Starting Your Business
If you are eyeing to build your own business, there is more than one structure you can base your startup on. The most uncomplicated of which is the sole proprietorship, where an individual owns the enterprise. If you have another person to share it with, it is now referred to as a partnership. Both of these forms legally bind your personal assets. This means the latter can be seized if, for instance, your business cannot clear debts or is faced with a lawsuit. For real-life illustrations, law firm Schmidt & Clark archives some cases involving business liability.
Now, what option frees you from that accountability? A limited liability company is a business structure that guarantees protection, flexibility, and some tax merits. It subscribes to the same limited liability of a corporation but is more convenient and cost-effective to start and maintain. Ownership can come in different sizes – from a single owner to multiple co-owners.
LLC’s premise is simple, but it will require a commitment and in-depth understanding of how this particular model works. Luckily, LLC service providers make business formation a lot less daunting. This article from Westword recommends the best companies to seek services from. But if you’re up for the task of discovering your own, here are some helpful considerations when choosing your LLC service provider.
Value for your Money
A lower price point can be really attractive, but you must always consider the quality of output you will get. The package must be worth every penny you are about to spend. At the very least, it should come with the fundamental LLC formation and registered agent services. Most importantly, it should include all the necessary services that your business is particularly looking for. This way, you do not have to get multiple companies for your different needs. Not only is it more streamlined, but more cost-effective as well.
Generally, there are basic features that all LLC services offer. But you can also consider other inclusions that might make your business journey more convenient. These packages can include federal tax ID number acquisition, filing of annual progress, and using contract templates. Some companies also provide legal services and correspondence that can save you the cost of hiring a specialized lawyer. With the world’s rapid digital advancement, features may also come in the form of software that ensures convenient access to certain information or documents.
Similar to untapped products, the most logical way to develop an early judgment of a company is through reviews. Reading through other customer’s feedback may help you decide whether you will push through with the provider or remove them from your choices. One of the best indicators of a competent LLC service is customer care, where agents swiftly attend to the client’s needs. Nothing is more frustrating than being ignored while already having business issues at hand.
Speed of Servicing
Another crucial factor to consider is time. You would want to avail yourself of services that deliver at a relatively shorter turnaround time. Some companies promise same-day or next-day processing, while others take longer than a week. For the latter, they might charge more to shorten the whole business formation process. However, expect that faster services usually cost more. So it ultimately depends on your budget and whether you’re in a time crunch or not.
As your business expands, you will be most likely tapping into different new states. And LLC service providers are usually state-specific. You will need to hire another agency in case you decide to establish a foothold in another state. It means more costs and more paperwork to accomplish. Hence, if you are driven to widen your reach, it is wise to opt for a nationwide registered LLC service provider. This way, the convenience of processing remains efficient even as your enterprise grows.
Main Photo by Scott Graham.