All LLC's must have a unique name that is not currently being used in the state, and must include the initials LLC or L.L.C. Name availability must be confirmed with the Secretary of State before an LLC can be formed. Each state has a set of unique requirements for names and The Company Corporation will confirm that your requested name is available. If it is not, we will contact you so that you can select a different name.
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LLC Startup Costs, Filing Fees & Fees by State
How Much Does an LLC Cost?
When considering how much an LLC costs, be sure to keep in mind that there are two separate kinds of costs to consider. The first is startup costs, and the second is ongoing costs. This page will give ranges of fees based on the time of writing, but please feel free to contact us directly for more specific information.
The bottom-line startup cost of forming an LLC consists of state fees and service fees. There are different LLC filing fees by state, and fees can change any time – especially when states are looking to raise more money. In addition to state LLC startup costs, you may also pay fees for the expertise and additional services of a service provider like The Company Corporation. The Company Corporation includes all state fees as well as our service fees when you purchase an LLC. The LLC cost is itemized and viewable when you select a package.
Most The Company Corporation will file your Articles of Organization with the Secretary of State for the state that you select. Some states accept electronic forms while some states require that a paper document be submitted. We have a presence in all 50 states and the District of Columbia so that we will quickly and accurately submit your filing. The state filing typically cost from $50 – $800 at the time of writing.
Some states, most notably New York, require a statement of formation to be published in one or more newspapers that operate in the county in which you choose to form. This component to the cost of forming an LLC can range in price between $40 – $2000, depending on the state, county, and the number of weeks the run is required. After publication, a certificate or affidavit of publication must be filed with the state. The Company Corporation can assist with this requirement as well as part of your LLC purchase.
An operating agreement is needed to describe your LLC's way of doing business and the division of profits and losses among members. This form is generally not required to be filed with the state, but should be kept at your main business location. The cost for this document is the fee to create the document. The Company Corporation can create this document for $99.
An Employer Identification Number will be needed for your LLC for tax purposes. The Company Corporation can assist you and obtain an EIN on your behalf as part of your LLC startup costs for $80..
Part of the cost of forming an LLC is ongoing fees. While there is less paperwork involved in maintaining an LLC, there are still yearly LLC filing fees by state. Depending on the state, these can be large. Keep in mind that state fees can change at any time, and many states increase these fees to raise more money. The Company Corporation offers an Annual Report Preparation and File service that will audit your annual report requirements and submit them on your behalf.
While LLC profits are not taxed directly, some states do have an annual flat tax that applies to all LLC's. In California the minimum tax is $800 per year. In other states, such as Delaware, it is lower at $250 per year.
In addition to your LLC filing fees, most states require annual fees, often called reporting fees, to maintain your LLC. In states such as New York, these fees can increase depending on how many partners you have, from a minimum of $325 to a maximum of $10,000. Other states charge a lower flat fee, some as low as $20 a year. This fee is in addition to any franchise tax.
While not an actual fee, the costs in terms of time and attention that it takes to stay compliant are not always negligible. If you are not compliant with your LLC filings and regulations, you could find that your assets protection is not in place when you need it most. The Company Corporation includes a compliance checklist in every LLC formation package to help you stay on track, and includes a $50,000 Veil Guarantee if you follow the steps. Additionally The Company Corporation offers a Business Coaching service that will assist in compliance management.
Forming an LLC may seem like a lot of work and resources. However, the peace of mind you gain knowing that your assets are protected from business liability is priceless. In addition, having an LLC affords security and appropriate payouts to each partner or member of the LLC. Finally, and LLC can attract investors, since an officially formed company carries more credibility.
There are benefits to going it alone, but there are also pitfalls. If the documents are not filed on time, and fees are not paid within the appropriate window, you could find your LLC invalid despite your efforts. In addition, The Company Corporation provides many additional services in our packages, including our Compliance Watch, compliance checklist, and $50,000 Veil Guarantee. That peace of mind is more than worth the small additional LLC cost.
Much of the information you need about LLC filing fees in each state can be found online at the state's Secretary of State site or on Incorporate.com where state fees are listed. In addition, The Company Corporation can assist you with any questions you have as we work through your purchased LLC formation package.
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