Limited Liability Companies (LLC) give small business owners the flexibility of a general partnership and some of the liability protection of a corporation.
Although the process for forming an LLC isn't nearly as complicated as the process for forming a corporation, there are some specific hoops you'll need to jump through to formalize your company.
For starters, LLCs usually have multi-member ownership. It's common for partners to form an LLC, but it's also possible for more than two people or even a single person to own a business organized as an LLC. Since LLCs a regulated by state agencies, there is no universal formation process. Each state has its own unique rules and processes when it comes to creating an LLC.
There are several ways you can navigate LLC formation. You could hire an attorney or do it yourself, but neither of those options is especially attractive. Attorneys are expensive and you probably lack the confidence or expertise to pull it off on your own.
These days, many LLC entrepreneurs choose a third alternative: Forming an LLC online. Online business services have popped up all over the place, eager to help inexperienced startups complete the process of formally launching their new company. Here are the benefits you can expect an online provide to bring to your LLC startup:
- Accuracy. Forming an LLC requires filing Articles of Organization and other documents with the appropriate state agency. Online providers specialize in LLC formation and are highly knowledgeable about state-by-state requirements. It's their job to make sure your filing documents are completed accurately and in accordance with your preferences.
- Convenience. As a business owner, you have a lot on your plate. The last thing you need is to spend hours researching state requirements and filling out paperwork. Online providers significantly streamline the formation process for you, delivering a legal LLC in a turnaround time of about 10 days.
- Cost-effectiveness. Online business services providers provide cost-effective assistance with LLC formation. While attorneys often charge fees in the thousands of dollars, online providers offer variable plans ranging from $100 for the standard plan to $350 for the deluxe package.
- Compliance assistance. The best online providers will help you with both the formation and maintenance of your LLC. Annual reports, annual fees and other state-specific requirements can all be effectively managed with the assistance of an online provider.