What is an LLC (Limited Liability Company)?

IncFast LLC Formation Overview

  1. When you place an LLC formation order, we start the formation process the same day.
  2. You will receive instant online access to the IncFast Online Portal where you can track filings, receive company notifications, and access state forms and pro filing tips.
  3. We complete your filing within 24 hours and send the formation documents to the state to be activated.
  4. Once we receive confirmation that your LLC is active, we send you electronic confirmation and instant copies of all important documents.
    Plus, every IncFast LLC package includes:
    E-document Delivery
    All Organizational Documents
    IncFast Online Portal Access for Business Tracking Information and State Forms
  5. If you’ve chose a package with a corporate book and seal, those items will arrive separately via UPS.

LLC Definition

An LLC (Limited Liability Company) is a business entity that has the unique legal status of being viewed as a distinct and separate entity from the owners of the business. This status allows for what is known as limited liability, meaning that if the LLC should be involved in a lawsuit, likely the owners will not be personally liable.

The LLC was created in 1977 to be a hybrid of a corporation and a partnership. After a slow adoption period, the formation rate of LLCs has since outpaced that of corporations, making LLCs the most popular business entity in the US. The reasons for the LLC’s gain in popularity are low maintenance, and the LLC has the same asset protection as a corporation, and by default, receives pass-through taxation like a partnership. LLCs can, however, elect to be taxed otherwise.

State LLC Information

Advantages of the LLC

  • Owners have limited liability from business debts
  • Can include more than 35 members (owners)
  • LLC is not a separate taxable entity, which removes the threat of double taxation
  • Owners need not be United States citizens
  • Limited personal liability: pass through income/loss to your personal income
  • Can elect to be taxed as an S-corp or C-corp

How to Form an LLC

While LLC formation processes vary slightly by state, the general LLC formation process is as follows:

  1. Complete the Articles of Organization
    This document sometimes goes by other names (Certificate of Formation or Certificate of Organization), but in every state, this is the document that creates the LLC. This formation document is filed with the state where the LLC is being formed. Generally, the organizer is required to list the business name, registered agent name and address, organizer contact information, business mailing address and physical address. Some states inquire as to the management structure (manager-managed or member-managed), and many require that the owners (members) list their names and addresses as well.
  2. Pay the State Filing Fee
    All states have a fee that must be paid to create the LLC, the fees vary by state. On average, LLC filing fees tend to be around $100 but can be as much as $500.
  3. Receive Confirmation from the State
    Formation times will vary, but once the LLC formation documents have been received and filed by the state, they will send confirmation. Upon receipt, the new LLC will be active.
  4. File any Taxes or Initial Reports
    Some states require that newly formed LLCs pay a franchise tax or file an initial report within 90 days of being created. Be sure to meet all initial requirements or the LLC may become invalid.

If you hire IncFast to form your LLC, we’ll complete all the necessary paperwork in one day and ensure you are aware of all state initial reporting and tax requirements.

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The Importance of an LLC Operating Agreement

While Articles of Organization will form your LLC, the document that actually governs the LLC once it’s active is the operating agreement. The LLC operating agreement outlines everything: the sharing of profits and losses, ownership, operational responsibilities, membership requirements, dissolution protocol, all the little things that go into running a business.

The other important aspect of the operating agreement is that many states require LLCs to adopt an operating agreement. At IncFast, when you hire us to form your LLC, we include a custom LLC operating agreement with every formation package we offer. Other incorporation websites use this as leverage to force you into paying more. With every client, we try to make the business formation process as fast, simple, and understandable as possible.

Why Choose Incorporate Fast?

  • Speed
    Our company was built on a simple promise to our clients: sign up online and we’ll form your LLC in any state as fast as possible. That’s a promise we’ll keep.
  • Quality
    With more than 27,000 clients served, IncFast has built a strong reputation on quality service. Our client support team is here to help your business get off the ground and help maintain it into the future.
  • Online Accounts
    Every client account comes with instant access to our secure IncFast Online Portal where you can track the status of your business anywhere you go. Through the IncFast Portal, you can access every state form you’ll ever to need file for your business and find pro tips on how to accomplish any business maintenance task fast.
  • Long-Term Support
    Forming your LLC is only the beginning. As your registered agent, IncFast will help to ensure you always know where your business is at. We send electronic alerts for important due dates and accept any important legal notice on your business’ behalf to make sure your LLC maintains its good standing.

Incorporate Fast Inc. wants you to succeed in all your business endeavors. Wherever we can help you succeed, we will. And we’ll make sure whatever help we offer arrives fast.

Common LLC Questions

Help

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