EIN or SSN, the address of the LLC company, the starting dates for record purposes, and the contact information of the business officials. However, all companies that choose to be an independent corporation are subject to annual income tax payment.
6. Acquaint yourself with the regular LLC’s legal obligation and yearly enrollments
Yearly enrollments are recorded each year with the Secretary of State. There is a documenting charge of around $50. Starting enrollments are done between January 1 and April 1 of the year following that in which the LLC was framed.