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Make your business legal by starting your LLC with us today
Forming your Limited Liability Company (LLC) puts you in the majority of small businesses and startups for good reasons. You gain liability protection, simple management, and some great tax deductions.
Protection
A Limited Liability Company (LLC) provides protection from liability like a corporation but with the convenience of a sole proprietorship; PLUS, there are many tax deductions not found in a sole proprietorship.
Simplicity
LLC Owners can legally report business income and losses on their personal tax returns as opposed to filing a separate return for the business.
Flexibility
The flexibility of a Limited Liability Company (LLC) is potentially well suited to passive income investments such as rental properties, REITS or Notes.
Here are the Services You Will Receive
- Legal Counsel for Startup—Our legal team will give you sound legal advice on the best state in which to register your LLC. You will also receive advice on other legal structures that you may want to consider.
- Federal EIN for the Business—Your federal Employer Identification Number (EIN), also referred to as a Federal Tax Identification Number, is unique to your business. It functions much the same as your personal Social Security Number in that it is the tax number for the business.
- LLC Operating Agreement—The LLC Operating Agreement legally outlines the responsibilities and rights of each member of the LLC. It also provides directives as to how the LLC is to be managed.
- Articles of Organization or Incorporation—The Articles of Organization establish the existence of the business in the state where the LLC is formed.
- Services to Register Your Business with the State—Hive Law will confirm the availability of your business name and register your business with the state you select.
- Registered Agent Services—The registered agent for your LLC functions as the recipient of important tax and legal information by mail from other parties and the governments. The agent then forwards the information to the business entity’s management. Hive Law will contract with Registered Agents in each of the 50 states. Hive Law is not the fiduciary, the Registered Agent is the fiduciary for the services it provides.
- Document Security and Requests—The Hive Law team will send any forms your business requires for your records upon request. We will also securely retain those documents for your future needs.
- Annual Renewal Notifications—Hive Law will contact you when renewal approaches to keep your business entity active in your chosen state(s).
- Legally Maintain LLC Business Structure—Using referred attorneys, you can request modifications to your business, partnership, relationship, or management structure or agreements.
Get started now with three simple steps
1
Pick your State from the drop down menu.
2
Complete our brief Entity Inquiry Form
3
Pay for your new entity through our secure payment portal
Then, here’s what Hive Law does:
- 1.Refer you to paralegal and attorney services regarding your business setup.
- 2.Our team will process your request and be in touch with you within 24-48 hours to confirm the details of your new business LLC.
- 3.Establish Hive Law as your formal Registered Agent
- 4.Prepare an LLC Operating Agreement
- 5.File Articles of Organization paperwork with the state
- 6.Obtain a Registration Certificate from the state
- 7.Obtain a Registration Certificate from the state
- 8.Forward your State Registration, Articles of Organization, and EIN # on your newly formed business to you
- 9.Provide annual alerts when it is time to renew your business with the state
- 10.Forward any business mail to you
Fill out what you know in the form and we will answer your questions and walk you through completion of the form on the phone.
If you have questions, Hive Law has the answers.
Do I need an LLC? is possible that another entity formation is best for your business, but there are good reasons why the Limited Liability Company (LLC) is the most common choice for startups and small businesses. When you do business as an LLC instead of as a sole proprietor your personal assets may be protected from the debts, liabilities, and actions of the business. The LLC has specific tax advantages and deductions. As an LLC, your business is perceived as more professional by lenders and by other businesses you work with.
What must I do to form my LLC?If you have one or more name choices for your business, we will search availability in the state of choice for the business registration. If you are still undecided on a name, you can decide on a name after completing our short questionnaire and answer your questions. We then review all the information and confirm with you for submission of your business registration. Once a name is confirmed as available, we will prepare your Articles of Organization and submit them to the state to register your LLC. Finally, we will prepare any additional necessary documents or those you request including your Operating Agreement and/or your Federal EIN form. We do all of this, only getting with you when needed to confirm information.
What is the difference between an LLC and a corporation (Inc)?Common to both the LLC and the corporation is the limitation of liability of the owners for the debts, obligations, and actions of the business. After that, there are some differences between the two; the most important is that LLCs are much simpler to own, easier to manage, and to operate than corporations. This is why the LLC is such a popular choice for startups and small businesses.
Are there differences in how the LLC and the corporation are taxed?The corporation is different, in that it is “double-taxed.” Corporate net taxable income is taxed first at the corporate level, then taxed again when distributed to members/shareholders on their personal returns. The LLC is a “pass-through entity,” meaning that net income is passed through to members without taxation at the business level. Members pay taxes on their distributions on their personal returns.
What limitations are there in naming my LLC?To make certain that the business entity is visible to all, “LLC” or “Limited Liability Company” will be required in the name by the state. Other than verification that your preferred name is available and not in use by another registered business, you are free to choose your business name.
Is a Board of Directors required for an LLC?Management of the LLC, a group of self-employed individuals or members, does not require a board of directors for management. The members are free to choose one member (the Managing Member), or they can choose to hire someone as an employee as a manager.
Is a partnership agreement required for the LLC?Though the LLC is taxed the same as a partnership as a pass-through entity, the LLC manages the operation through a formal Operating Agreement. It functions much like a partnership agreement. The Operating Agreement assigns member responsibilities, individual authorities, and limitations, manages disputes, and sets out the process of dissolution of the LLC.
What banking arrangements are required for LLCs?The minimum you will need for the LLC is a business checking account designated for the LLC’s use. You may need other accounts as well if there is a need to separate funds for different business operations. Business accounts should be completely separated from personal bank accounts to avoid co-mingling of finances. All banks will want the business information, EIN, and Articles of Organization. Many also require personal ID information for members who will be signing checks. Hive Law will take care of providing the required documents.
If I own more than one business or real estate properties, will I need an LLC for each?There is no stock answer for this, as your needs for separation of business activities is unique to your situation. Hive Law will refer you to the right attorney to make decisions regarding limiting personal liability, protecting assets, minimizing taxes, and other considerations.
Are there still some personal assets not protected by the LLC entity?There can be situations involved with Trust Fund Taxes, personal conduct of members, and personal guarantees signed by members that may put personal assets at risk. Hive Law can refer you to an attorney with expertise specific to these risks and how to set up protections.
Can’t I use one of the online websites to form my LLC myself?You can, but cookie-cutter solutions can seem fast and inexpensive while missing critical differences between your business and others used to create the templates. When it comes to legal risks and risks to your personal assets related to your business, legal advice is always the better approach.
What is the Ownership and Voting Structure for LLC’s?Owners of the LLC are called members, and their share of the business and voting rights are normally determined by their percentage share in the business when it is formed. A single member LLC would have the only owner as a 100% member. Four members can have any mix of ownership adding up to 100%, such as 50%-20%-15%-15%, or any other mix totaling 100%.
What about doing business in more than one state as an LLC? is common for businesses to have business locations in more than one state. Hive Law can help you to file your primary business LLC registration in the state you prefer while registering your business as a “foreign” entity in other states where you do business. Contact us for customization information.
All you have to do is call us, and we’ll get you up and running.Our team of experts is ready to get you started in setting up your business today.
All you have to do is call us, and we’ll get you up and running.
Our team of experts is ready to get you started in setting up your business today.