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Legalinfomd
Legalinfomd, Attorney
Category: Business Law
Satisfied Customers: 150
Experience:  Attorney with 24 years of experience in business law.
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I am looking at starting a small home payroll busines for just

Customer Question

I am looking at starting a small home payroll busines for just a few small companies. I have looked on the secreatary of state website about it. I did get some answers, but now have 3 more

can an individual only be registered as an LLC? the way the wording is of "one or more" indicated it can be.

in what areas is an LLC better than sole prop.? I know that sole prop, there is overlapping and no border between the individual and the business; however, I see that with a business being an LLC, there are some divisions between the individual and the business. It the division the same as a corporation has? or is there some limit of the connection of them both? if there is a limit, what is the limit of the connection

I have seen that an agent is needed and it appears the requirements of the agent vary state to state. I know someone who has a business in ND and they have a list of agents one is to use if they choose to go LLC, so just want to verify I am reading this correctly
below is the WI requirement. Am I correct to say the agent can be an individual or business, even at the same address of the registered business?

thanks (NNN) NNN-NNNNRegistered office and registered agent.

(1) Each limited liability company shall continuously maintain in
this state a registered office and registered agent. The registered
office may, but need not, be the same as any of its places of business. The registered agent shall be one of the following:
(a) A natural person who resides in this state and whose business office is identical with the registered office.
(b) A domestic corporation, limited liability company, limited
partnership, registered limited liability partnership, or corporation
organized or registered in this state, whose business office is identical with the registered office.
(c) A foreign corporation, nonstock corporation, limited partnership, registered limited liability partnership, or limited liability
company authorized to transact business in this state, whose business office is identical with the registered office.
(2) A limited liability company may change its registered
office or registered agent, or both, by doing any of the following:
(a) Delivering to the department for filing a statement of
change.
(b) Including the name of its registered agent and the street
address of its registered office, as changed, in articles of amendment to its articles of organization or in articles of merger.
(c) Including the name of its registered agent and the street
address of its registered office, as changed, in its annual report
Submitted: 1 year ago.
Category: Business Law
Expert:  Legalinfomd replied 1 year ago.

Legalinfomd : Hello. I will respond to your question.
Legalinfomd : An individual can form a limited liability company (LLC).
Legalinfomd : It will be beneficial to operate as an LLC rather than a sole proprietor. An LLC protects you personally for liabilities of the company (except in instances in which you specifically agree to be personally liable, such as by signing a personal guaranty of a business loan), and yet profit and losses will still flow through to you personally for tax purposes. If you were to trade as a sole proprietor, you would be personally liable for all obligations of the business.
Legalinfomd : Each LLC is required to designate a resident agent in the state. The resident agent is the person authorized to receive service of important notices (and legal papers in the event of litigation) on behalf of the company. Most often with a single member LLC such as in your instance, you would designate yourself as the resident agent. Corporate resident agent services are typically used when the organizer resides in another state and needs to use a resident agent service with offices located in the state of organization.
Legalinfomd : I hope that this information has been helpful. Please be sure to give a positive rating for my response so that I will be credited for my answer. Thank you and good luck with your business.
Legalinfomd, Attorney
Category: Business Law
Satisfied Customers: 150
Experience: Attorney with 24 years of experience in business law.
Legalinfomd and 8 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.

Sorry, had a thought


you had comfirmed how I understood it.


so I will include the LLC's businesses on my personal income taxes


and with this info, any W9's that I would fill out I will be entering my personal name on line one because that is how it is being reported come tax time and on line 2, dba, is the LLC's businesses name. Along my social security number in the listed as that is where the government will see the income.


 


also, the LLC would need an EIN number right?


sorry, am tired and right now do not remember right now. actually mind is blank.


 

Expert:  Legalinfomd replied 1 year ago.
Once you form the LLC under a name such as "XYZ, LLC", you will apply for a Federal EIN. After that, all papers get filled out in the name of XYZ, LLC, with the EIN. Not your personal name and social security number. The LLC is a distinct entity separate and apart from you personally. If you operated as a sole proprietor, then you would use your individual name dba XYZ, with your social security number. But not with an LLC.
Customer: replied 1 year ago.

thanks, have a great night or day depending on where you live and your schedule

Expert:  Legalinfomd replied 1 year ago.
You're welcome. Same to you.

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