On the other hand, if you are not responsible for its tax, then you should declare the equipment in Part III of the Business Property Statement (Equipment belonging to others). Where equipment is declared in Part III of the Business Property Statement, the Assessor will also send a Notice to File to the person reported as the equipment's actual owner.
Some businesses are prevented from forming an LLC, however. Typically financial companies such as banks, financial trust companies and insurance agencies can't file as an LLC. LLCs are sometimes limited for industries in certain states, too. For example, if you live in California, you can't form an LLC if you're an architect, accountant or licensed health care provider. Check out our LLC information by state for more details on your state.
In a few states, you must take an additional step to make your company official: You must publish a simple notice in a local newspaper, stating that you intend to form an LLC. You are required to publish the notice several times over a period of weeks and then submit an "affidavit of publication" to the LLC filing office. Your local newspaper should be able to help you with this filing.
The articles of organization also should include information about how your LLC will be managed. You need to indicate whether the members of the LLC will do hands-on management or if there will be hired management. Another requirement is to discuss how long the LLC will be in existence (there is no limit on this, so it is fine to say in perpetuity).
Articles of organization are short, simple documents. In fact, you can usually prepare your own in just a few minutes by filling in the blanks and checking the boxes on a form provided by your state's filing office. Typically, you must provide only your LLC's name, its address, and sometimes the names of all of the owners -- called members. Generally, all of the LLC owners may prepare and sign the articles, or they can appoint just one person to do so.
No Ownership Restrictions The LLC does not have any residency or citizenship restrictions, which allows foreign nationals to have ownership in an LLC, if desired. In addition, other corporate entities may be LLC members which means that other corporations or LLCs (or other entities) may be a member of the LLC, or may be the sole member (although an LLC with a sole member that is a corporation or LLC is treated for tax purposes as a partnership or multi-member LLC).
Information on this Web site is collected, maintained, and provided for the convenience of the user. While the Secretary of State’s Office strives to keep such information accurate and updated, the Secretary of State’s Office does not certify the authenticity of information contained herein as it originates from third parties. The Secretary of State’s Office shall under no circumstances be liable for any actions taken or omissions made from reliance upon any information contained herein regardless of the source.
In the United States, a limited liability company is a business entity type that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation, creating the best of both worlds for business owners. LLCs have rapidly become one of the most popular business structures for new and small businesses, largely because they are considered to be simpler and more flexible than a corporation.
After settling on a name, you must prepare and file "articles of organization" with your state's LLC filing office. While most states use the term "articles of organization" to refer to the basic document required to create an LLC, some states call it a "certificate of formation" or "certificate of organization." To learn about the specific requirements of forming an LLC in your state, choose your state from the list below:
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An LLC that does not want to accept its default federal tax classification, or that wishes to change its classification, uses Form 8832, Entity Classification Election (PDF), to elect how it will be classified for federal tax purposes. Generally, an election specifying an LLC’s classification cannot take effect more than 75 days prior to the date the election is filed, nor can it take effect later than 12 months after the date the election is filed. An LLC may be eligible for late election relief in certain circumstances. See About Form 8832, Entity Classification Election for more information.
Flexible Profit Distribution For an LLC, if the members choose, the net income/profits of the LLC may be allocated to the members in different proportions to their ownership percentage in the LLC. This is different from a corporation, as corporations are required to distribute profits exactly accordance with the proportion/percentage of ownership of each shareholder.
Outside of the normal statement filing season, you may fill out a Statement of Change form with the date you went out of business, the status and disposition of any equipment owned or used by you at the time the business closed. If any of the property was sold to another person or business, please indicate the buyer's name and address. Make sure to identify any property that reverted to your own personal use as household personal property.