How to form a Pennsylvania LLC?
A LLC set up in Pennsylvania provides the same liability protection of a corporation with the advantage of being treated like a partnership. The LLC is a relatively new filing and is considered a hybrid between a partnership and a corporation. A certificate of organization is required to set up a legal LLC in the state of Pennsylvania. Form DSCB:15-8913 is filed along with the docketing statement form DCSB:15-134A.
Some requirements to set up an LLC are; the name of the LLC must be available, the registered agent must be a physical address in the state of Pennsylvania, name and address of each organizer, and the application must be signed by all organizers.
Control risk by forming a Pennsylvania Limited Liability Company
When you form a Pennsylvania LLC you form a separate entity from the owners of that company. Therefore, if your company is named in a lawsuit, directors, shareholders from personal liability under the laws of the state and UCC codes. Operating your business without the protection afforded by having LLCs status, your personal assets may become vulnerable to litigation.
Helpful tips in naming your LLC
Limited Liability Companies must include one of the following designators, Limited Liability Company or LLC. Limited Liability Companies may not assume the name of any existing corporation, both foreign and domestic, or limited liability partnership. The name of the LLC must be distinguishable upon the record, the name of any other Pennsylvania corporation, foreign corporation, limited partnership or limited liability company or limited liability partnership. A corporate name may not include a blasphemous word or phrase. Any corporation organized under the business corporation law or nonprofit corporation law may not express or imply a purpose to engage in activities as a governmental agency.
Requirements to Maintain Corporate Status
Maintaining the separation between you and the corporation is vital to protect yourself. Whenever possible, it is important not to associate your personal social security number with any business dealings with the corporation. For example, your personal social security number should not be used to set up any business checking accounts, contracts or any other obligations for the company. This will most likely make your personal assets vulnerable to litigation.
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